Blockchain-as-a-Service Market Overview:
According to the latest research reports, over the projection period of 2018–2024, the global blockchain-as-a-service market size is expected to reach USD 18,981.66 million in value by the end of the year 2024, expanding at a compound annual growth rate of 70.63 percent. Blockchain is a new technique that generates a decentralized database of written documents by forming a series of uninterrupted blocks that are linked together to form a chain. This is an open ledger that effectively records and handles transactions that take place between two parties in real-time. Because of the safe transaction procedure provided by blockchain technology, it is becoming more popular across a wide range of businesses and application areas.
One of the primary drivers of market development is the increasing use of blockchain applications by the financial sector and insurance providers, retail and e-commerce businesses, and government organizations. The increasing need for BaaS solutions for logistics across a wide range of industry verticals is also a positive factor for market development. The use of BaaS solutions for safe and dependable multinational organizations is also anticipated to be a major driver driving market development in the future years, according to industry analysts. Blockchain-as-a-service (BaaS) is already being offered by companies such as Oracle Corporation, IBM co5rporation, and Microsoft Corporation as a part of their catalog options, which is helping to drive the market's development.
This report contains all the information on the global blockchain-as-a-service market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global blockchain-as-a-service market forecast for 2024 is also included in the report.
Blockchain-as-a-Service Market Covid 19 Analysis:
The pharmaceutical sector is anticipated to benefit from blockchain technology. The technique is seen as a potential answer to the logistical difficulties associated with administering a COVID-19 vaccination. Blockchain technology is being utilized to ensure appropriate distribution of the COVID-19 vaccination and to maintain track of the vaccine's upkeep and storage prior to distribution.
Increasing adoption for blockchain as a service as a result of the COVID-19 outbreak continued growth for supply chain management all over lines of business, and a need to mitigate risks and complexity as well as an improvement of existing blockchain technology are the primary factors driving the Blockchain as a Service market growth.
In the Internet of Things, blockchain technology has the potential to offer an efficient and reliable foundation for connectivity. While current security methods have already been shown to be weak when applied to IoT devices, blockchain has already shown to be very resistant to assaults, according to its developers. Furthermore, the technology enables smart devices to do automatic micro-transactions via the Internet of Things. Because of its broadcast nature, blockchain will enable transactions to be completed more quickly and at a lower cost. Smart contracts, which will be regarded as the contractual relationship, will be used by IoT devices to facilitate the transfer of funds or data between them.
A few of the obstacles which may prevent the market from expanding in the years ahead are the difficulty in obtaining skilled expertise intelligent enough to comprehend blockchain technology, interoperability between many different blockchains, an absence of regulatory frameworks, and expenses associated including its assimilation with legacy applications, are some other restraining factors.
Blockchain technology is presently one of the trendiest and most interesting innovations in the blockchain as a service industry, and it is expected to continue to grow in popularity. Nevertheless, since blockchain technology is in its infancy, consumers are still encountering certain difficulties in terms of technical knowledge of the system and its idea. Facilities for development and knowledge maintenance in the blockchain sector will become more necessary as the acceptance and then use applications of blockchain technology are anticipated to grow in the next years, according to industry forecasts. Blockchain technology is based on cryptographic methods that are distributed among a large number of independent machines in a distributed ledger. As a result, in order to take advantage of blockchain technology uses, it is necessary to be familiar with the relevant methods.
Cumulative Growth Analysis:
Organizations can improve the accuracy of their trades, increase speed of negotiations, and minimize risks by implementing blockchain technology. Oracle Corporation, another of the renowned blockchain service suppliers, initiated the Oracle blockchain applications cloud suite, which included Oracle blockchain cloud service, in Oct. 2018. The Oracle blockchain cloud service is created to enhance tracking, accessibility, and openness all over multi-tier distribution networks, order fulfillment, and contractual arrangements in businesses. The development and implementation of blockchain technology have been most prevalent within financial services industry, which is fueling the market's expansion. Regulation, as well as cross-border transactions and settlements, are two applications of BaaS in the financial industry.
