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Blockchain-as-a- Service Market - Global Industry Analysis

Blockchain-as-a- Service Market - By Application (Payment, Smart Contracts, Supply Chain Management, Governance, Risk, Compliance Management, and Identity Management), By Component (Tools And Services) And By Vertical (BFSI, IT & Telecom, Healthcare, Retail, Logistics, Government, Media & Entertainment, Energy & Utilities, and Manufacturing): Global Industry Perspective, Comprehensive Analysis And Forecast, 2021 – 2028

Published Date: 02-Dec-2021 Category: Technology & Media Report Format : PDF Pages: 188 Report Code: ZMR-3251 Status : Published

The global Blockchain-as-a- Service Market accrued earnings worth approximately 2.1 (USD Billion) in 2020 and is predicted to gain revenue of about 26.2 (USD Billion) by 2028, is set to record a CAGR of nearly 40.1% over the period from 2021 to 2028.

Description

The global Blockchain-as-a- Service Market accrued earnings worth approximately 2.1 (USD Billion) in 2020 and is predicted to gain revenue of about 26.2 (USD Billion) by 2028, is set to record a CAGR of nearly 40.1% over the period from 2021 to 2028. The report offers assessment and analysis of the Blockchain-as-a- Service Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Blockchain-as-a-Service Market: Overview

In blockchain as a service, firms make use of cloud solutions along with creating, hosting, and installing blockchain applications & utilities. Additionally, blockchain is a next-gen solution tool for customers, firms, and authorities for effectively connecting with each other as well as interacting in secured manner quickly with other users. Furthermore, blockchain technology is utilized in a slew of industries such as healthcare, consumer products, financial services, life sciences, manufacturing, and public utilities. This is projected to enlarge scope of growth of blockchain-as-a-service market over forecasting timeframe. Moreover, blockchain-as-a service helps in enhancing operations as well as operability of auto lending, bancasurance, cross-border payments, crypto tags, customer onboarding, EduScrypt, digital onboarding, fraud detection, Know Your Customer utility, digital onboarding integrated with KYC, and fund distribution activities. Apart from this, it improves transaction reporting, wholesale fund distribution, trade financing, and reinsurance contract activities.

Blockchain-as-a-Service Market: Growth Drivers

Rise in demand for BaaS owing to COVID-19 pandemic along with escalating requirement of supply chain transparency across different business verticals will create new growth avenues for blockchain-as-a service market. Apart from this, massive need of reducing risks and necessity of improving efficiency of financial deals will drive market trends. Large-scale use of connected things and supportive government initiatives will protrude volume of blockchain-as-a-service market growth in ensuing years. Huge acceptance of blockchain-as-a service platform across small & medium enterprises will prove beneficial for expansion of blockchain-as-a service industry. Furthermore, increase in investment in large number of ventures depending on blockchain technology in nations such as the UK, Japan, and the U.S. will unravel new growth dimensions for blockchain-as-a-service industry in years ahead.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Moreover, need for strong security and efficient functioning of BFSI sector will define growth of industry in ensuing years. Huge demand for high scalability, transaction speed, and low processing costs is likely to culminate into lucrative growth of blockchain-as-a service market over forecasting period. Growing need for automating manual processes, claims processing, and contract systems or tools will leverage blockchain-as-a- service industry space. However, blockchain requires high capital funding for deployment & maintenance. It also consumes massive proportion of power & high internet bandwidth and is less utilized in emerging economies. These are some of the factors that can stagnate & truncate growth of blockchain-as-a- service market.

Regional Landscape

North America To Make Huge Revenue Contributions Towards Global Market By 2028

Growth of blockchain-as-a- service market in North America over 2021-2028 is due to increase in use of blockchain technology in software firms as well as financial institutions such as banks and insurance sectors across countries such as Canada and the U.S. Thriving e-commerce and online retail activities will contribute enormously towards regional market proceeds over forecast timespan. Growing demand for real-time processing of financial transactions in small as well as medium-scale firms in countries such as the U.S. will propel scope of regional market growth in coming decade.

Competitive Landscape

Key players profiled in report and playing a prominent role in growth of market include Microsoft Corporation, Ardor Nxt Group, IBM Corporation, SAP SE, Amazon Web Services, Inc., The Hewlett Packard Enterprise Company, Consensys, Deloitte Company, Infosys Limited, Huawei Technologies Co., Ltd., Accenture plc, and Oracle Corporation.

