Market Size –
The blockchain as a service market size has grown exponentially in recent years. It will grow from $4.82 billion in 2023 to $6.91 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to cost efficiency initiatives, regulatory compliance requirements, demand for streamlined development processes, globalization and cross-border transactions, integration with existing enterprise systems.
The blockchain as a service market size is expected to see exponential growth in the next few years. It will grow to $29.20 billion in 2028 at a compound annual growth rate (CAGR) of 43.4%. The growth in the forecast period can be attributed to increasing adoption of decentralized finance (DeFi), rising emphasis on supply chain traceability, expansion of digital identity solutions, integration with internet of things (IoT) networks, growing demand for cross-industry applications. Major trends in the forecast period include increased adoption in emerging markets, expansion of use cases, rise of hybrid and multi-cloud deployments, integration with emerging technologies, focus on regulatory compliance and security.
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Scope Of Blockchain as a Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Blockchain as a Service Market Overview
Market Drivers –
Increasing adoption of smart contracts is expected to propel the growth of the blockchain as a service market going forward. Smart contracts refer to a type of contract in which the terms and conditions are encoded directly into code, enabling them to execute autonomously when specific predefined conditions are satisfied. The adoption of smart contracts is rising due to their ability to automate and self-execute contractual agreements, improving efficiency, transparency, and trust in various industries. BaaS solutions support the execution of smart contracts, allowing users to create, deploy, and interact with programmable contracts that automatically enforce predefined rules and conditions. For instance, in June 2022, according to Alchemy Insights Inc., a US-based software development company, the number of Ethereum smart contracts created increased by 24.7% in the first quarter of 2022, totaling 1.45 million. This represents an increase over the 1.16 million smart contracts generated in the previous quarter of 2021. Therefore, the increasing adoption of smart contracts is driving the growth of the blockchain as a service market.
Market Trends –
Major companies operating in the blockchain as a service market are developing new products, such as blockchain-powered data marketplaces, to gain a competitive edge in the market. A blockchain-powered data marketplace is a platform that utilizes blockchain technology to facilitate the secure and transparent exchange of data between multiple parties. For instance, in May 2021, Nokia Corporation, a Finland-based telecommunications company, launched a blockchain-powered data marketplace to facilitate the secure sharing of data and AI models. This marketplace aims to enable enterprises and communication service providers to access trusted datasets for data trading and AI applications. The platform is designed to drive digital transformation, data monetization, and the secure exchange of information. The platform’s ability to handle safe data exchanges and AI models trained across distributed data sets positions it as a useful BaaS solution for enterprises looking to utilize blockchain technology for data-driven insights and transactions.
The blockchain as a service market covered in this report is segmented –
1) By Offering: Tools, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
3) By Application: Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance, Other Applications
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Government And Public Sector, Manufacturing, Retail And E-commerce, Media And Entertainment, Transportation And Logistics, Healthcare, Energy And Utilities, Other Industry Verticals
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Regional Insights –
North America was the largest region in the blockchain as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the blockchain as a service market are Amazon.com Inc., Microsoft Corporation, Alibaba Group Holding Limited, Nippon Telegraph and Telephone Corporation, Huawei Technologies Co. Ltd., Accenture PLC, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, KPMG LLP, SAP SE, Hewlett Packard Enterprise, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., VMware Inc., Wipro Limited, Altoros, Factom Inc., PayStand Inc., LeewayHertz, Stratis Group Ltd.
Table of Contents
1. Executive Summary
2. Blockchain As A Service Market Characteristics
3. Blockchain As A Service Market Trends And Strategies
4. Blockchain As A Service Market – Macro Economic Scenario
5. Global Blockchain As A Service Market Size and Growth
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31. Blockchain As A Service Market Other Major And Innovative Companies
32. Global Blockchain As A Service Market Competitive Benchmarking
33. Global Blockchain As A Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Blockchain As A Service Market
35. Blockchain As A Service Market Future Outlook and Potential Analysis
36.Appendix
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