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Blockchain As-A-Service Market: Segmented: By Component (Tools, Services), By Application (Compliance Management, Smart Contracts, Supply Chain Management, Identity Management, Inventory management, and Others), By Industry Vertical (BFSI, Healthcare and Life Sciences, Retail and E-Commerce, Government, Manufacturing, Telecom and IT, Energy and Utilities, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Blockchain As-A-Service Market to surpass USD 205.3 billion by 2031 from USD 2 billion in 2021 at a CAGR of 58.7% in the coming years, i.e., 2022-32.
Blockchain As-A-Service refers to a platform which allows companies to create and operate their own blockchain applications. The service provider provides infrastructure and blockchain building tools and also facilitates in running applications with minimum hassle. Apart from cryptocurrencies, blockchain is widely in demand in various industries as it provides supply chain transparency and reduces risk. BaaS application ranges from Compliance Management, Inventory management, Identity Management, Supply Chain Management, Smart Contracts, and Others. The market has gained attention from Small and Medium Enterprises owing to its cost-effectiveness which helps them in setting up their infrastructure facilities.
Blockchain As-A-Service market is expected to project a notable CAGR of 58.7% in 2032.
Usage of Distributed Ledger Technology based on advanced analytics and increasing investments and rising trend of BaaS based on cloud platforms are the factors driving the Blockchain As-A-Service market.
Tools segment to grow with the highest CAGR during 2022-32
Blockchain As-A-Service market is classified on the basis of components into Tools, and Services. Tools is projected to grow with the highest CAGR during the forecast period. The growth is attributed to the increasing adoption in the BFSI sector for secure and advanced transaction facilities. Many banks and financial institutions are using blockchain technology to protect data of customers from external threats.
BFSI segment to grow with the highest CAGR during 2022-32
Blockchain As-A-Service market is classified on the basis of industry vertical BFSI, Healthcare and Life Sciences, Retail and E-Commerce, Government, Manufacturing, Telecom, and IT, Energy and Utilities, Others. BFSI segment is projected to grow with the highest CAGR during the forecast period. Growing need for transparency and accuracy in transactions, an increasing number of cross border payments, and rising investments in blockchain technology, digital ledger and consortium blockchain are some factors fueling the growth of BFSI segment.
Usage of Distributed Ledger Technology based on Advance Analytics
BFSI sector is adopting new technology to secure the data and transactions of its customers. Blockchain as a service is a decentralized technology that allows sharing of data in a secure mode. Wide adoption of distributed ledger technology based on advanced analytics in financial sectors is supporting the transaction of digital currency. DLT being a decentralized system is being used for increasing fiscal efficiency which will drive the market growth of Blockchain As-A-Service.
Increasing Investments and Rising Trend of BaaS based on Cloud Platform
Internet connectivity has bolstered the growth of digital world in the past few years. Blockchain technology-based applications are being developed by many ventures and thus it has gained huge popularity in the market. Venture capitalists are investing heavily in blockchain technology, which will drive market growth. Also, rising demand by large enterprises for BaaS based on a cloud platform in order to enhance management systems will further fuel market growth.
Lack of Skilled Professionals and High Initial Expenses
Comprehending blockchain technology requires skilled professionals, lack of which can prevent the market growth. High initial expenses are needed to be incurred in order to set up advance technology and also requires huge consumption of energy, data centers, bandwidth, cooling systems, etc., which is a key restraint in the growth of the market.
Recent Developments
Blockchain As-A-Service market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is projected to grow with the highest CAGR during the forecast period. The growth is attributed to the presence of key market players and increasing investments in blockchain technology by various organizations. Also, growing government-based development projects on blockchain technology will fuel the market growth in the region.
Despite the fact that covid-19 has severely affected the industries around the world, it has played a vital role in adoption of digital services. Widespread usage of technology and constant security and data threats have induced the demand for decentralized networks. Seamless operations and digital transactions have been enabled with the adoption of blockchain technology in financial services. Blockchain as a service is being used by various industries to improve efficiency, scalability, decentralization and security in operations.
Blockchain As-A-Service is further segmented by region into:
Blockchain As-A-Service Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 2 billion |
| Revenue forecast in 2031 | USD 205.3 billion |
| Growth Rate | CAGR of 58.7% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, Application, Industry Vertical, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Microsoft Corporation, IBM Corporation, SAP SE, Amazon Web Services, Oracle Corporation, Accenture PLC, Deloitte Touche Tohmatsu Limited, Cognizant, Infosys Limited, Capgemini SE, Huawei Technologies Co. Ltd, Tata Consultancy Services Ltd., Baidu Inc., VMware Inc., Stratis Group Ltd. and Other Prominent Players |
Blockchain As-A-Service market size was estimated at USD 2 billion in 2021 and is expected to reach USD 205.3 billion in 2031.
Blockchain As-A-Service refers to a platform which allows companies to create and operate their own blockchain applications. The service provider provides infrastructure and blockchain building tools and also facilitates the applications running with minimum hassle.
Tools, Supply Chain Management, and BFSI segment accounted for the largest Blockchain As-A-Service market share.
Key players: Microsoft Corporation, IBM Corporation, SAP SE, Amazon Web Services, Oracle Corporation, Accenture PLC, Deloitte Touche Tohmatsu Limited, Cognizant, Infosys Limited, Capgemini SE, Huawei Technologies Co. Ltd, Tata Consultancy Services Ltd., Baidu Inc., VMware Inc., Stratis Group Ltd. and Other Prominent Players are the key players in the Blockchain As-A-Service market.
Usage of Distributed Ledger Technology based on advance analytics and Increasing investments and rising trend of BaaS based on cloud platform are the factors driving the Blockchain As-A-Service market.
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