The global BaaS market size is expected 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. Blockchain technology provides various benefits, such as traceability, smart contracts, and safe transactions. Traceability is a difficult and challenging task, which can be automated, simplified, and accelerated with the efficient use of blockchain technology and the corresponding electronic tracking technologies, such as Wi-Fi, Bluetooth Low Energy (BLE), and Radio Frequency Identification (RFID).
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.
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In application, smart conracts 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.
IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), R3 (US), HPE (US), Accenture (Dublin), Wipro (India), Infosys (India), Bitfury (The Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India),and Blocko (South Korea).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the BaaS market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
IBM was founded in 1911 and is headquartered in New York, US. The company is a computer, technology, and IT consulting corporation. It is the worlds largest technology company and the second-most valuable company. For BaaS, IBM provides the IBM Blockchain Platform, IBM Blockchain Support, and Business Consulting and Industry Expertise. The IBM Blockchain Platform is a cloud-based blockchain-as-a-service, created with the help of Hyperledger Composer and Hyperledger Fabric. It enables organizations to govern, develop, and operate their network through a distributed ledger, ensuring the ease-of-use and high security. The platform caters to many industry use case scenarios, including supply chain, financial services, automotive, real estate, food safety, identity, and international trade.
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Microsoft was founded in 1975 and headquartered in Washington, US. It develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. For BaaS, Microsoft offers NovaTrack, BaaS Platform, and Blockchain Workbench. NovaTrack is Microsoft’s new track and trace-based platform that works on blockchain, AI, IoT, and serialization functionalities to ensure end-to-end visibility and traceability across the supply chain. The Microsoft BaaS platform is built on an open, trusted cloud platform that works with the ledger of the client’s choice, including Azure Blockchain Service, BlockApps STRATO, as well as Blockchain Foundry Syscoin, and provides a collection of ready-to-deploy ledger and tools within the Microsoft Azure marketplace.
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