Blockchain as a Service Market - Forecasts from 2024 to 2029

Description

The Blockchain as a service market is evaluated at US$784.977 million for the year 2022 growing at a CAGR of 22.85% reaching the market size of US$3,315.572 million by the year 2029.

Blockchain as a service (BaaS) just like software as a service, is a technical service model that uses cloud computing to create an infrastructure and management network for the companies that are operating in blockchain applications such as money transfer, smart contracts, identity management, and supply chain management among others. The growing technological innovations have increased the demand for modern technical solutions that provide more transparency in applications such as financial transactions, and data recognition, thereby reducing their risk and complexities creating a drive in the market demand. Various financial institutions are undergoing strategic collaborations with service providers to promote the adoption of blockchain as a service in their operations. For instance, the Ethiopian Ministry of Education, in April 2021, announced a strategic collaboration with blockchain maker IOHK, in which IOHK will provide blockchain-based digital identities for approximately five million students.

MARKET DRIVERS:

Growth in favorable government initiatives is predicted to upsurge the market.

Blockchain as a service provides security to sensible and crucial data, keeps track of multiple transactions through its distribution ledgers, through audit trails provides data traceability, and through high automation, improves the data processing speed. Owing to such high-performance benefits, the government of countries is realizing the importance of blockchain as a service model in various applications for business sectors such as financial institutions, transportation & logistics, and manufacturing among others, thereby, undertaking various investments, schemes and agreements to promote the usage of technical service models. For instance, in October 2022, Thailand's Thai Fintech Association and Hungary's Hungarian Blockchain Association entered into a Memorandum of Understanding to promote the usage of blockchain technology in their financial sectors.

Advancement in blockchain technology.

Though technological advancements are boosting the usage of blockchain as a service, however, the blockchain as a service consists of the usage of cryptocurrencies, and to safeguard the investor's interest and also preserve financial stability, rules and regulations are being implemented by the governing authorities in the countries. For instance, in November 2021, the Biden Administration signed and introduced the Infrastructure Investment and Jobs Act, which requires brokers to report to the Internal Revenue Service (IRS) for their digital asset transactions that are valued at more than US$10,000. Certain governments, consider cryptocurrency as not a legitimate method for conducting financial transactions, owing to which they are taking undertaking steps to ban it.

North America is anticipated to be the major regional market.

The blockchain-as-a-service (BaaS) industry in North America has grown rapidly due to enterprises' increased interest in and comprehension of blockchain technology. Businesses are investigating blockchain technologies due to the combination of improved security and efficiency with the appeal of decentralized and transparent systems. This acceptance is further fueled by the scalability and cost-effectiveness of BaaS models, which allow enterprises to use the benefits of blockchain without requiring substantial in-house infrastructure or expertise. The blockchain's revolutionary potential is being recognized by sectors, and North America's BaaS industry is well-positioned to grow further to meet the changing needs of companies looking for dependable and creative blockchain solutions.

Key Developments:

In December 2023, a new age of safe, practical, and interoperable credentials verification began with the launch of Zetrix's innovative Digital Credentials platform, which is a layer 1 public blockchain platform. This creative approach offers several advantages that revolutionize the way people, businesses, and governments engage in the digital sphere while addressing the drawbacks of conventional paper-based credentials.
In October 2023, Circle launched the beta versions of two new Web3 Services products, Gas Station and Smart Contract Platform, to make it simpler for developers and companies to take advantage of Web3. The "gas fee" is a blockchain network charge that Web3 users must pay while transacting. The blockchain network's computational power is offset by the charge.
In June 2023, With the Asian Development Bank, blockchain vendor ConsenSys Software Inc., R3, and SORAMITSU, LTD, Fujitsu announced the successful completion of a year-long pilot project that began in January 2022 for its proprietary "ConnectionChain" blockchain technology. The project demonstrated the technology's effectiveness in expediting and enhancing the safety of cross-border transactions of financial securities.

