Blockchain-as-a-service (BaaS) is defined as a set of third-party creation and management of cloud-based networks that is used by companies, which are engaged in the business of building blockchain applications. The use blockchain as a service (BaaS) is increasing in various industries which is accelerating the growth of global blockchain as a service (BaaS) market. Starbucks is working with Microsoft to develop new blockchain-based supply chain tracking system and mobile app. Joint blockchain node are being offered in many countries as part of the government programme to digitize and automate public service systems in rural areas through blockchain. With the release of a new service called ‘Paperless’, Samsung SDS is expanding into cloud-based Blockchain-as-a-Service (BaaS) areas, promising to improve reliability and transparency. This service can safely manage documents that are prone to forgery.
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The growth of blockchain technology and its increasing use is contributing towards the growth of global blockchain as a service (BaaS) market. Technological advancements have increased due to growing demand for easier reconciliation, faster processing, and greater transparency on fees as many companies are primarily using blockchain as a service (BaaS) for making and receiving online payments. Demand for better cyber security is another factor amplifying the growth of blockchain as a service (BaaS) market. The growing investments towards development of blockchain as a service (BaaS) offerings by the market participants showcases positive growth prospects for blockchain as a service (BaaS) market over the forecast period. Many third-party services are developing in the growing field of blockchain technology, for hosting decentralised software services which in turn are boosting the overall global blockchain as a service (BaaS) market growth.
Key Findings of the Report:
- In terms of revenue, blockchain as a service (BaaS) market was valued at US$ 2749.24 Mn in 2020 growing at a CAGR of 34.5% over the forecast period (2021 – 2030)
- The tools segment in the global blockchain as a service (BaaS) market held the larger share in 2020 owing to the secure and cost-effective features provided by the solutions. Blockchain-as-a-Service (BaaS) offers reliable solutions for sharing information, reducing risks and complexities of cross-organizational transactions.
- Increasing cyber crimes and online fraud activities is contributing towards the growth of identity management application in the global blockchain as a service (BaaS) market. Know your customer (KYC) services powered by blockchain offer better security to customer data. For internet of things (IoT) systems, the user identity management becomes easy through blockchain as a service (BaaS).
- The large enterprises segment held the largest share in the global blockchain as a service (BaaS) market in 2020. Large amount of structured and unstructured data sets, substantial budgets along with established technological infrastructure has led to increased adoption of the offerings across large enterprises. However, significant adoption is being observed across SMEs, which is also anticipated to register highest growth rate over the forecast period.
- The banking, financial services and insurance (BFSI) segment occupied the largest share in global blockchain as a service (BaaS) market in 2020. Several companies outside the banking sector are offering financial services, such as online wallets, digital payments, and lending. These companies are offering banking-like services with the intention to retain customers and increase their lifetime value. Other factors leading to the growth of BFSI segment include rising demand for embedded finance, financial institutions increasingly offering bundled offerings that companies outside the banking sector can use to serve their customers.
- In 2020, North America accounted for the biggest regional market in the global blockchain as a service (BaaS) market. In the developed economies of the USA and Canada, the focus on innovations obtained from Research and Development (R&D) and technologies is high. Presence of key market players, higher internet coverage, longer history of technology use in business, higher use of cryptocurrency, and availability of strong IT infrastructure to ensure high level of cyber security are other factors that are contributing to the market growth in this region.
- Some of the major players operating in the global blockchain as a service (BaaS) market are Amazon Web Services Inc., ConsenSys, Deloitte Touche Tohmatsu Limited, Dragonchain Inc., EY, Hewlett Packard Enterprise Development LP, IBM, KPMG, Microsoft, Multiledgers Administração de Nuvens S.A., Oracle, Peer Ledger Inc., PwC, R3, SAP SE, Stratis Group Ltd., and VECHAIN, amongst others.
Global Blockchain as a Service (BaaS) Market:
- Supply Chain Management
- Governance, Risk, and Compliance (GRC) management
- Identity Management
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry Verticals
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- Logistics and Transportation
- Retail & E-Commerce
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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