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The blockchain-as-a-service market size is estimated to increase by USD 15.23 billion, at a CAGR of 57.52% between 2022 and 2027. Market expansion hinges on various factors, notably the upward trend in worldwide digital transformation, increasing intrigue surrounding the technology, and enhanced data privacy protocols. BaaS represents a cloud-based solution empowering individuals, enterprises, and developers to craft, launch, and oversee the applications sans the necessity of constructing and upholding their personal infrastructure.
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This market report extensively covers market segmentation by component (tools and services), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
The market share growth by the tools segment will be significant during the forecast period. BaaS is a cloud-based platform that allows users to develop, deploy, and manage blockchain applications without the need to set up and maintain their own blockchain infrastructure. Microsoft Azure makes it possible to support a range of blockchain protocols through BaaS, including Ethereum, Corda, and Hyperledger Fabric.
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The tools segment showed a gradual increase in the market share of USD 154.23 million in 2017 and continued to grow by 2021. The BaaS platform focuses on Hyperledger Fabric-based networks. It offers tools for designing, deploying, and monitoring blockchain applications and provides integration with existing Oracle solutions. With a wide range of features, services, and integration that make it simpler for businesses and developers to use the power of blockchain technology without any problems with infrastructure creation or management, these BaaS tools facilitate this. Thus, the availability of such tools will promote the development of the tools segment, which will drive the growth of the global BaaS market during the forecast period.
Large enterprises often have complex and global supply chains. BaaS can enhance transparency and traceability by creating an immutable record of each step in the supply chain. It helps avoid counterfeiting, improves quality control, and facilitates the flow of goods.BaaS can facilitate secure collaboration with companies and partners by providing a shared and tamper-proof record of interactions, contracts, and transactions. The BaaS could also be used by large enterprises in shareholder meetings and any governance matters to ensure transparency and security of voting. Thus, factors such as product authenticity, digital identity management, and secured data sharing will drive the growth of the large enterprise segment, which will strengthen the growth of the global BaaS market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The BaaS market in North America is expected to grow significantly during the forecast period. Organizations in North America have become more aware of the benefits of blockchain technology, and they are seeking ways to adopt it without the complexities of building and managing their own infrastructure. BaaS provides a simple solution for experimenting with and implementing solutions based on blockchain technology.
Moreover, North America has a diverse range of industries, including finance, healthcare, and supply chain. North America has a comprehensive education system that provides information and training related to blockchain technologies. Thus, factors such as increasing awareness and adoption of blockchain, strong cloud computing infrastructure, and rising adoption by financial institutions will drive the growth of the BaaS market in North America during the forecast period.
The market is experiencing significant growth driven by several key drivers and emerging trends. Supply chain transparency, facilitated by blockchain technology, is becoming increasingly crucial for businesses across various industries. BaaS solutions offer efficient and transparent tracking of products throughout the supply chain, enhancing accountability and reducing the risk of counterfeit goods. Additionally, the efficiency of blockchain solutions is driving adoption, with businesses leveraging BaaS to streamline processes, improve data accuracy, and reduce operational costs. The integration of blockchain with the Internet of Things (IoT) further enhances supply chain efficiency by enabling seamless communication and data sharing between connected devices, contributing to the market's expansion.
Moreover, regulatory requirements such as Know Your Customer (KYC) and customer data protection are propelling the adoption of BaaS solutions, especially in industries like banking, financial services, and insurance (BFSI). BaaS platforms offer secure and compliant solutions for managing sensitive customer information, ensuring regulatory compliance while providing a competitive advantage to organizations. Cross-border payments and trade finance are also driving the demand for BaaS, as blockchain technology enables faster, more secure, and cost-effective transactions across borders. Furthermore, the rise of digital ledger and consortium blockchain solutions is reshaping the cryptocurrency market and transforming traditional banking practices, making BaaS an essential tool for banks, remittance providers, exchanges, and internet banking platforms to stay competitive in the rapidly evolving financial landscape.
The burgeoning global digital transformation is a primary catalyst fueling the growth of the market. With businesses and industries increasingly embracing digitalization, there is a growing demand for innovative solutions that can streamline processes, enhance operational efficiency, and deliver heightened value to customers. Blockchain technology, in conjunction with BaaS offerings, emerges as a pivotal component in this landscape, offering a robust framework to align with the objectives of digital transformation initiatives.