Segmentation:

By Offering

Tool
Service

By Enterprise Size

Small
Medium
Large

By Application

Transfer Payments
Personal Data Reviewing
Smart Contract
Cryptocurrencies
Others

By End-User

BFSI
Communication and Technology
Healthcare
Manufacturing
Transportation and Logistics
Government
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others

Product Code: KSI061611710

1. INTRODUCTION

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the stakeholder

2. RESEARCH METHODOLOGY

2.1. Research Design
2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings
3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers
- 4.3.2. Bargaining Power of Buyers
- 4.3.3. Threat of New Entrants
- 4.3.4. Threat of Substitutes
- 4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View

5. BLOCKCHAIN AS A SERVICE MARKET, BY OFFERING

5.1. Introduction
5.2. Tool
- 5.2.1. Market Trends and Opportunities
- 5.2.2. Growth Prospects
- 5.2.3. Geographic Lucrativeness
5.3. Service
- 5.3.1. Market Trends and Opportunities
- 5.3.2. Growth Prospects
- 5.3.3. Geographic Lucrativeness

6. BLOCKCHAIN AS A SERVICE MARKET, BY ENTERPRISE SIZE

6.1. Introduction
6.2. Small
- 6.2.1. Market Trends and Opportunities
- 6.2.2. Growth Prospects
- 6.2.3. Geographic Lucrativeness
6.3. Medium
- 6.3.1. Market Trends and Opportunities
- 6.3.2. Growth Prospects
- 6.3.3. Geographic Lucrativeness
6.4. Large
- 6.4.1. Market Trends and Opportunities
- 6.4.2. Growth Prospects
- 6.4.3. Geographic Lucrativeness

7. BLOCKCHAIN AS A SERVICE MARKET, BY APPLICATION

7.1. Introduction
7.2. Transfer Payments
- 7.2.1. Market Trends and Opportunities
- 7.2.2. Growth Prospects
- 7.2.3. Geographic Lucrativeness
7.3. Personal Data Reviewing
- 7.3.1. Market Trends and Opportunities
- 7.3.2. Growth Prospects
- 7.3.3. Geographic Lucrativeness
7.4. Smart Contract
- 7.4.1. Market Trends and Opportunities
- 7.4.2. Growth Prospects
- 7.4.3. Geographic Lucrativeness
7.5. Cryptocurrencies
- 7.5.1. Market Trends and Opportunities
- 7.5.2. Growth Prospects
- 7.5.3. Geographic Lucrativeness
7.6. Others
- 7.6.1. Market Trends and Opportunities
- 7.6.2. Growth Prospects
- 7.6.3. Geographic Lucrativeness

8. BLOCKCHAIN AS A SERVICE MARKET, BY END-USER

8.1. Introduction
8.2. BFSI
- 8.2.1. Market Trends and Opportunities
- 8.2.2. Growth Prospects
- 8.2.3. Geographic Lucrativeness
8.3. Communication and Technology
- 8.3.1. Market Trends and Opportunities
- 8.3.2. Growth Prospects
- 8.3.3. Geographic Lucrativeness
8.4. Healthcare
- 8.4.1. Market Trends and Opportunities
- 8.4.2. Growth Prospects
- 8.4.3. Geographic Lucrativeness
8.5. Manufacturing
- 8.5.1. Market Trends and Opportunities
- 8.5.2. Growth Prospects
- 8.5.3. Geographic Lucrativeness
8.6. Transportation and Logistics
- 8.6.1. Market Trends and Opportunities
- 8.6.2. Growth Prospects
- 8.6.3. Geographic Lucrativeness
8.7. Government
- 8.7.1. Market Trends and Opportunities
- 8.7.2. Growth Prospects
- 8.7.3. Geographic Lucrativeness
8.8. Others
- 8.8.1. Market Trends and Opportunities
- 8.8.2. Growth Prospects
- 8.8.3. Geographic Lucrativeness

