Global Blockchain as a Service (BaaS) Market Overview
Global Blockchain as a Service (BaaS) Market size is expected to grow from USD 4.23 Billion in 2023 to USD 30.4 Billion by 2032, at a CAGR of 24.5% during the forecast period (2024-2032).
Blockchain-as-a-Service (BaaS) involves the creation, management and maintenance of cloud-based networks for companies that design, develop and build blockchain applications. The emergence of the BaaS model has signalled an important step in the evolution of blockchain technology as it indicates a step away from the initial use case of blockchain, cryptocurrency, marking the expansion of the technology in other areas. At its core, BaaS enables beneficiaries to exploit cloud services to build, host and operate blockchain-based applications without needing to concern themselves with the technical complexities, costs, and operational overhead involved in creating, configuring, maintaining, and operating a blockchain. BaaS offers several pre-built applications and services that can be used to create various blockchain-based applications, including distributed ledgers, digital identity management systems, and supply chain management systems. In terms of components, the BaaS market is segmented into services and tools. Payments, supply chain management, smart contracts, governance, and identity management are some of the application segments on the market.
While there’s a growing recognition of the need for privacy and security when it comes to storing and managing data, a major trend is represented by the shift towards more private and permissioned blockchains. Private and permissioned blockchains offer a number of advantages, including the ability to control who has access to data and the ability to ensure that data is only accessible to authorized users. At the same time, the demand for cloud-based services is increasing as enterprises move away from traditional on-premises solutions. Cloud-based solutions are more flexible and scalable and offer pay-as-you-go pricing models that can save enterprises money. “The need for faster and more efficient transactions is driving the adoption of blockchain technology. Blockchain-based solutions can settle transactions in minutes or seconds, compared to the days or weeks it can take with traditional systems
Blockchain as a Service (BaaS) Market Trend Analysis
Rising Adoption of The Blockchain Technology by The Various End-User Industries
Blockchain's potential to improve transparency and traceability in supply chain management is gaining recognition, with industries like logistics, manufacturing, and retail adopting BaaS to create auditable records, reduce fraud, and ensure regulatory compliance. The financial sector embraces blockchain technology to streamline payment processes, reduce transaction costs, and improve efficiency. The decentralized nature of blockchain eliminates intermediaries, resulting in faster and more cost-effective cross-border transactions, contributing to the growing adoption of BaaS. Healthcare is embracing blockchain as a solution for secure, interoperable health data management. Blockchain ensures data integrity and privacy, improving data accessibility and reducing administrative complexities, thus potentially revolutionizing the industry. Industries like energy, real estate, and government are utilizing blockchain as a service (BaaS) for applications like smart contracts, identity management, and record-keeping due to its security features. The growing adoption of blockchain technology across various industries is driving the growth of the blockchain as a service market, as it enhances transparency, security, and efficiency, and the demand for BaaS is expected to experience sustained growth in the coming years.
Blockchain and the Internet of Things
Blockchain's decentralised and cryptographic features offer a robust framework for securing IoT devices and data. By combining blockchain with IoT, businesses can create tamper-resistant records, ensuring data integrity and mitigating unauthorised access or malicious attacks, especially in industries like healthcare and smart manufacturing. Smart contracts, a key component of blockchain technology, enhance the connection between blockchain and IoT by automatically enforcing and verifying agreements, enabling trustless transactions between IoT devices. These streamline supply chain management, automated payments, and IoT-driven processes. Blockchain and IoT technology allow for transparent, decentralized management of IoT device identities, reducing the risk of spoofing or unauthorized access. This is crucial for sectors like logistics, where tracking and verifying the authenticity of goods in the supply chain is essential. As industries continue to explore the potential of IoT and recognize the need for secure and transparent data management, the demand for Blockchain as a Service is poised to grow. The integration of these two transformative technologies not only addresses current challenges but also unlocks new possibilities for innovation across various sectors, contributing to the expansion of the BaaS market.
Regional Analysis In Blockchain as a Service (BaaS) Market
The market for Blockchain as a Service is rapidly growing in North America as a result of rising investment in blockchain technology. Numerous blockchain development projects have been started in the US in recent years, which has accelerated the market's expansion. Additionally, this region is home to a large number of small, medium-sized, and technology-based businesses, which has led to the widespread development and deployment of BaaS solutions there. Additionally, there has been significant progress in the integration of public critical services with BaaS solutions, which is predicted to open up new growth opportunities for the local BaaS market in the coming years.