The global Blockchain-as-a- Service Market is segmented as follows:

By Application

  • Payment
  • Smart Contracts
  • Supply Chain Management
  • Identity Management
  • Governance
  • Risk
  • Compliance Management

By Vertical

  • BFSI
  • IT & Telecom
  • Healthcare
  • Retail
  • Manufacturing
  • Logistics
  • Government
  • Media & Entertainment
  • Energy & Utilities

By Component

  • Tools
  • Services

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodulogy
      • 1.3.1. Market Research Type
      • 1.3.2. Market Research Methodulogy
  • Chapter 2. Executive Summary
    • 2.1. Blockchain-as-a-Service Market, 2018–2028(USD Billion)
    • 2.2. Blockchain-as-a-Service Market: Snapshot
  • Chapter 3. Global Blockchain-as-a-Service Market– Industry Analysis
    • 3.1. Blockchain-as-a-Service Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Humungous demand for scalability, transaction speed, and reduced processing costs will culminate into lucrative expansion of blockchain-as-a service industry over forecasting timeline.
      • 3.2.2. Burgeoning need of automating manual procedures, claims processing, and contract touls will favorably influence blockchain-as-a- service market landscape.
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Application
      • 3.4.2. Market attractiveness analysis By Component
      • 3.4.3. Market attractiveness analysis By Vertical
  • Chapter 4. Global Blockchain-as-a-Service Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Blockchain-as-a-Service Market: company market share, 2019
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Service launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Blockchain-as-a-Service Market– Application Analysis
    • 5.1. Global Blockchain-as-a- Service Marketoverview: By Application
      • 5.1.1. Global Blockchain-as-a- Service Marketshare, By Application, 2020 and 2028
    • 5.2. Payment
      • 5.2.1. Global Blockchain-as-a-Service Market by Payment, 2018–2028(USD Billion)
    • 5.3. Smart Contracts
      • 5.3.1. Global Blockchain-as-a-Service Market by Smart Contracts, 2018–2028(USD Billion)
    • 5.4. Supply Chain Management
      • 5.4.1. Global Blockchain-as-a-Service Market by Supply Chain Management, 2018–2028(USD Billion)
    • 5.5. Identity Management
      • 5.5.1. Global Blockchain-as-a-Service Market by Identity Management, 2018–2028(USD Billion)
    • 5.6. Governance
      • 5.6.1. Global Blockchain-as-a-Service Market by Governance, 2018–2028(USD Billion)
    • 5.7. Risk
      • 5.7.1. Global Blockchain-as-a-Service Market by Risk, 2018–2028(USD Billion)
    • 5.8. Compliance Management
      • 5.8.1. Global Blockchain-as-a-Service Market by Compliance Management, 2018–2028(USD Billion)
  • Chapter 6. Global Blockchain-as-a-Service Market– Component Analysis
    • 6.1. Global Blockchain-as-a-Service Marketoverview: By Component
      • 6.1.1. Global Blockchain-as-a-Service Marketshare, By Component, 2020 and 2028
    • 6.2. Touls
      • 6.2.1. Global Blockchain-as-a-Service Market by Touls , 2018–2028(USD Billion)
    • 6.3. Services
      • 6.3.1. Global Blockchain-as-a-Service Market by Services, 2018–2028(USD Billion)
  • Chapter 7. Global Blockchain-as-a-Service Marketoverview: By Vertical
