Blockchain-as-a-Service Market: Challenges and Opportunities Reviewed in a New StudyPosted by Harsh on February 26th, 2024 ![]() Blockchain-as-a-Service Market Overview The global blockchain-as-a-service market size was valued at USD 2.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 34.10% from 2023 to 2032. The increasing adoption of blockchain technology across various industries is driving the growth of the market. BaaS helps organizations reduce costs associated with building and maintaining blockchain infrastructure. It offers scalability, security, and accessibility of blockchain networks on demand. The blockchain-as-a-service (BaaS) market is expected to grow significantly in the coming years. BaaS allows companies to leverage blockchain technology without the complexity of managing infrastructure and developing applications from scratch. It provides blockchain capabilities through cloud-based services. Key Players in the Blockchain-as-a-Service Market Some of the major players operating in the blockchain-as-a-service market include IBM, Microsoft, SAP, Oracle, AWS, HPE, Stratis, Intel, Waves, and Kaleido. IBM is one of the leading providers of BaaS solutions. It offers blockchain services on the IBM Cloud to help organizations launch blockchain networks, build decentralized applications, and integrate blockchain into existing applications. Get PDF Sample Report + All Related Table and Graphs: Microsoft Azure provides a fully managed blockchain service called Azure Blockchain Service. It allows customers to quickly set up scalable blockchain consortiums for development, testing, and production. SAP offers blockchain-as-a-service on its Leonardo platform. It provides tools and services to build blockchain networks and decentralized applications for supply chain, asset tracking, identity management, and other use cases. Oracle provides blockchain cloud service on its Oracle Cloud Infrastructure. It offers capabilities to build, deploy, and manage blockchain networks for various business needs. Blockchain-as-a-Service Market Segmentation The global blockchain-as-a-service market can be segmented based on:
Blockchain-as-a-Service Market Opportunities The growing demand for distributed ledger technology across industries is creating significant opportunities for BaaS providers. Some key market opportunities include:
Regional Insights into the Blockchain-as-a-Service Market North America dominated the blockchain-as-a-service market in 2021 due to strong technological advancements and increasing adoption of blockchain technology across various industries in the US and Canada. Europe is expected to witness significant growth during the forecast period. Major countries contributing to the regional market growth include the UK, Germany, France, Italy, and Spain. The Asia Pacific region is expected to grow at the fastest rate during 2023-2032. Increasing government initiatives to promote blockchain technology and rising investments by companies are driving the APAC BaaS market. Industry Updates in the Blockchain-as-a-Service Space
The blockchain-as-a-service market is poised for significant growth as more organizations leverage this technology to optimize processes, manage digital identities, enable faster payments, and foster industry collaboration. Major technology companies are strengthening their BaaS offerings to tap into lucrative market opportunities. Contact Us: Market Research Future®
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