Blockchain As A Service Market Worth USD 26.5 Billion By 2030 - Report by Market Research Future (MRFR)
Increasing Adoption by SMEs to Boost BaaS Market Growth
New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Blockchain as a Service Market: By Platform, By Component, By Application Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 34.10% to attain a valuation of around USD 26.5 Billion by the end of 2030.
Eminent industry players profiled in the global blockchain as a service market report include:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Amazon Web Services
- Oracle Corporation
- Accenture PLC
- Deloitte Touche Tohmatsu Limited
- Infosys Limited
- Capgemini SE
- NTT Data Corporation
- Huawei Technologies Co. Ltd
- Baidu, Inc.
- Tata Consultancy Services Limited
- Wipro Limited
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Blockchain-as-a-Service Market Report Scope:
|Market Size by 2030||USD 26.5 Billion|
|Market CAGR during 2022-2030||34.10%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||The growing adoption of blockchain-as-a-service solutions by banking, financial service and insurance enterprises, retail & e-commerce organizations and government entities are a major driver of market growth.|
Rising demand to implement BaaS solutions for supply chain management across various industry verticals also promotes market growth.
Increasing Adoption by SMEs to Boost Market Growth
During the forecast period, small and medium-sized businesses are expected to use more BaaS tools and services to create their own blockchain applications, smart contracts, and payment systems. The advantages of BaaS services, such as secure decentralization, high immutability capability, efficiency, cost-effectiveness, security, and others, are being used by small and medium-sized businesses.
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Growing Need for Cloud-Based Services to offer Robust Opportunities
The need for cloud-based solutions is increasing with enterprises moving away from the traditional on-premises solutions. Pay-as-you-go pricing models offered by cloud-based services are more scalable and flexible, and they can help businesses save money. The desire for speedier and more effective transactions is pushing the use of blockchain technology. Unlike traditional systems, which can take days or weeks to settle transactions, blockchain-based solutions can do so in a matter of minutes or seconds.
The blockchain as a service market is bifurcated based on vertical, application, organization size, cloud, component, and platform.
By platform, hyperledger will lead the market over the forecast period.
By component, services will domineer the market over the forecast period.
By cloud, public will spearhead the market in the forecast period.
Based on organization size, large enterprises will grab the lions share in this market in the forecast period.
By application, supply chain management will have the largest market share over the forecast period.
By vertical, BFSI will head the market over the forecast period.
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Business as usual has been disturbed by the COVID-19 worldwide pandemic, which has an impact on sustained economic growth across nations. Nonetheless, the economic turbulence that followed the COVID-19 pandemic's emergence and numerous containment measures contributed to the rise of crypto-currencies during that time. Also, during this time, the desire for blockchain-based solutions was supported by the expanding popularity of metaverse and virtual markets as well as the growing need for non-fungible tokens (NFTs). Also, the period's supply chain issues made it possible for companies to invest in the blockchain solutions to boost their company's operational efficiency, which fueled the expansion of the blockchain as a service sector.
North America to Head Blockchain as a Service Market
Due to the existence of major market players like IBM Corporation, Amazon Web Services, Microsoft Corporation, HPE, Oracle Corporation, and others that provide cloud-based blockchain-as-a-service solutions and are accelerating the market growth in this region, North America currently holds the majority of the market share. The use of BaaS to streamline vital business activities including payments, supply chains, transportation, logistics, and audits is anticipated to increase in nations like the US, Canada, and Mexico. Over the next five years, the North American region is anticipated to see an increase in a number of trends like 5G, transactive energy, & micro-grids. In 2018, RealChain and the non-profit North America Blockchain Association worked together to promote the technology to spot counterfeit high-end luxury goods utilizing blockchain and AI-based picture recognition. Due to the region's strong concentration of the blockchain solution and service providers, North America is predicted to maintain its position in 2021. This is anticipated to fuel the region's market for BaaS solutions throughout the course of the forecast. The US and North America as a whole continue to lead the world in technological development. The majority of these M&A transactions, venture capital investments, and patents are made in the US. The US has a competitive edge thanks to early adoption of technology and existence of big businesses like IBM, Microsoft, and Amazon. Also, governments within North America place a strong emphasis on funding technological advancements for use in the public sector. Throughout the course of the predicting years, North America is anticipated to overtake other regions as the dominant one in the BaaS market. Many banks within the North American region such as Bank of America, JPMorgan, the Royal Bank of Canada, and other financial sector organizations are working on deploying blockchain technology and delivering full-scale commercial blockchain technology-based solutions.
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Europe to have Favorable Growth in Blockchain as a Service Market
Due to government support for prioritizing blockchain implementation for the financial transactions & data storage’s future across the European countries, Europe held the second-largest market share. The market expansion in this region is driven by the rising use of BaaS in the BFSI and retail & e-commerce sectors in nations like the UK, France, the Netherlands, Germany, Sweden, and Switzerland. Another factor that will propel the market in the next years is an increase in European Union research project investment in the area of blockchain technology. In order to create an EBSI to assist the delivery of cross-border digital public services with a high degree of security and privacy, 22 European Union member states signed the European Blockchain Partnership (EBP) declaration in April 2018. European Economic Area (EEA)-based blockchain businesses will be able to transact through the German Solaris Bank, which is fully authorized. The massive uptake of digital transactions opens the door to the possibility of a nationalized, registered system using blockchain technology to support market expansion.
March 2023- Wemade Co. has recently joined hands with Space and Time. This partnership will enable the former in powering its gaming and blockchain services with the latter’s set of developer tools.
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