    • 7.1. Global Blockchain-as-a-Service Marketshare, By Vertical , 2020 and 2028
    • 7.2. BFSI
      • 7.2.1. Global Blockchain-as-a-Service Market by BFSI, 2018–2028(USD Billion)
    • 7.3. IT & Telecom
      • 7.3.1. Global Blockchain-as-a-Service Market by IT & Telecom, 2018–2028(USD Billion)
    • 7.4. Healthcare
      • 7.4.1. Global Blockchain-as-a-Service Market by Healthcare, 2018–2028(USD Billion)
    • 7.5. Retail
      • 7.5.1. Global Blockchain-as-a-Service Market by Retail, 2018–2028(USD Billion)
    • 7.6. Manufacturing
      • 7.6.1. Global Blockchain-as-a-Service Market by Manufacturing, 2018–2028(USD Billion)
    • 7.7. Logistics
      • 7.7.1. Global Blockchain-as-a-Service Market by Logistics, 2018–2028(USD Billion)
    • 7.8. Government
      • 7.8.1. Global Blockchain-as-a-Service Market by Government, 2018–2028(USD Billion)
    • 7.9. Media & Entertainment
      • 7.9.1. Global Blockchain-as-a-Service Market by Media & Entertainment, 2018–2028(USD Billion)
    • 7.10. Energy & Utilities
      • 7.10.1. Global Blockchain-as-a-Service Market by Energy & Utilities, 2018–2028(USD Billion)
  • Chapter 8. Company Profiles
    • 8.1. Microsoft Corporation
      • 8.1.1. Overview
      • 8.1.2. Financials
      • 8.1.3. Service Portfulio
      • 8.1.4. Business Strategy
      • 8.1.5. Recent Developments
    • 8.2. Ardor Nxt Group
      • 8.2.1. Overview
      • 8.2.2. Financials
      • 8.2.3. Service Portfulio
      • 8.2.4. Business Strategy
      • 8.2.5. Recent Developments
    • 8.3. IBM Corporation
      • 8.3.1. Overview
      • 8.3.2. Financials
      • 8.3.3. Service Portfulio
      • 8.3.4. Business Strategy
      • 8.3.5. Recent Development
    • 8.4. SAP SE
      • 8.4.1. Overview
      • 8.4.2. Financials
      • 8.4.3. Service Portfulio
      • 8.4.4. Business Strategy
      • 8.4.5. Recent Development
    • 8.5. Amazon Web Services, Inc.
      • 8.5.1. Overview
      • 8.5.2. Financials
      • 8.5.3. Service Portfulio
      • 8.5.4. Business Strategy
      • 8.5.5. Recent Development
    • 8.6. The Hewlett Packard Enterprise Company
      • 8.6.1. Overview
      • 8.6.2. Financials
      • 8.6.3. Service Portfulio
      • 8.6.4. Business Strategy
      • 8.6.5. Recent Development
    • 8.7. Consensys
      • 8.7.1. Overview
      • 8.7.2. Financials
      • 8.7.3. Service Portfulio
      • 8.7.4. Business Strategy
      • 8.7.5. Recent Development
    • 8.8. Deloitte Company
      • 8.8.1. Overview
      • 8.8.2. Financials
      • 8.8.3. Service Portfulio
      • 8.8.4. Business Strategy
      • 8.8.5. Recent Development
    • 8.9. Infosys Limited
      • 8.9.1. Overview
      • 8.9.2. Financials
      • 8.9.3. Service Portfulio
      • 8.9.4. Business Strategy
      • 8.9.5. Recent Development
    • 8.10. Huawei Technulogies Co., Ltd.
      • 8.10.1. Overview
      • 8.10.2. Financials
      • 8.10.3. Service Portfulio
      • 8.10.4. Business Strategy
      • 8.10.5. Recent Development
    • 8.11. Oracle Corporation
      • 8.11.1. Overview
      • 8.11.2. Financials
      • 8.11.3. Service Portfulio
      • 8.11.4. Business Strategy
      • 8.11.5. Recent Development
    • 8.12. Accenture plc
      • 8.12.1. Overview
      • 8.12.2. Financials
      • 8.12.3. Service Portfulio
      • 8.12.4. Business Strategy
      • 8.12.5. Recent Development