Value Chain Analysis:
According to the reports, the global blockchain-as-a-service market is segmented on the basis of platform, component, cloud, organization size, application, vertical, and region. The market has been divided by platform, with Ripple, Ethereum, R3, Hyperledger, and others being the most popular. The market has been divided into two categories based on components: tools and services. The cloud computing industry has been divided into three categories: private, public, and hybrid. The market has indeed been divided into two categories based on the size of the organization: large businesses and small and medium-sized enterprises (SMEs).
In terms of applications, the market has been divided into the following categories: compliance management, smart contracts, supply chain administration, identity administration, payment administration, inventory administration, loyalty and rewards administration, fraud administration, and others. The market has been divided into the following verticals: BFSI, information technology and telecommunications, retail and e-commerce, healthcare, transportation and logistics, government, energy and utilities, media and entertainment, and others.
Blockchain-as-a-Service Market Segmentation Overview:
The market is segmented on the basis of platform, component, cloud, organization size, application, vertical, and region. The global blockchain-as-a-service market trend is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into compliance management, smart contracts, supply chain administration, identity administration, payment administration, inventory administration, loyalty and rewards administration, fraud administration, and others.
Based on the propulsion types, the market is segmented into BFSI, information technology and telecommunications, retail and e-commerce, healthcare, transportation and logistics, government, energy and utilities, media and entertainment, and others.
Blockchain-as-a-Service Market Regional Analysis:
During the projected period from 2018 to 2024, the worldwide Blockchain-as-a-Service market is expected to expand at a considerable pace, according to industry analysts. It has been determined that the Blockchain-as-a-Service market sales exist in North America, Europe, Asia Pacific, and the rest of the world. Because it was an early user of blockchain systems in the United States, Canada, and Mexico, North America now has the biggest market share in the world. The BFSI sector is responsible for driving the need for blockchain-as-a-service solutions within the area, which is also the region that produces the most income in the industry, according to a recent report. Furthermore, the number of large market competitors like IBM Corporation, HPE, and Amazon Web Services, Microsoft contributes to the development of the business in this area.
Blockchain-as-a-Service Market Competitive Landscape:
Significant players continue to innovate and make significant research and innovation in order to provide a premium product range. Significant acquisitions and mergers have taken place among the major competitors, a tactic that corporate organizations are using to expand their access to consumers.
In June of this year, MIMOS partnered with Oracle to use blockchain technology to increase transparency and confidence in the marketplace.
Oracle Blockchain Applications Cloud was introduced in October 2018 with the goal of assisting clients in increasing trust and providing agility in transactions across their enterprise networks.
Blockchain-as-a-Service Market Segments:
Based on Offering:
Based on Application:
Based on Organization Size:
Based on Verticals:
Based on Region:
|Market Size||USD 18,981.66 Million (2024)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Platform, By Component, By Cloud|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services, Oracle Corporation, Accenture PLC, Deloitte Touche Tohmatsu Limited, Cognizant, Infosys Limited, Capgemini SE, NTT Data Corporation, Huawei Technologies Co. Ltd, HPE, Baidu, Inc., Tata Consultancy Services Limited, KPMG, and Wipro Limited.|
|Key Market Opportunities||The market has immense growth opportunities in countries such as the UAE, Saudi Arabia, Oman, South Africa, Nigeria, Brazil, Colombia, and Chile.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market expansion is set to occur at a rate of 70.63% in the ensuing years.
The market is estimated to reach a valuation of USD 18,981.66 Million by 2024.
The renowned companies in the market are Tata Consultancy Services Limited, SAP SE, Amazon Web Services, Capgemini SE, IBM Corporation, Infosys Limited, Accenture PLC, KPMG, Huawei Technologies Co. Ltd, HPE, Microsoft Corporation, Cognizant, Wipro Limited, Baidu, Inc., NTT Data Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, and others.
The top applications covered in the report are inventory management, identity management, fraud management, payment management, loyalty and rewards management, compliance management, supply chain management, smart contracts, and others.
The prominent companies are innovating their products and also making substantial investments in research and development. They are also indulging in mergers and acquisitions in order to gain a better position in the market.