Top Key Players Covered In Blockchain as a Service (BaaS) Market
- Cognizant (U.S.)
- Consensys (U.S.)
- IBM (U.S.)
- Microsoft (U.S.)
- Altoros (U.S.)
- HPE (U.S.)
- Amazon Web Services (AWS) (U.S.)
- R3 (U.S.)
- Oracle (U.S.)
- Dragonchain (U.S.)
- Cryptowerk (U.S.)
- Altoros (U.S.)
- Oodles Technologies (India)
- Wipro (India)
- Infosys (India)
- VeChain Foundation (China)
- Huawei (China)
- Baidu (China)
- Chainstack (Singapore)
- Morpheus Labs (Singapore)
- Deloitte (UK)
- EY (UK)
- SAP SE (Germany)
- BLOCKO (South Korea)
- Accenture (Ireland)
- BitFury (Netherlands)
- Capgemini (Paris)
- Crypto APIs (Bulgaria)
- Shipchain (South Carolina) , and Other Major Players.
Key Industry Development In The Blockchain as a Service (BaaS) Market
In May 2022, The EY organization declared the production release of the third generation of EY Blockchain Analyzer: Reconciler. This updated version has been migrated into blockchain.ey.com and is now available for the first time to EY non-audit clients and continues to support the EY Audit teams. The tool offers various features including importing enterprise records, reconciling off-chain enterprise records with on-chain transactions and tracking wallet balances.
In July 2022, Blockchain-as-a-Service (BaaS) platform, Seracle has declared the introduction of Web 3.0 non-fungible token (NFT) infrastructure for brands and corporates over the sectors to help them create their own customised NFT marketplaces.
In October 2021, Blockedge Technologies Inc. introduces its 'Plug & Play' Blockchain-as-a-Service (BaaS) Platform for Automotive and Supply Chain Markets. Blockedge offers a simplified plug-and-play BaaS platform that stands in contrast with built-from-scratch manual solutions.
Global Blockchain as a Service (BaaS) Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 3.91 Bn. |
Forecast Period 2024-2032 CAGR: |
24.5% |
Market Size in 2032: |
USD 30.4 Billion. |
Segments Covered: |
By Component |
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By Application |
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By End Users |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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- INTRODUCTION
- RESEARCH OBJECTIVES
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- SCOPE AND COVERAGE
- Market Definition
- Key Questions Answered
- MARKET SEGMENTATION
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GROWTH OPPORTUNITIES BY SEGMENT
- MARKET LANDSCAPE
- PORTER’S FIVE FORCES ANALYSIS
- Bargaining Power Of Supplier
- Threat Of New Entrants
- Threat Of Substitutes
- Competitive Rivalry
- Bargaining Power Among Buyers
- INDUSTRY VALUE CHAIN ANALYSIS
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- Challenges
- MARKET TREND ANALYSIS
- REGULATORY LANDSCAPE
- PESTLE ANALYSIS
- PRICE TREND ANALYSIS
- PATENT ANALYSIS
- TECHNOLOGY EVALUATION
- ANALYSIS OF THE IMPACT OF COVID-19
- Impact On The Overall Market
- Impact On The Supply Chain
- Impact On The Key Manufacturers
- Impact On The Pricing
- Post COVID Situation
- MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
- Geopolitical Market Disruptions
- Supply Chain Disruptions
- Instability in Emerging Markets
- ECOSYSTEM
- PORTER’S FIVE FORCES ANALYSIS
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET BY COMPONENT (2016-2030)
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- TOOLS
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 – 2030F)
- Historic And Forecasted Market Size in Volume (2016 – 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- SERVICES
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET BY APPLICATION (2016-2030)
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- SUPPLY CHAIN MANAGEMENT
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 – 2030F)
- Historic And Forecasted Market Size in Volume (2016 – 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- PAYMENTS
- RISK & COMPLIANCE MANAGEMENT
- OTHERS
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET BY END-USER (2016-2030)
- BLOCKCHAIN AS A SERVICE (BAAS) MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- BFSI
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2016 – 2030F)
- Historic And Forecasted Market Size in Volume (2016 – 2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- HEALTHCARE & LIFE SCIENCES
- GOVERNMENT
- RETAIL & CONSUMER GOODS
- OTHERS
- COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Positioning
- Blockchain as a Service (BaaS) Market Share By Manufacturer (2022)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- COGNIZANT
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves And Recent Developments
- SWOT Analysis
- CONSENSYS (U.S.)