List of Figures

1. Market research Type
2. Market research methodology
3. Global Blockchain-as-a-Service Market, 2018–2028(USD Billion)
4. Porter’s Five Forces Analysis
5. Global Blockchain-as-a-Service Marketattractiveness, By Application
6. Global Blockchain-as-a-Service Marketattractiveness, By Component
7. Global Blockchain-as-a-Service Marketattractiveness, By Vertical
8. Global Blockchain-as-a-Service Marketshare by Application ,2020 and 2028 (USD Billion)
9. Global Blockchain-as-a-Service Market by Payment, 2018–2028(USD Billion)
10. Global Blockchain-as-a-Service Market by Smart Contracts, 2018–2028(USD Billion)
11. Global Blockchain-as-a-Service Market by Supply Chain Management, 2018–2028(USD Billion)
12. Global Blockchain-as-a-Service Market by Identity Management, 2018–2028(USD Billion)
13. Global Blockchain-as-a-Service Market by Governance, 2018–2028(USD Billion)
14. Global Blockchain-as-a-Service Market by Risk, 2018–2028(USD Billion)
15. Global Blockchain-as-a-Service Market by Compliance Management, 2018–2028(USD Billion)
16. Global Blockchain-as-a-Service Marketshare by Component,2020 and 2028 (USD Billion)
17. Global Blockchain-as-a-Service Market by Tools ,  2018–2028(USD Billion)
18. Global Blockchain-as-a-Service Market by Services, , 2018–2028(USD Billion)
19. Global Blockchain-as-a-Service Marketshare by Vertical ,2020 and 2028 (USD Billion)
20. Global Blockchain-as-a-Service Market by BFSI, 2018–2028(USD Billion)
21. Global Blockchain-as-a-Service Market by IT & Telecom, 2018–2028(USD Billion)
22. Global Blockchain-as-a-Service Market by Healthcare, 2018–2028(USD Billion)
23. Global Blockchain-as-a-Service Market by Retail, 2018–2028(USD Billion)
24. Global Blockchain-as-a-Service Market by Manufacturing, 2018–2028(USD Billion)
25. Global Blockchain-as-a-Service Market by Logistics, 2018–2028(USD Billion)
26. Global Blockchain-as-a-Service Market by Government,  2018–2028(USD Billion)
27. Global Blockchain-as-a-Service Market by Media & Entertainment, 2018–2028(USD Billion)
28. Global Blockchain-as-a-Service Market by Energy & Utilities, 2018–2028(USD Billion)
29. Global Blockchain-as-a-Service Marketshare, by Region, 2020 and 2028
30. North America Blockchain-as-a-Service Market, 2018–2028(USD Billion)
31. Europe Blockchain-as-a-Service Market, 2018–2028(USD Billion)
32. Asia Pacific Blockchain-as-a-Service Market, 2018–2028(USD Billion)
33. Latin America Blockchain-as-a-Service Market, 2018–2028(USD Billion)
34. The Middle East and Africa Blockchain-as-a-Service Market, 2018–2028(USD Billion)


List of Tables

1. Global Blockchain-as-a-Service Market: snapshot
2. Drivers of the Blockchain-as-a-Service Market: impact analysis
3. North America Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
4. North America Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
5. North America Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
6. The U.S. Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
7. The U.S. Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
8. The U.S. Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
9. Rest of North America Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
10. Rest of North America Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
11. Rest of North America Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
12. Europe Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
13. Europe Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
14. Europe Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
15. UK Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
16. UK Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
17. UK Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
18. France Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
19. France Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
20. France Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
21. Germany Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
22. Germany Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
23. Germany Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
24. Rest of Europe Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
25. Rest of Europe Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
26. Rest of Europe Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
27. Asia Pacific Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
28. Asia Pacific Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
29. Asia Pacific Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
30. China Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
31. China Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
32. China Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
33. Japan Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
34. Japan Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
35. Japan Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
36. India Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
37. India Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
38. India Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
39. Rest of Asia Pacific Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
40. Rest of Asia Pacific Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
41. Rest of Asia Pacific Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
42. Latin America Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
43. Latin America Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
44. Latin America Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
45. Brazil Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
46. Brazil Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
47. Brazil Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
48. Rest of Latin America Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
49. Rest of Latin America Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
50. Rest of Latin  America Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
51. The Middle East and Africa Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
52. The Middle East and Africa Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
53. The Middle East and Africa Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
54. Saudi Arabia Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
55. Saudi Arabia Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
56. Saudi Arabia Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
57. South Africa Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
58. South Africa Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
59. South Africa Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)
60. Rest of the Middle East & Africa Blockchain-as-a- Service Market revenue, By Application  ,2018–2028(USD Billion)
61. Rest of the Middle East & Africa Blockchain-as-a- Service Market revenue, By Component ,2018–2028(USD Billion)
62. Rest of the Middle East & Africa Blockchain-as-a- Service Market revenue, By Vertical ,2018–2028(USD Billion)


 
 

Methodology

Free Analysis

Blockchain is a distributed database that allows the distribution and sharing of digital data or information by millions of users or nodes through a decentralized mechanism. Initially, blockchain technology was designed to manage the list of records called blocks for Bitcoin, a type of cryptocurrency. Blockchain-as-a-service allows its users to take advantage of cloud-based services and solutions in order to build, host or use their own blockchain applications and functions on the blockchain, while all the complicated backend work is managed by the cloud service provider.

