Blockchain-as-a-Service Market by Organization Size (Large Enterprises, SMEs), Application (Governance, Risk, & Compliance Management, Identity Management, Payments), Vertical - Global Forecast 2024-2030

Blockchain-as-a-Service Market by Organization Size (Large Enterprises, SMEs), Application (Governance, Risk, & Compliance Management, Identity Management, Payments), Vertical - Global Forecast 2024-2030

The Blockchain-as-a-Service Market size was estimated at USD 3.16 billion in 2023 and expected to reach USD 4.32 billion in 2024, at a CAGR 40.55% to reach USD 34.33 billion by 2030.

Blockchain-as-a-Service (BaaS) refers to the third-party creation and management of cloud-based networks for companies building and operating blockchain applications. It functions similarly to a web host, running the back-end operation for a blockchain-based app or platform. BaaS may be utilized by businesses that leverage the benefits of blockchain technology without the need to develop and maintain their blockchain infrastructure. The applications of BaaS are diverse and span various industries, including finance, supply chain, healthcare, and identity management. End users typically range from small start-ups to large enterprises seeking to integrate blockchain into their operations without significant investment in new infrastructure or technical expertise. Key factors driving the growth of BaaS include the increasing adoption of blockchain technology in various industry verticals, the rising need for operational efficiency and transparency in business processes, and the growing demand for secure and reliable blockchain services.

Additionally, continuous investments and partnerships by key tech companies are propelling the BaaS market growth. However, the market faces certain challenges, such as concerns regarding the security of blockchain services, the lack of standardization and interoperability between different blockchain platforms, and a shortage of skilled professionals. On the other hand, the ongoing expansion of blockchain technology into new industry domains presents various opportunities within the BaaS market, including the ongoing development of hybrid blockchain technology and the integration of artificial intelligence and machine learning with blockchain technology.

Regional Insights

North America, particularly the United States, is at the forefront of the blockchain-as-a-service market due to the presence of major global technology companies and the early adoption of blockchain technologies. Various industries, including finance, healthcare, and supply chain, fuel the demand for BaaS in this region. Strategic partnerships and mergers & acquisitions among key players characterize the growth trends in this region, aiming at innovation and expansion of the BaaS portfolios. The adoption of BaaS is growing steadily, driven by the increasing recognition of blockchain's potential to improve security, transparency, and efficiency in various sectors. Countries such as Brazil and Argentina are increasingly adopting BaaS, with financial institutions and agri-businesses showing significant interest in leveraging BaaS solutions. Europe's BaaS market is thriving due to the increasing adoption of blockchain technology across various industries and the strong presence of several global financial institutions. The European Union's supportive stance on digital innovation, including blockchain, further propels market expansion. Countries such as Germany, the UK, and France are taking significant steps in integrating BaaS solutions into mainstream business processes, with an increasing number of startups also contributing to the growth momentum. The Middle East and Africa (MEA) region shows promising potential for adopting BaaS, largely stimulated by initiatives taken by governments to diversify from oil-based economies to technology-driven ones. The region harnesses blockchain for advancements in smart cities, finance, and cross-border transactions. While the market is presently nascent, increased technology penetration and awareness boost the adoption of BaaS solutions. Characterized by a high adoption rate for new technologies, the Asia-Pacific region has witnessed significant interest in BaaS. China and Japan are at the forefront of research and patent development. India, with its burgeoning tech industry, also indicates increasing BaaS adoption.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Blockchain-as-a-Service Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Expanding adoption of blockchain technology across end-user sectors
    • Growing demand for cloud-based services and scalable solutions
    • Government initiatives and supportive regulations to promote the adoption of blockchain technology
    • Market Restraints
      • Concerns regarding data privacy and security
      • Market Opportunities
        • Integration of novel technologies for smarter and secure Blockchain-as-a-Services
        • Growing collaboration activities between market vendors, end-users, and IT providers to enhance the application of Blockchain-as-a-Services
        • Market Challenges
          • Lack of standardization and interoperability issues
          • Market Segmentation Analysis
            • Organization Size: Expanding usage of blockchain-as-a-service among large enterprises for seamless integration
            • Vertical: Rising utilization of Blockchain-as-a-service in banking, financial services, & insurance (BFSI) sector for security in financial transactions
            • Application: Increasing application of Blockchain-as-a-Service in digital payments to streamline financial transactions
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Blockchain-as-a-Service Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Blockchain-as-a-Service Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Oodles Blockchain Strengthens its Smart Contract Development Services
              
              Oodles Blockchain expanded its smart contract development capabilities by including over ten seasoned developers in their team to address the increasingly advanced demands for blockchain-powered solutions. This scaling-up initiative aims to solidify Oodles Blockchain's position as a leading force in blockchain and smart contract services, equipping startups and enterprises with robust, future-ready smart contracts pivotal for automating and securing business processes.
              
              Ripple buys crypto infrastructure startup in its second acquisition of 2023
              
              Ripple acquired Fortress Trust, a Nevada-licensed crypto infrastructure enterprise, to broaden its horizons. This move signifies Ripple's venture beyond its traditional domain of facilitating rapid, blockchain-based cross-border payments.
              
              Fujitsu launches blockchain collaboration tech to build Web3 services
              
              Fujitsu Limited unveiled the completion of an innovative year-long pilot program with the Asian Development Bank, ConsenSys Software Inc., R3, and SORAMITSU focused on its ConnectionChain blockchain technology. This initiative demonstrated notable improvements in the security and efficiency of cross-border financial securities transactions, particularly within ASEAN, Japan, China, and South Korea.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Blockchain-as-a-Service Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Blockchain-as-a-Service Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Alibaba Cloud International by Alibaba Group Holding Limited, Altores, Altoros, Amazon Web Services, Inc., Asta Solutions Pty Ltd., Baidu, Inc., Bitfury Holding B.V., BlockCypher Inc., Blockedge Technologies Inc. by SecureKloud Technologies, Blocko Inc., Bloq, Inc., Chainstack Pte. Ltd., Coinbase Global, Inc., Consensys Software Inc., Data Gumbo Corporation, Dragonchain, Inc., Factom, Fujitsu Limited, Globant S.A., Hewlett Packard Enterprise Company, Huawei Technologies Co., Ltd., Infosys Limited, International Business Machines Corporation, Kadena LLC, Kaleido, Inc., KrypC Technologies, Lambda256 Corporation, LeewayHertz, Moralis Web3 Technology AB, NTT DATA Corporation, Oodles Technologies Pvt Ltd., Oracle Corporation, Orbs Ltd., R3 HoldCo LLC, RYVYL Inc., Samsung SDS Co., Ltd., SAP SE, Scallop Group UAB, Seracle Ltd., SIMBA Chain, Inc., Stratis Group Ltd., Tata Consultancy Services Limited, Tech Mahindra Limited, and Wipro Limited.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Blockchain-as-a-Service Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Organization Size
              • Large Enterprises
              • SMEs
              • Application
                • Governance, Risk, & Compliance Management
                • Identity Management
                • Payments
                • Smart Contracts
                • Supply Chain Management
                • Vertical
                  • BFSI
                  • Energy & Utilities
                  • Government & Public Sector
                  • Healthcare
                  • Manufacturing
                  • Retail & eCommerce
                  • Transportation & Logistics
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year