The Global Blockchain-as-a-Service (BaaS) Market Size, which was $1.90 billion in 2019, is expected to increase to $24.9 billion by 2027, with a projected CAGR of 39.5%.
The growing use of blockchain-as-a-service (BaaS) tools and services by small and medium-sized businesses to create their own blockchain applications, smart contracts, and payment systems is anticipated to fuel market expansion during the forecast period. Small and medium-sized businesses are taking advantage of several BaaS services advantages, such as secure decentralization, high immutability capability, efficiency, cost-effectiveness, security, and others. Additionally, efforts to increase awareness of blockchain-as-a-service among major corporations and the evolution of cryptocurrencies are anticipated to fuel the growth of the BaaS market.
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Information about the report:
- Forecast Timeframe: 2020-2027
- The starting year is 2021.
- Market Size in 2019 – USD 1.90 billion
- The market size in 2027 will be USD 24.94 billion
- CAGR – 39.5%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Blockchain-as-a-Service (BaaS) Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. Market share is the portion of the market that a single provider or a group of providers controls. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Blockchain-as-a-Service (BaaS) Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report’s list of the segments with the highest revenue growth rates.
By Component Type Analysis,
The market is split into tool and service segments based on components. 2019’s largest market share belonged to the tools segment, which encompassed all other segments. The increase in demand for BaaS tools among BFSI organizations for sophisticated and secure transaction models in their business units is what is responsible for the segment’s growth. Utilizing cloud-based services to create, host, and monitor blockchain applications, functions, smart contacts, and other applications is made possible by BaaS tools. According to market analysis, a number of banks and financial institutions are concentrating on integrating blockchain tools into their business models. A group of seven companies, including HSBC, Deutsche Bank, Natixis, KBC, Societe Generale, Rabobank, and Unicredit, for instance, deployed blockchain tools in June 2017 using IBM Corporation.
By Application Analysis,
The market is divided into smart contracts, supply chain management, payments, governance risk, compliance management, and others (identity management) based on the applications they are used for. Supply chain management led these segments in terms of market share in 2017. The market’s leading players are focusing on creating blockchain applications for supply chain management. Businesses in sectors like manufacturing and retail are implementing blockchain services in their operations to take advantage of features like supply chain operations with improved resource allocation, decreased costs, and increased productivity.
By Industry Type Analysis,
The market is divided into different categories based on industry, including BFSI, government, energy and utilities, life sciences, manufacturing, healthcare, retail & consumer goods, telecom, media and entertainment, travel and transportation, and others (such as education). In 2019, the BFSI sector had the largest market share. The growth is primarily attributable to the expansion of decentralized applications built on blockchain services across many different organizations. Applications that are decentralized offer a number of advantages, including secure decentralization, affordability, immutability, efficiency, and security. The launch of various projects based on blockchain services is a priority for banking and financial organizations. As an illustration, in 2017 the American investment bank and financial services provider JPMorgan Chase & Co. launched a blockchain-related project based on the Quorum platform, an open-source platform, built on the network.
By Key Industry Analysis,
Microsoft Corporation creates and provides Microsoft Office licenses, as well as a variety of other goods, services, and technologies. Productivity and business processes, as well as intelligent cloud and more individualized computing, are all part of the company’s operating division. Microsoft Corporation offers the Azure Blockchain Service under its product division. Users can build, grow, and manage consortium blockchain networks with the aid of the tools and services provided by this blockchain service. The Microsoft blockchain service is simple to set up and use. A partnership between Microsoft Corporation and banking and financial institutions is expected to be completed in order to design and develop applications, payment systems, and other things. Currently, the business is funding the global development of numerous blockchain service projects. Microsoft Corporation is one of the key market players.
The market is fragmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific.
During the anticipated period, North America is anticipated to hold the largest market share. The increase in blockchain projects is primarily responsible for this region’s growth. According to the China Academy of Information and Communications Technology (CAICT), there were about 2,000 active blockchain projects in the US between 2014 and 2017. Additionally, there are currently more than 500 businesses providing blockchain services in the United States. Additionally, the governments of the US and Canada are investing in the adoption of blockchain technology in their public utilities, such as airports, banks, the military and defense, and others. The government of the U.S. invested around USD 2.51 billion to support various startups engaged in blockchain technology.
The study report provides a thorough analysis of the “Blockchain-as-a-Service (BaaS) Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The market for Blockchain-as-a-Service (BaaS) Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Blockchain-as-a-Service (BaaS) Market industry will be able to gain the upper hand by using the study as a valuable resource.
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