Bitcoin uses blockchain technology as it acts like an immutable ledger and offers the entire trail for any transaction that took place till date. This gives the technology a tremendous potential in offering services to almost every industry and is prognosticated to register rapid growth in the forecast period. According to The IBM Institute for Business Value, by 2018, blockchain solutions will witness investment for ‘deposit-taking’ from about 91% banks out of 200 surveyed banks of 16 countries. In the BFSI sector, banks are searching for ways and means to share financial data and customer information in a secured manner across their company and BaaS (Blockchain as a Service)  is expected to play a leading role in the mechanism. All these factors are expected to propel the growth of BaaS as one of the modern software as a service offering in the coming years.

Global Blockchain as a Service Market

Individual clients or companies can use the blockchain technology to stay competitive in the market making the blockchain-as-a-service platform more advantageous. Implementation of BaaS model in smart payments is fueling the growth of the blockchain-as-a-service market. For instance, recently a new blockchain payments solution based on IBM blockchain technology was unveiled to provide both clearing and settlements of financial transactions on a single network by IBM, KlickEx Group, and Stellar.org. Whereas, complication involved in handling the infrastructure as well as the complex mathematical calculations in blockchain can restrain the blockchain-as-a-service market growth. Integration of the technology with the internet of things (IoT) to offer technologically advanced and efficient solutions across verticals is anticipated to pave the way for numerous opportunities in the blockchain-as-a-service market.

The global blockchain-as-a-service market segmentation is based on application, component, vertical, and region. The application segment is fragmented into payment, smart contracts, supply chain management, governance, risk and compliance management, identity management, and others. A smart contract is anticipated to have a substantial share in the global blockchain-as-a-service market. The component segment is bifurcated in tools and services. The vertical segment is categorized into BFSI, IT & telecom, healthcare, retail, manufacturing, logistics, government sector, media & entertainment, energy and utilities, and others (travel and hospitality & real estate). Owing to a high penetration rate of BaaS application in the banking and financial sector, BFSI segment is expected to register the highest share in the overall blockchain-as-a-service market. Regional segmentation of the blockchain-as-a-service market includes Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.

Major players operating in the global blockchain-as-a-service market are Microsoft, Ardor Nxt Group, IBM, SAP, AWS, HPE, Consensys, Deloitte, Infosys, Huawei, Accenture, and Oracle. Partnering with other leading firms is one of the business strategies incorporated by global players. Recently, Microsoft partnered with two Asian firms on blockchain platform for enterprises namely China Binary Sale Technology and High Cloud.

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FrequentlyAsked Questions

Rise in demand for BaaS owing to COVID-19 pandemic along with escalating requirement of supply chain transparency across different business verticals will create new growth avenues for blockchain-as-a service market. Apart from this, massive need of reducing risks and necessity of improving efficiency of financial deals will drive market trends. Large-scale use of connected things and supportive government initiatives will protrude volume of blockchain-as-a-service market growth in ensuing years. Huge acceptance of blockchain-as-a service platform across small & medium enterprises will prove beneficial for expansion of blockchain-as-a service industry. Furthermore, increase in investment in large number of ventures depending on blockchain technology in nations such as the UK, Japan, and the U.S. will unravel new growth dimensions for blockchain-as-a-service industry in years ahead.

Moreover, need for strong security and efficient functioning of BFSI sector will define growth of industry in ensuing years. Huge demand for high scalability, transaction speed, and low processing costs is likely to culminate into lucrative growth of blockchain-as-a service market over forecasting period.

According to Zion market research report, the global Blockchain-as-a- Service Market accrued earnings worth approximately 2.1 (USD Billion) in 2020 and is predicted to gain revenue of about 26.2 (USD Billion) by 2028, is set to record a CAGR of nearly 40.1% over the period from 2021 to 2028.

North America will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to increase in use of blockchain technology in software firms as well as financial institutions such as banks and insurance sectors across countries such as Canada and the U.S. Thriving e-commerce and online retail activities will contribute enormously towards regional market proceeds over forecast timespan. Escalating demand for real-time processing of monetary deals in small & medium-scale firms as well as giant firms in countries such as the U.S. will propel scope of regional market growth in coming decade.

The key market participants include Microsoft Corporation, Ardor Nxt Group, IBM Corporation, SAP SE, Amazon Web Services, Inc., The Hewlett Packard Enterprise Company, Consensys, Deloitte Company, Infosys Limited, Huawei Technologies Co., Ltd., Accenture plc, and Oracle Corporation. 

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