9. BLOCKCHAIN AS A SERVICE MARKET, BY GEOGRAPHY

9.1. Introduction
9.2. North America
- 9.2.1. By Offering
- 9.2.2. By Enterprise Size
- 9.2.3. By Application
- 9.2.4. By End-User
- 9.2.5. By Country
  - 9.2.5.1. USA
    - 9.2.5.1.1. Market Trends and Opportunities
    - 9.2.5.1.2. Growth Prospects
  - 9.2.5.2. Canada
    - 9.2.5.2.1. Market Trends and Opportunities
    - 9.2.5.2.2. Growth Prospects
  - 9.2.5.3. Mexico
    - 9.2.5.3.1. Market Trends and Opportunities
    - 9.2.5.3.2. Growth Prospects
9.3. South America
- 9.3.1. By Offering
- 9.3.2. By Enterprise Size
- 9.3.3. By Application
- 9.3.4. By End-User
- 9.3.5. By Country
  - 9.3.5.1. Brazil
    - 9.3.5.1.1. Market Trends and Opportunities
    - 9.3.5.1.2. Growth Prospects
  - 9.3.5.2. Argentina
    - 9.3.5.2.1. Market Trends and Opportunities
    - 9.3.5.2.2. Growth Prospects
  - 9.3.5.3. Others
    - 9.3.5.3.1. Market Trends and Opportunities
    - 9.3.5.3.2. Growth Prospects
9.4. Europe
- 9.4.1. By Offering
- 9.4.2. By Enterprise Size
- 9.4.3. By Application
- 9.4.4. By End-User
- 9.4.5. By Country
  - 9.4.5.1. United Kingdom
    - 9.4.5.1.1. Market Trends and Opportunities
    - 9.4.5.1.2. Growth Prospects
  - 9.4.5.2. Germany
    - 9.4.5.2.1. Market Trends and Opportunities
    - 9.4.5.2.2. Growth Prospects
  - 9.4.5.3. France
    - 9.4.5.3.1. Market Trends and Opportunities
    - 9.4.5.3.2. Growth Prospects
  - 9.4.5.4. Spain
    - 9.4.5.4.1. Market Trends and Opportunities
    - 9.4.5.4.2. Growth Prospects
  - 9.4.5.5. Others
    - 9.4.5.5.1. Market Trends and Opportunities
    - 9.4.5.5.2. Growth Prospects
9.5. Middle East and Africa
- 9.5.1. By Offering
- 9.5.2. By Enterprise Size
- 9.5.3. By Application
- 9.5.4. By End-User
- 9.5.5. By Country
  - 9.5.5.1. Saudi Arabia
    - 9.5.5.1.1. Market Trends and Opportunities
    - 9.5.5.1.2. Growth Prospects
  - 9.5.5.2. UAE
    - 9.5.5.2.1. Market Trends and Opportunities
    - 9.5.5.2.2. Growth Prospects
  - 9.5.5.3. Israel
    - 9.5.5.3.1. Market Trends and Opportunities
    - 9.5.5.3.2. Growth Prospects
  - 9.5.5.4. Others
    - 9.5.5.4.1. Market Trends and Opportunities
    - 9.5.5.4.2. Growth Prospects
9.6. Asia Pacific
- 9.6.1. By Offering
- 9.6.2. By Enterprise Size
- 9.6.3. By Application
- 9.6.4. By End-User
- 9.6.5. By Country
  - 9.6.5.1. China
    - 9.6.5.1.1. Market Trends and Opportunities
    - 9.6.5.1.2. Growth Prospects
  - 9.6.5.2. Japan
    - 9.6.5.2.1. Market Trends and Opportunities
    - 9.6.5.2.2. Growth Prospects
  - 9.6.5.3. India
    - 9.6.5.3.1. Market Trends and Opportunities
    - 9.6.5.3.2. Growth Prospects
  - 9.6.5.4. South Korea
    - 9.6.5.4.1. Market Trends and Opportunities
    - 9.6.5.4.2. Growth Prospects
  - 9.6.5.5. Taiwan
    - 9.6.5.5.1. Market Trends and Opportunities
    - 9.6.5.5.2. Growth Prospects
  - 9.6.5.6. Thailand
    - 9.6.5.6.1. Market Trends and Opportunities
    - 9.6.5.6.2. Growth Prospects
  - 9.6.5.7. Indonesia
    - 9.6.5.7.1. Market Trends and Opportunities
    - 9.6.5.7.2. Growth Prospects
  - 9.6.5.8. Others
    - 9.6.5.8.1. Market Trends and Opportunities
    - 9.6.5.8.2. Growth Prospects

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. Microsoft Corporation
11.2. Hewlett-Packard Enterprises
11.3. IBM
11.4. SAP SE
11.5. Stratis Group Ltd (RealPage)
11.6. Amazon web Service
11.7. Oracle Corporation
11.8. VeChain Foundation
11.9. BLOCKO
11.10. Seracle