Blockchain-as-a-Service Market - Insights and Forecast Research Report 2024
Posted by savnipandit on July 16th, 2020
Market OverviewAlso See: Blockchain Technology, Market Research, Service Market, North America, Service, Research, Market
Market Research Future (MRFR) believes that the global blockchain-as-a-service (BaaS) market holds the potential to reach a valuation of USD 18,981.66 Million by 2024. The market is said to achieve a remarkable CAGR of 70.63% during the forecast period (2018–2024).
Top Drivers and Main Barriers
The adoption of blockchain-as-a-service (BaaS) has risen in recent years, as it lets organizations focus on their core jobs and not waste time in setting up of infrastructure facilities. Vendors in North America and Asia Pacific are already ahead in the race, offering a vast range of BaaS. For instance, various organizations in North America like Microsoft, Oracle, IBM, and Amazon are making massive efforts in this field. Microsoft Azure recently launched platforms that allow users to develop, test, and deploy safe and secure blockchain apps. The company charges the users only when they use the service. The company’s blockchain platform is also popular as it offers an instant application development tool.
Baidu, Huawei, and Alibaba are some of the highly-regarded players in China that provide BaaS services. Among these, Huawei has developed its blockchain-as-a-service (BaaS) solutions along with open-source Hypeledger Fabric 1.0 software, which helps customers in developing and managing smart contracts on the blockchain technology. Prominent banks and insurance companies are also gradually becoming end-users in this market, making extensive use of blockchain technology.
Bitcoin has become one of the most exciting trends to have engulfed the market in recent years. It is a cryptocurrency that is built on the blockchain technology and has been adopted by a number of industries like banking and social media. Blockchain makes use of distributed ledger technology (DLT) which helps bring down the risk of frauds, in addition to elevating the transparency of every bank transaction. Thus, the banking industry is now known for being the most significant end-user of blockchain technology.
Platform, component, cloud, organization size, application, and vertical are the main segments as per which the worldwide BaaS market has been analyzed by MRFR in its new report.
Platform-wise, the market can be considered for Ethereum, Ripple, Hyperledger, R3, and others.
Depending on the component, the market has been split into tools and services
Cloud-based segments in the market are private, public and hybrid
The market, by organization size, includes large enterprises and small and medium enterprises (SMEs).
Various applications of BaaS are smart contracts, compliance management, identity management, supply chain management, inventory management, payment management, fraud management, loyalty and rewards management, and others.
With respect to the vertical, the market caters to IT & telecommunications, BFSI, healthcare, retail and e-commerce, energy & utilities, transportation & logistics, government, media & entertainment, and others.
The geographical aspect of the Blockchain-as-a-Service market includes Europe (the UK, Germany, France, Spain, Italy, and others), North America (the US, Canada, Mexico), Asia Pacific (APAC) including India, Japan, China, Singapore, Australia, and others) and the rest of the world (RoW) which includes South America and the Middle East and Africa.
North America owns the largest share in the worldwide market for BaaS, as the region is an early adopter of blockchain technology. The main markets for BaaS in the region include the United States (US), Mexico, and Canada. The BFSI vertical is responsible for the strong demand for blockchain-as-a-service solutions, helping the market generate considerable revenue in the region. Additionally, the presence of renowned players like Microsoft Corporation, IBM Corporation, HPE and Amazon Web Services and the constant efforts made by them in promoting their services also aids in Blockchain-as-a-Service Market growth in the region.
Europe has been deemed as the second-leading market for BaaS, on account of increasing adoption of these solutions in countries like the United Kingdom (UK), France, Germany, Italy, Sweden, and Spain. Apart from this, the region can note significant surge in adoption of blockchain technology in the forthcoming years, because of the strong support from the government across various countries.
APAC is believed to be the third-most lucrative market for BaaS, and there is a possibility of it achieving the highest growth rate in the ensuing years. The regional market banks upon the rising adoption of blockchain-as-a-service solutions in India, Japan, China, Singapore, Australia, South Korea, and others. The thriving retail and BFSI industries in the region are expected to be the most prominent end-users in the market.
The Middle East & Africa, along with South America is touted to witness substantial growth during the appraisal period. Increasing investments by top players that offer BaaS solutions and rising adoption of these services by the government and education sector elevates the market position in the region. The market is filled with a host of growth opportunities, especially in countries like The United Arab Emirates (UAE), Oman, Saudi Arabia, Nigeria, South Africa, Colombia, Chile, and Brazil.
MRFR identifies the main players in the worldwide blockchain-as-a-service market as Cognizant, Infosys Limited, Amazon Web Services, HPE, Baidu, Inc., Accenture PLC, Wipro Limited, SAP SE, Capgemini SE, NTT Data Corporation, IBM Corporation, Microsoft Corporation, Tata Consultancy Services Limited, Deloitte Touche Tohmatsu Limited, KPMG, Oracle Corporation, Huawei Technologies Co. Ltd, to name a few
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