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:
By Offering
- Tools
- Services
By Application
- Supply Chain Management
- Governance, Risk, and Compliance (GRC) management
- Payments
- Identity Management
- Others
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry Verticals
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- Logistics and Transportation
- Manufacturing
- Government
- Healthcare
- Retail & E-Commerce
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Market SynopsisMarket Research Future (MRFR), in its latest report on the global market for blockchain-as-a-service (BaaS) 2020, reveals factors that govern the market.
As per MRFR data, the expansion of the Blockchain as a Service (BaaS) Market is likely to be at 70.63% CAGR across the study period 2018–2024.
The Blockchain as a Service (BaaS) Market value can touch USD 18,981.66 Million by 2024.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.
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.
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.Market SegmentationThe segment evaluation of the blockchain-as-a-service solutions market is done by component, platform, application, cloud, and organization size.The platform based segments of the blockchain-as-a-service solutions market Ethereum, Ripple, Hyperledger, R3, and others.The component based segments of the blockchain-as-a-service solutions market are tools and servicesThe cloud based segments of the blockchain-as-a-service solutions market are hybrid, private, and public.The organization size based segments of the blockchain-as-a-service solutions market are large enterprises and SMEs.The application based segments of the blockchain-as-a-service solutions market are smart contracts, compliance management, inventory management, identity management, payment management, supply chain management, fraud management, loyalty and rewards management and others.The vertical based segments of the blockchain-as-a-service solutions market are retail and e-commerce, transportation & logistics, BFSI, healthcare, IT & telecommunications, government, media & entertainment, energy & utilities, and others.Regional AnalysisTrends of the Blockchain as a Service (BaaS) Market are studied across North America, APAC, MEA, and EU.
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 (BaaS) Market in the region in the years to come.
Blockchain As A Service (BaaS) Market OverviewThe global Blockchain As A Service (BaaS) Market report focuses on the volume, value, status, and size of the market at the global level, regional level, and company level.
From another perspective, the market has been studied based on historical data and future forecasts.
The global outlook has also been presented with the latest competitive trends and detailed regional analysis for the review period of 2021-2030, with the base year 2019.
Key PlayersThis report has provided profiling of the prominent key players that are prevalent in the global Blockchain As A Service (BaaS) Market.
The expansion and the reach of the market have also been pointed out in the report.Some key players in the global blockchain as a service (BaaS) market are Amazon Web Services Inc., ConsenSys, Deloitte Touche Tohmatsu Limited, Dragonchain Inc., EY, Hewlett Packard EnterpriseAccess Full Report Details and Order this Premium Report @ https://www.absolutemarketsinsights.com/reports/Blockchain-as-a-Service-BaaS-Market-2021---2029-882Market dynamicsThis report mentions the marketing channels- direct and indirect marketing- and the dynamics that are factoring the growth of the global Blockchain As A Service (BaaS) Market.
Furthermore, the impact of the increasing population on the global market and the rise in technological advancements has also increased the varying trends of the global market.
The global Backend as a Service (BaaS) Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the backend as a service (baas) market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Kony, Inc., Kinvey Inc., AnyPresence, Inc., Appcelerator, Inc., CloudMine, Inc., KII Corporation, and Exadel, Inc..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Backend as a Service (BaaS) Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/backend-as-a-service-baas-market/download-sampleMarket Dynamics The global backend-as-a-service (Baas) market is projected to grow at an exciting pace during the forecast period.
Backend as a Service is a growing trend that will continue to increase in popularity in the coming years.
Businesses are increasingly outsourcing backend services of an application to focus on frontend services.
