Blockchain-as-a-service market size is expected to reach USD 26.5...

Blockchain-as-a-service market size is expected to reach USD 26.5 Billion by 2030

Posted 2023-02-03 06:19:40

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As per MRFR data, the expansion of the blockchain-as-a-service market is likely to be at 34.10% CAGR across the study period 2022–2030. The blockchain-as-a-service market value can touch USD $26.5 Billion by 2030. The increase in the adoption of Blockchain-as-a-Service can support the expansion of the market across the analysis period.

The increase in the application of blockchain-as-a-service solutions for financial service, banking, and insurance enterprises can bolster the expansion of the market across the analysis period. Moreover, the rise in the adoption of e-commerce organizations, retail and government entities can drive the market growth. The rise in the demand to implement BaaS solutions in supply chain management for various industries can also promote the expansion of the market through the study period. BaaS solutions are also being used for international business transactions due to the high reliability and security offered by them. On the contrary, lack of expertise on blockchain technology, less interoperability of blockchain solutions among enterprises, issues in regulatory standards, and issues with high costs associated with the integration of legacy systems can restrain the expansion of the blockchain-as-a-service solutions market in the coming years.

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Rivers

Growing Integration of AI and Blockchain Technologies to Boost Market Growth

The growing integration of AI (artificial intelligence) and blockchain technologies with solutions will boost the market over the forecast period.

Opportunities

Rising Adoption of Cloud-based Services to offer Robust Opportunities

The rising adoption of cloud-based services by enterprises will offer robust opportunities for the market in the forecast period. Enterprises are adopting cloud-based services increasingly for their business functions owing to their different benefits like agility, disaster recovery, flexibility, and lower costs. Besides the cloud offers the perks of hybrid cloud deployment that offers the perks of both the public and private clouds. Due to cloud deployment, enterprises can avail the Blockchain As A Service security capabilities without the need for any complex infrastructure.

Restraints and Challenges

Security Issues and Privacy Concerns to act as Market Restraint

The security issues and privacy concerns of Blockchain As A Service Market stored on the cloud may act as a market restraint over the forecast period. Besides, the integration of Blockchain As A Service as a service into the existing systems may also impede market growth.

COVID-19 Analysis

The BaaS market has been substantially impacted owing to the increasing pandemic situation across the globe. The COVID-19 outbreak has led to reduced business activities as governments had enforced lockdowns. Owing to this, the dependency on online businesses has significantly grown to offer necessary services to consumers. Thus the increased need for Blockchain As A Service as a service as this offers robustness and security to the data. BaaS simplifies business processes and affording transparency and immutability as well as increase focus on operational efficiency. Also, BaaS devices are also used in retail malls and buildings to screen people during the crisis before they enter. They can detect this using AI technology if anyone is not wearing a mask or has high temperature. Further, touchless technologies are also flooding the market now. Airports, hospitals, offices, and secure locations are making the most of non-contact Blockchain as A Service attendance.

Competitive Outlook:

Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Amazon Web Services, Accenture PLC, Cognizant, Deloitte Touche Tohmatsu Limited, Capgemini SE, Infosys Limited Huawei Technologies Co. Ltd, NTT Data Corporation, Tata Consultancy Services Limited, HPE, Baidu, Inc., Wipro Limited, and KPMG among others are some notable developers of blockchain-as-a-service solutions as listed by MRFR.

Blockchain-as-a-Service Market Segments: Based on Offering:

Tools
Services

Based on Application:

Supply Chain Management
Smart Contracts
Identity Management
Payments
Governance, Risk, and Compliance Management
Others (Trade Finance and Data Storage)

Based on Organization Size:

SMEs
Large enterprises

Based on Verticals:

BFSI
FMCG
Healthcare
Manufacturing
Retail and eCommerce
Transportation and Logistics
Government and Public Sector
Energy and Utilities
Media and Entertainment
Others (telecom and IT, hospitality, real estate, and agriculture)

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Regional Analysis:

Trends of the blockchain-as-a-service market are studied across North America, APAC, MEA, and EU. As per MRFR regional data, the blockchain-as-a-service market in North America is known as to have the largest market share. The high rate of adoption of blockchain technology across the US, following Canada and Mexico can support the expansion of the blockchain-as-a-service market in the review period. The well-established BFSI vertical in the region, being the high end-user of blockchain-as-a-service solutions can promote the expansion of the regional market. In EU, the presence of noteworthy marketers and giant tech players such as Microsoft Corporation, IBM Corporation, and Amazon Web Services, can support the expansion of the blockchain-as-a-service market in the region in the years to come. In Asia Pacific, the regional blockchain-as-a-service market is expected to boom due to the gradual rise in the application of blockchain solutions in cash rich BFSI and retail industry. The blockchain-as-a-service market in Asia Pacific is expected to generate the highest revenue for the global market in the years ahead. The rise of the market in MEA is gradual.

Table of Contents:

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

Continued….

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