Blockchain-as-a-Service Market Outlook and Key Developments
Blockchain-as-a-service (BaaS) is a cloud service that allows enterprises to develop, host and use blockchain applications without having to build and maintain their own blockchain infrastructure. Here is an overview of the BaaS market and some recent developments.
Market Overview
The Blockchain-as-a-Service market size is projected to grow from USD3.0843 Billion in 2023 to USD 32.25424175 billion by 2032
North America accounted for the largest market share of 40% in 2021. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to increasing adoption in China, South Korea and Southeast Asia.
Based on application, the supply chain management segment is expected to grow at the highest CAGR during the forecast period. The retail and ecommerce industry vertical is anticipated to hold the largest market size in 2021.
Key Market Segments
By Component:
By Application:
- Supply Chain Management
- Smart Contracts
- Identity Management
- Payments
- GRC Management
- Others
By Organization Size:
By Industry Vertical:
- BFSI
- Retail & eCommerce
- Healthcare & Life Sciences
- Transportation & Logistics
- Government
- IT & Telecom
- Media & Entertainment
- Real Estate
- Others
Key BaaS Companies
Some of the major BaaS providers include:
- Microsoft
- AWS
- IBM
- Oracle
- Huawei
- R3
- Stratis
- Northern Block
- Baidu
These companies provide robust BaaS platforms that allow enterprises to adopt blockchain rapidly for various use cases like supply chain tracking, credential verification, payments etc.
Market Drivers
Key factors driving the growth of the BaaS market:
- Increasing adoption of blockchain solutions in industries like retail, logistics etc.
- Demand for simplified blockchain application development
- Need for reduced blockchain operational overheads and complexities
- Regulatory compliance requirements driving blockchain adoption
- Rising investment in blockchain startups offering BaaS
Regional Insights
North America holds the largest BaaS market share currently. Presence of tech giants like Microsoft, IBM and Oracle is contributing to the dominance of this region.
Asia Pacific is anticipated to grow at the fastest rate during the forecast period. Favorable government initiatives supporting blockchain and increasing digital transformation are key drivers in APAC.
Browse In-depth Market Research Report (111 Pages, Charts, Tables, Figures) on Blockchain-as-a-Service Market
Recent Industry Developments
Some of the recent BaaS market developments include:
- AWS launched managed blockchain service to easily create and manage scalable networks.
- Microsoft expanded Azure blockchain service offerings for supply chain management.
- Infosys partnered with R3 for blockchain-powered solutions using Corda platform.
- Deloitte launched suite of blockchain services on AWS to accelerate adoption.
- Consensys launched Ethereum-based BaaS platform for enterprises and developers.
- Accenture unveiled blockchain-based software platform for post-trade processing.
In summary, increasing adoption across diverse industries is driving massive growth in the BaaS market. Leading technology companies are innovating with robust BaaS platforms and strategic partnerships to enable enterprise blockchain adoption. The market outlook looks positive going forward.
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