New York, USA, 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 to 2030″, the market is predicted to thrive significantly during the assessment period from 2022 to 2030 at a healthy CAGR of approximately 34.10% to achieve a valuation of around USD 26.5 billion by the end of 2030.
Key players
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
- Acknowledging
- Infosys Limited
- Capgemini SE
- NTT Data Corporation
- Huawei Technologies Co. Ltd
- HPE
- Baidu, Inc.
- Tata Consultancy Services Limited
- KPMG
- Wipro Limited
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Scope of Blockchain-as-a-Service Market Report:
| Report calculations | Details |
| Market size by 2030 | USD 26.5 billion |
| Market CAGR during 2022-2030 | 34.10% |
| Foundation year | 2021 |
| Forecast | 2022-2030 |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| Important market drivers | The growing adoption of blockchain-as-a-service solutions by banking, financial and insurance companies, retail and e-commerce organizations, and government entities is a major driver of market growth. Increasing demand for implementation of BaaS solutions for supply chain management across various industry verticals is also promoting market growth. |
Drivers
Increasing adoption by SMEs to boost market growth
During the forecast period, SMEs 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, efficiency, cost-effectiveness, security and others, are used by small and medium-sized enterprises.
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Possibilities
Increasing need for cloud-based services to offer robust capabilities
The need for cloud-based solutions is increasing as companies move away from traditional local solutions. Pay-as-you-go pricing models offered by cloud-based services are more scalable and flexible, and can help businesses save money. The desire for faster and more efficient 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 minutes or seconds.
Market segmentation
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 dominate the market during the forecast period.
With cloud, the public will lead the market in the forecast period.
Based on organization size, large enterprises will take the lion’s share of this market during the forecast period.
By application, supply chain management will have the largest market share over the forecast period.
By vertical, BFSI will lead the market over the forecast period.
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COVID-19 analysis
Business as usual has been disrupted by the worldwide COVID-19 pandemic, which is having an impact on sustained economic growth across nations. Nevertheless, the economic turbulence that followed the rise of the COVID-19 pandemic and a series of containment measures contributed to the rise of cryptocurrencies during that time. During this time, the desire for blockchain-based solutions was also supported by the growing popularity of the metaverse and virtual markets, as well as the growing need for non-fungible tokens (NFT). In addition, the supply chain problems of the period enabled companies to invest in the blockchain solutions to increase the company’s operational efficiency, which led to the expansion of the blockchain as a service sector.
Regional analysis
North America to lead Blockchain as a service market
Due to the existence of major market players such as IBM Corporation, Amazon Web Services, Microsoft Corporation, HPE, Oracle Corporation and others that provide cloud-based blockchain-as-a-service solutions and accelerate the market growth in this region, North America currently holds the majority of the market share. The use of BaaS to streamline key business activities, including payments, supply chains, transportation, logistics and audits, is expected to increase in nations such as the US, Canada and Mexico. Over the next five years, the North American region is expected to see an increase in a number of trends such as 5G, transactive energy and microgrids. In 2018, RealChain and the non-profit North America Blockchain Association worked to promote the technology to detect counterfeit luxury goods using blockchain and AI-based image recognition. Owing to the region’s strong concentration of blockchain solutions and service providers, North America is predicted to maintain its position in 2021. This is expected to fuel the region’s market for BaaS solutions throughout the forecast. The United States and North America as a whole continue to lead the world in technological development. Most of these M&A transactions, venture capital investments and patents have been made in the United States. The US has a competitive advantage thanks to the early adoption of technology and the existence of large companies such as IBM, Microsoft and Amazon. Governments in North America also attach great importance to financing technological advances for use in the public sector. During the forecast years, North America is expected to overtake other regions as the dominant one in the BaaS market. Many banks in the North American region such as Bank of America, JPMorgan, Royal Bank of Canada and other organizations in the financial sector are working to deploy blockchain technology and deliver full-scale commercial blockchain technology-based solutions.
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Europe should have favorable growth in Blockchain as a service market
Due to government support to prioritize blockchain implementation for future financial transactions and data storage across European countries, Europe had the second largest market share. Market expansion in this region is driven by the growing adoption of BaaS in BFSI and retail and e-commerce in nations such as the UK, France, the Netherlands, Germany, Sweden and Switzerland. Another factor that will drive the market in the next few years is an increase in EU research project investments in blockchain technology. In order to create an EBSI to assist the delivery of digital public services across borders with a high degree of security and privacy, 22 EU member states signed the European Blockchain Partnership (EBP) declaration in April 2018. European Economic Area (EEA)-based blockchain companies will be able to transact through the German Solaris Bank, which is fully authorized. The massive uptake of digital transactions opens up the possibility of a nationalized, registered system using blockchain technology to support market expansion.
Industry updates
March 2023 – Wemade Co. has recently joined Space and Time. This partnership will enable the former to run its gaming and blockchain services with the latter’s set of developer tools.
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