Blockchain as a Service Market, By Offering Outlook (Tools, Services), By Enterprise Size (Large Enterprises, and SMEs), By Application Outlook (Payments, Smart Contracts, Supply Chain Management, Compliance management, Trade Finance, and Others), By industry Vertical Outlook (BFSI, Government and Public Sector, Manufacturing, Retail & E Commerce, Media and Entertainment, Transportation and logistics, Healthcare, Energy & Utilities, Others), By Region – Global Analysis Forecast Till 2030

The Worldwide Blockchain as a Service Market size was estimated at USD 829 million in 2021 and is expected to hit around USD 84.6 billion by 2030, expected to grow at a CAGR of 60.31% during the forecast period 2022 to 2030.

Blockchain as a Service (BaaS) refers to the setting up and running of cloud-based networks by a third party for businesses that create blockchain applications. The emergence of third-party services is a relatively recent development in the quickly developing field of blockchain technology. Blockchain technology is currently used for a wide range of secure transactions, going far beyond its most well-known application in bitcoin transactions.

Blockchain as a Service (BaaS) has gained significant traction in various industries, including health care, insurance, and finance. With its ability to enhance data security, transparency, and traceability, blockchain technology is revolutionizing these sectors. Companies offering consulting blockchain services and blockchain development services are assisting organizations in harnessing the power of this transformative technology. In health care, blockchain is streamlining medical record management, enabling secure sharing of patient data among providers while ensuring privacy. Similarly, the insurance sector is adopting blockchain to simplify claims processing, detect fraud, and enhance policyholder trust. Financial institutions are leveraging blockchain for seamless cross-border transactions and improved efficiency. Blockchain support and analytics tools further optimize the technology's performance and enable data-driven decision-making. Overall, blockchain as a service is reshaping industries, ushering in a new era of secure and efficient operations.

Market Dynamics:

Drivers:

The blockchain as a service market has grown favourably as a result of the increasing use of distributed ledger technology (DLT) and blockchain in the banking and finance industries over the past several years. Blockchain technology enables banking and finance to build shared operational models, more productive procedures, new goods and services, and business networks that are more transparent, inclusive, and stable. It enables the quicker, more affordable, and more customizable issuance of digital securities. The market for investors can be expanded, issuer costs can be reduced, and counterparty risk can be reduced by customising digital financial products to suit the demands of investors. The expansion of the blockchain as a service market is driven by these advantages of the technology.

Opportunity:

By employing a public key to encrypt credentials, blockchain authentication services on crypto wallets advance this idea. In addition, systems that confirm users' access to services based on the underlying technology of Bitcoin and other virtual currencies are covered by blockchain authentication. The blockchain uses public-key cryptography to encrypt wallets and other instances where value or work is securely stored (PKC). There are also some fascinating connections between blockchain technology and its use in the security industry. Additionally, many companies are adopting non-fungible tokens (NFT) to produce one-of-a-kind digital goods that may be utilised to provide unique identifications for diverse businesses. Such elements present excellent prospects for the development of the blockchain as a Service Market.

Key players:

• IBM Corp.

• Microsoft Corp.

• The Linux Foundation

• Circle Internet Financial Ltd.

• Deloitte Touche Tohmatsu Ltd.

• Digital Asset Holdings, LLC

• Global Arena Holding, Inc. (GAHI)

• Monax

• Ripple

• BTL Group Ltd.

• Chain, Inc.

Market Segmentation:

Blockchain as a Service Market, Based on End-User:

• Tools

• Services

Blockchain as a Service Market, Based on Application:

• Supply Chain Management

• Payments

• Governance, Risk, and Compliance Management

• Others (Trade Finance and Data Storage)

• Smart Contracts

• Identity Management

Blockchain as a Service Market, Based on Organization Size:

• SMEs

• Large enterprises

Blockchain as a Service Market, Based on Verticals:

• BFSI

• FMCG

• Healthcare

• Transportation and Logistics

• Media and Entertainment

• Others (telecom and IT, hospitality, real estate, and agriculture)

• Manufacturing

• Retail and eCommerce

• Government and Public Sector

• Energy/Power and Utilities

Blockchain as a Service Market, Based on Region:

• North America

  • United States (US)

  • Canada

• Europe

  • United Kingdom (UK)

  • Germany

  • Rest of Europe

• APAC

  • China

  • Japan

  • India

  • Rest of APAC

• MEA

  • Middle East

  • Africa

• Latin America

  • Brazil

  • Mexico

  • Rest of Latin America

Regional Analysis:

North America dominated the blockchain as a Service Market in 2021 and is predicted to keep it throughout the forecast period due to the region's high concentration of blockchain solution and service providers. This is anticipated to fuel the region's blockchain as a Service Market throughout the course of the forecast. However, due to the region's rapid economic and technological transition, which is anticipated to fuel the expansion of blockchain as a Service Market in the region over the next few years, Asia-Pacific is predicted to experience considerable growth throughout the projection period.

Scope of the Report:

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