Blockchain-as-a-Service Market Overview

The global blockchain-as-a-service market size was valued at USD 2.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 34.10% from 2023 to 2032. The increasing adoption of blockchain technology across various industries is driving the growth of the market. BaaS helps organizations reduce costs associated with building and maintaining blockchain infrastructure. It offers scalability, security, and accessibility of blockchain networks on demand. 

The blockchain-as-a-service (BaaS) market is expected to grow significantly in the coming years. BaaS allows companies to leverage blockchain technology without the complexity of managing infrastructure and developing applications from scratch. It provides blockchain capabilities through cloud-based services.

Key Players in the Blockchain-as-a-Service Market

Some of the major players operating in the blockchain-as-a-service market include IBM, Microsoft, SAP, Oracle, AWS, HPE, Stratis, Intel, Waves, and Kaleido.

IBM is one of the leading providers of BaaS solutions. It offers blockchain services on the IBM Cloud to help organizations launch blockchain networks, build decentralized applications, and integrate blockchain into existing applications.

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Microsoft Azure provides a fully managed blockchain service called Azure Blockchain Service. It allows customers to quickly set up scalable blockchain consortiums for development, testing, and production.

SAP offers blockchain-as-a-service on its Leonardo platform. It provides tools and services to build blockchain networks and decentralized applications for supply chain, asset tracking, identity management, and other use cases.

Oracle provides blockchain cloud service on its Oracle Cloud Infrastructure. It offers capabilities to build, deploy, and manage blockchain networks for various business needs.

Blockchain-as-a-Service Market Segmentation

The global blockchain-as-a-service market can be segmented based on:

• Component Tools Services

• Application Supply Chain Management Identity Management Payments Smart Contracts Others

• Organization Size Small and Medium-sized Enterprises (SMEs) Large Enterprises

• Industry Vertical BFSI Healthcare Manufacturing IT Telecom Retail e-Commerce Government Energy Utilities Media Entertainment Others

Blockchain-as-a-Service Market Opportunities

The growing demand for distributed ledger technology across industries is creating significant opportunities for BaaS providers. Some key market opportunities include:

• Supply Chain Management: BaaS can help optimize supply chain operations through transparency, traceability, and improved visibility across the network. This reduces costs and improves trust among partners.

• Identity Management: Blockchain solutions offer decentralized and secure identity management capabilities. BaaS can help organizations issue and manage digital identities.

• Payments: Blockchain enables faster, cheaper, and more secure payments. BaaS allows payment providers to leverage this technology and offer innovative payment solutions.

• Smart Contracts: BaaS simplifies the development and deployment of smart contracts for various use cases like royalty payments, insurance claims processing, and asset transfers.

• Industry Consortiums: Multiple companies can collaborate using blockchain networks developed using BaaS. This fosters innovation in industries like healthcare, manufacturing, logistics, etc.

Regional Insights into the Blockchain-as-a-Service Market

North America dominated the blockchain-as-a-service market in 2021 due to strong technological advancements and increasing adoption of blockchain technology across various industries in the US and Canada.

Europe is expected to witness significant growth during the forecast period. Major countries contributing to the regional market growth include the UK, Germany, France, Italy, and Spain.

The Asia Pacific region is expected to grow at the fastest rate during 2023-2032. Increasing government initiatives to promote blockchain technology and rising investments by companies are driving the APAC BaaS market.

Industry Updates in the Blockchain-as-a-Service Space

• In June 2021, IBM announced the general availability of its new blockchain service on the IBM Cloud to help customers launch scalable blockchain networks within minutes.

• In September 2021, Oracle launched a new blockchain API service to simplify the development of decentralized applications on its blockchain platform.

• In November 2021, Microsoft partnered with Bank of America to develop blockchain-based solutions for supply chain finance using Microsoft Azure blockchain services.

• In January 2022, AWS launched new managed blockchain templates and node software development kits (SDKs) to help customers develop and deploy scalable blockchain networks on AWS.

The blockchain-as-a-service market is poised for significant growth as more organizations leverage this technology to optimize processes, manage digital identities, enable faster payments, and foster industry collaboration. Major technology companies are strengthening their BaaS offerings to tap into lucrative market opportunities.