Blockchain as a Service (BaaS) Market worth $11,519 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 21, 2021 /PRNewswire/ -- According to a research report "Blockchain as a Service (BaaS) Market by Offering (Tools and Services), Application (Supply Chain Management, Smart Contracts, Identity Management, GRC Management), Organization Size, End User (FMCG, Healthcare), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global post-COVID-19 BaaS market size to grow from USD 632 million in 2020 to USD 11,519 million by 2026, at a Compound Annual Growth Rate (CAGR) of 62.2% during the forecast period.
Increasing demand for BaaS due to COVID-19 outbreak, growing need for supply chain transparency across verticals, and rising demand for enhanced security are major growth factors for the market. Increasing integration of blockchain and IoT, and rising government initiatives would provide lucrative opportunities for vendors in the BaaS market.
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By offering, Tools segment to hold the largest market size during the forecast period
BaaS tools are expected to observe a wide adoption during the forecast period as an increasing number of enterprises of all sizes are realizing the benefits offered by these tools. In this study, tools refer to a standalone BaaS platform that cannot be further segmented. BaaS tools in the market enable customers to set up private, public, and consortium-based blockchain environments and provide them with capabilities to develop their own blockchain applications and solutions. These tools enable people, products, applications, and services to interoperate across the blockchain network. The growing emphasis on compliance as well as government regulations across the insurance sector also fuels the adoption of BaaS solutions, especially in highly regulated regions, such as North America and Europe. Emerging regulations, such as General Data Protection Regulation (GDPR) and Global Cryptocurrency Regulation, are expected to further propel the demand for BaaS solutions during the forecast period. In addition to the strict governance and compliance policies, these tools further help enterprises avert risks through fraud and risk management applications and optimize their daily operations, leading to reduced operational costs.
In application, smart contracts to grow at the highest CAGR during the forecast period
In a traditional environment, transactions and agreements between companies, clients, and co-workers, in most cases, must be monitored and verified by a central third-party system. In such cases, each party involved in the transaction is dependent on the central third-party, which increases the liability of the centralized third-party system, and could result in losses if the central system is compromised. Smart contracts eliminate such risks by storing, verifying, and executing contractual rules utilizing blockchain technology, decentralizing the responsibility and accountability of the contracts. Allowing all parties to access and view executed contracts eliminates the risks of fraud and data loss, increasing the reliability of the system, and therefore, reducing the operational time and cost.
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North America to hold the largest market size during the forecast period
North American banks such as the Royal Bank of Canada, JPMorgan, and Bank of America, and other financial service institutions are adopting blockchain technology and rolling out full-scale commercial blockchain technology-based products. Also, retailers in this region have realized the blockchain technology's potential in the delivery of enhanced customer experience and efficient supply chain systems; hence, the region is witnessing increased adoption of BaaS to develop effective business applications. These factors are expected to fuel the demand for BaaS in the region.
Major vendors in the global Blockchain as a Service Market include IBM (US), Microsoft (US), SAP SE (Germany), Amazon Web Services (AWS) (US), R3 (US), Oracle (US), Huawei (China), HPE (US), Accenture (Ireland), Wipro (India), Infosys (India), BitFury (Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain Foundation (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India), BLOCKO (South Korea), Dragonchain (US), Kaleido (US), Bloq (US), Chainstack (Singapore), Cryptowerk (US), Morpheus Labs (Singapore), Shipchain (South Carolina), Crypto APIs (Bulgaria) etc.
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