Moreover, BaaS platforms serve as accessible entry points for businesses looking to harness the potential of the technology within their broader digital transformation strategies. By providing simplified and user-friendly interfaces, BaaS solutions empower organizations to seamlessly integrate blockchain into their operations, thereby enhancing service delivery and operational effectiveness. This ease of adoption facilitates the creation and participation in collaborative networks, enabling businesses to capitalize on the transformative capabilities of the technology. As the momentum of global digital transformation continues to accelerate, the demand for BaaS solutions is poised to escalate, driving further market growth in the foreseeable future.
The rising integration with the Internet of Things (IoT) and artificial intelligence (AI) is a key trend in the market. One trend that has the potential to bring about a revolution in industry and business processes is the increasing integration of IoT and AI into the global BaaS market. This integration capitalizes on the complementary strengths of each technology to create innovative solutions that offer enhanced transparency, security, and efficiency.
Moreover, the integration of AI algorithms with blockchain and IoT data can provide valuable insights from the collected data. In different sectors, such as planning maintenance, medical care, and farming, these insights may be used to influence informed decision-making and predict analytics. Thus, the integration of IoT, AI, and blockchain is versatile and applicable across diverse industries, such as agriculture, logistics, healthcare, smart cities, and energy management, which will boost the growth of the global BaaS market during the forecast period.
The lack of standardization in blockchain integration is a major challenge faced by the market. The development of consistent protocols, frameworks, and guidelines that ensure interoperability and compatibility between different blockchain networks and platforms is referred to as standardization. The absence of such standards can hinder the seamless integration of various solutions, leading to complications and inefficiencies.
Without standardized integration methods, collaboration between different stakeholders becomes more challenging. Standardized approaches for the sharing of data and interoperability could be helpful to industry consortia, partnerships, and ecosystems. Thus, the absence of standardization in the integration will impede the growth of the global BaaS market during the forecast period.
The Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes critical purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc- The company offers Blockchain as a Service for solutions of distributed ledger technologies.
Alchemy Insights Inc.- The company offers Blockchain as a Service through Alchemy's blockchain developer platform such as Ethereum and Polygon.
Altoros Americas LLC- The company offers Blockchain as a Service by providing public blockchain development services through its DApps, Business and technical blockchain consulting services, and deployment services.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, robust, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth driven by various factors such as supply chain transparency, efficiency of blockchain solutions, and integration with the Internet of Things (IoT). Businesses, particularly in the BFSI vertical, are leveraging BaaS for competitive advantage, utilizing it for GRC management tools, cross-border payments, and digital ledger applications. Cloud-based solutions facilitate BaaS adoption, especially among SMEs, with offerings including private, public, and hybrid cloud options. The technology's impact spans diverse sectors including retail, e-commerce, transportation, and logistics, enhancing operations such as supply chain management, inventory tracking, and anti-counterfeiting measures in luxury goods. Additionally, advancements in 5G networks foster affordable mobility solutions and drive loyalty programs within retail and telecom sectors.
Moreover, the market is evolving rapidly, with Blockchain and the Internet of Things (IoT) playing a pivotal role in driving innovation. Enterprises across industries, including Banking and Financial Services, Insurance, Retail, and E-commerce, are leveraging BaaS for various applications such as Know Your Customer (KYC) compliance, smart contracts, and trade finance. With a focus on customer data protection and the technology of trust, BaaS offers solutions for anti-counterfeiting in luxury goods and enhances inventory management in sectors like Transportation & Logistics. Cloud-based blockchain services, including private and public cloud options, cater to the needs of Small and Medium-sized Enterprises (SMEs), fostering growth and scalability in the digital economy.
Furthermore, the Blockchain as a Service Market is witnessing rapid growth fueled by various factors, including the need to address the lack of technical knowledge and leverage existing IT infrastructure. Businesses, particularly in the BFSI industry, are embracing BaaS for applications such as digital ledger and consortium blockchain solutions, catering to areas like remittance, exchanges, and internet banking. Additionally, BaaS facilitates anti-counterfeiting measures in luxury goods, offering benefits to insurance enterprises and retail & e-commerce organizations. Leveraging Distributed Ledger Technology (DLT) and digital currencies, BaaS reduces reliance on intermediaries and centralization, with solutions available via private cloud and shared telecom infrastructure, enhancing loyalty and rewards programs.
Blockchain-as-a-Service Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 57.52% |
Market growth 2023-2027 |
USD 15.23 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
55.51 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Alchemy Insights Inc., Altoros Americas LLC, Amazon.com Inc., Baidu Inc., Bitfury Group Ltd., Capgemini Service SAS, Deloitte Touche Tohmatsu Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., International Business Machines Corp., Oodles Technologies, Oracle Corp., SAP SE, Stratis Group Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Wipro Ltd., and Factom |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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