The Blockchain as a Service (BaaS) Market comprises
Service providers are vendors who provide advisory and consulting, custom development, system implementation and integration services, and managed services to end-users. The market size was valued at USD 350.0 Million in 2017 and expected to reach USD 15,455.0 Million by 2023.
Providers for Blockchain as a Service Market
- Blockchain technology providers
- Cloud Service Providers (CSPs)
- Managed Service Providers (MSPs)
- System integrators
- Third-party providers
- Value-Added Resellers (VARs)
- Government agencies
- Consultants/consultancies/advisory firms
- Support and maintenance service providers
The Blockchain as a Service market can be divided into the following sub-segments:
By Business application
- Supply Chain Management
- Identity Management
- Smart Contracts
- Governance, Risk, and Compliance Management (GRC)
- Others (trade, finance and data storage)
By Organization size
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare and Life Sciences
- Telecom and IT
- Transportation and Logistics
- Retail and eCommerce
- Government and Public Sector
- Energy and Utilities
- Telecom and IT
- Media and Entertainment
- Others (real estate, and travel and hospitality)
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
By Available Customizations
With the given market data, Markets offers customizations as per the company’s specific needs. The following customization options are available :
Size of the BaaS Market
The Blockchain as a Service market is expected to grow from USD 623.0 Million in 2018 to USD 15,455.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period. The major growth drivers of the market include the low cost of bandwidth, data storage, and computing, and need to lower risks, complexities, and increase efficiency.
The services segment is expected to hold the larger market share during the forecast period. The demand for consulting and implementation services is expected to surge, due to the growing need for Blockchain as a Service solutions across organizations.
Major Growth Areas
Major BaaS business applications include supply chain management, payments, identity management, smart contracts, and Governance, Risk, and Compliance (GRC) management. The adoption of Blockchain as a Service offering for the identity management business application is expected to increase significantly in the coming years.
The unavailability of equivalent systems for securing the identity of digital entities and online authentication of personal identities are expected to increase the adoption of the blockchain technology. The integration of the blockchain technology provides a solution to mitigate the need for central authority and trusted third parties.
The Banking, Financial Services, and Insurance (BFSI) industry is estimated to hold the largest share of the Blockchain as a Service Market in 2018. Organizations in this industry are leveraging the benefits of decentralization, immutability, efficiency, cost-effectiveness, and security, which are expected to increase the adoption of the blockchain technology across the BFSI industry. The manufacturing industry is expected to grow at the highest CAGR during the forecast period.
Small and Medium-sized Enterprises (SMEs) are rapidly adopting Blockchain as a Service tools and services, owing to their ability to transform the nature of transactions. The demand for these tools is increasing due to its secure and cost-effective features. Moreover, Blockchain-as-a-Service offers reliable solutions for sharing information and ensures reduced risks and complexities of cross-organizational transactions. These factors are expected to enhance the growth of Blockchain as a Service offerings among the SMEs
Challenges before the Baas Market
The Blockchain as a Service Market faces challenges such as the lack of standards and best practices, and low awareness and understanding of Blockchain as a Service tools and services. Factor such as uncertain regulatory and compliance environment is expected to limit the market growth.
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