- IBM (U.S.)
- MICROSOFT (U.S.)
- ALTOROS (U.S.)
- HPE (U.S.)
- AMAZON WEB SERVICES (AWS) (U.S.)
- R3 (U.S.)
- ORACLE (U.S.)
- DRAGONCHAIN (U.S.)
- CRYPTOWERK (U.S.)
- ALTOROS (U.S.)
- OODLES TECHNOLOGIES (INDIA)
- WIPRO (INDIA)
- INFOSYS (INDIA)
- VECHAIN FOUNDATION (CHINA)
- HUAWEI (CHINA)
- BAIDU (CHINA)
- CHAINSTACK (SINGAPORE)
- MORPHEUS LABS (SINGAPORE)
- DELOITTE (UK)
- EY (UK)
- SAP SE (GERMANY)
- BLOCKO (SOUTH KOREA)
- ACCENTURE (IRELAND)
- BITFURY (NETHERLANDS)
- CAPGEMINI (PARIS)
- CRYPTO APIS (BULGARIA)
- SHIPCHAIN (SOUTH CAROLINA)
- COMPETITIVE LANDSCAPE
- GLOBAL BLOCKCHAIN AS A SERVICE (BAAS) MARKET BY REGION
- OVERVIEW
- NORTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Component
- Historic And Forecasted Market Size By Application
- Historic And Forecasted Market Size By End-User
- Historic And Forecasted Market Size By Country
- USA
- Canada
- Mexico
- EASTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest Of Eastern Europe
- WESTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Germany
- United Kingdom
- France
- The Netherlands
- Italy
- Spain
- Rest Of Western Europe
- ASIA PACIFIC
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest Of APAC
- MIDDLE EAST & AFRICA
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- SOUTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Impact Of Covid-19
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Brazil
- Argentina
- Rest of South America
- INVESTMENT ANALYSIS
- ANALYST VIEWPOINT AND CONCLUSION
- Recommendations and Concluding Analysis
- Potential Market Strategies
Global Blockchain as a Service (BaaS) Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 3.91 Bn. |
Forecast Period 2024-2032 CAGR: |
24.5% |
Market Size in 2032: |
USD 30.4 Billion. |
Segments Covered: |
By Component |
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By Application |
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By End Users |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Blockchain as a Service (BaaS) Market research report is 2024-2032.
Cognizant (U.S.), Consensys (U.S.), IBM (U.S.), Microsoft (U.S.),Altoros (U.S.), HPE (U.S.), Amazon Web Services (AWS) (U.S.), R3 (U.S.), Oracle (U.S.), Dragonchain (U.S.), Cryptowerk (U.S.),Altoros (U.S.), Oodles Technologies (India), Wipro (India), Infosys (India), VeChain Foundation (China), Huawei (China), Baidu (China), Chainstack (Singapore), Morpheus Labs (Singapore), Deloitte (UK), EY (UK),SAP SE (Germany),BLOCKO (South Korea), Accenture (Ireland), BitFury (Netherlands), Capgemini (Paris), Crypto APIs (Bulgaria), Shipchain (South Carolina), and other major players.
The Blockchain as a Service (BaaS) Market is segmented into Component, Application, End-User, and region. By Component, the market is categorized into Tools, Services. By Application, the market is categorized into Supply Chain Management, Payments, Risk & Compliance Management, Others. By End-User, the market is categorized into BFSI, Healthcare & Life Sciences, Government, Retail & Consumer Goods, Other End-User. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Blockchain-as-a-Service (BaaS) involves the creation, management and maintenance of cloud-based networks for companies that design, develop and build blockchain applications. The emergence of the BaaS model has signalled an important step in the evolution of blockchain technology as it indicates a step away from the initial use case of blockchain, cryptocurrency, marking the expansion of the technology in other areas.
Global Blockchain as a Service (BaaS) Market size is expected to grow from USD 4.23 Billion in 2023 to USD 30.4 Billion by 2032, at a CAGR of 24.5% during the forecast period (2024-2032).