Blockchain-as-a-Service Market worth USD 35792.3 Mn by 2029: Competitive Landscape, New Market Opportunities, Growth Hubs, Return on Investments
Pune, 25, Nov 2022: The market is expected to grow from USD 829.2 Million in 2021 to USD 35792.3 Million in 2029, at a CAGR of 60.1 percent over the forecast period from 2022 to 2029, according to the Blockchain-as-a-Service Market report published by Maximize Market Research. The key players in the report are Huawei Service (Hong Kong) Co., Limited, Stratis Group Ltd., NTT Data Corporation, Baidu, Inc., Oracle Corporation, Microsoft Corporation, VMware, Inc., Infosys Limited, Accenture Plc, and SAP SE. As a result of this analysis, the global Blockchain as a Service market will be able to create a good position. In terms of revenue and forecast for the years 2021-2029, the market study focuses on revenue and forecast by region/countries and by application.
Blockchain-as-a-Service Market Scope and Research Methodology
The Blockchain-as-a-Service Market research report includes product categorization, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, and the most recent dynamic analysis, among other things. The study discusses the worldwide market’s drivers, opportunities, and limitations. It discusses the influence of various drivers, trends, and constraints on market demand during the forecast period. The research also outlines market potential on a global scale. The research includes the production time, base distribution, technical characteristics, research and development trends, technology sources, and raw material sources of significant Blockchain-as-a-Service Market organizations in terms of production bases and technologies. The more precise research also contains the key application areas of market and consumption, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an analysis of the industry chain relationship. This report’s study also contains product specifications, manufacturing processes, cost structure, and data information organized by area, technology, and application.
The bottom-up approach was used for market estimation and global market trend analysis. Data was collected employing both primary and secondary research methods for a large sample to get accurate inferences. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market. Thus, the report provides a complete overview of the Blockchain-as-a-Service Market.
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Blockchain-as-a-Service Market Overview
Blockchain-as-a-service (BaaS) is the construction and management of cloud-based networks for organizations that create blockchain applications by a third party. The establishment of third-party services is comparatively new in the growing rapidly market of blockchain technology. Blockchain technology is currently used for a variety of secure transactions, going far beyond its most well-known application in bitcoin transactions. The market for blockchain as a service is experiencing an increase in demand for hosting services as a result. Both market players and consumers are opening up more to embracing blockchain technology. The administrative complexity and technical difficulties involved in creating, establishing, operating, and maintaining a blockchain’s infrastructure, however, frequently act as an obstacle. A paid external service provider can put up the necessary blockchain infrastructure and technology using blockchain-as-a-service. After it is created, the provider continues to handle the customer’s intricate back-end operations.
The blockchain-as-a-service industry is driven by blockchain-as-a-service, which performs a similar role to a web server in the corporate sector. The provider’s managed ecosystem, gives customers access to cloud-based services for building and hosting Blockchain applications and smart contracts.
A growing number of small, medium-sized, and large enterprises are using blockchain-as-a-service (BaaS) solutions to streamline their operations. BaaS characteristics like security, high immutability, secure decentralization, and cost-effectiveness, as well as the need for faster and more efficient transactions, the market’s adoption of blockchain technology, and the increase in demand for cloud-based services, are other factors influencing the market’s driving factors.
Blockchain-as-a-Service Market Dynamics
Blockchain-as-a-service is only having an impact on start-ups and SMEs that rely heavily on huge data silos. A competitive advantage is a benefit, and the capacity to eliminate third-party representatives is all included in BaaS. This is a cost-benefit evaluation. Companies that outsource the technological components and are not very interested in the inner workings of the Blockchain are thought to gain greatly from BaaS, especially small companies. It enables these companies to become familiar with the technology without having to develop their own unique Blockchain. The integration of BaaS systems is used in many industries, such as identity management, payments, and supply chain management. The removal of intermediaries and a lack of transparency are only two of the problems that blockchain development services are aiming to solve for SMEs and drive the blockchain-as-a-service market.
Since the invention of blockchain technology, the level of security associated with financial transactions has increased significantly. Given its intricate design, a blockchain-based system attack needs extensive technical know-how and equipment. Although this technology is not without weaknesses, according to research by NASDAQ, one of the three stock indices in the US, these vulnerabilities are mostly present in the endpoints that use wallets to begin transactions. Hackers find these wallets to be simple targets and hamper the market growth globally.
Blockchain-as-a-Service Market Regional Insights
North America is expected to dominate the blockchain-as-a-service market during the forecast period. Blockchain as a Service is growing rapidly in North America as a result of increased investment in blockchain technology. The United States has recently seen a significant increase in blockchain development initiatives, which has fueled the market’s growth. Additionally, this region is home to a number of small, medium-sized, and technology-based companies, which has led to considerable development and deployment of BaaS solutions there. Additionally, there has been a noticeable increase in the integration of BaaS solutions with public vital services, which is expected to open up new growth prospects for the local BaaS market in the next few years. A cloud-based architecture called BaaS allows enterprises in this region to create and operate their own blockchain applications. These factors indicate that the local blockchain as a service sector will grow in the future. The North American Blockchain as a Service (BaaS) Services Market by Country in 2020 was led by the US market, and this dominance is expected to continue through 2027 when the market is expected to reach $1,320.5 million. The Canadian market is growing at a CAGR of 60% throughout this time. (2021 – 2027). Additionally, the Mexico market is expected to grow at a CAGR of 58.7% throughout the forecast period (2021 – 2027). Tools and services make up the two segments of the market. Applications for supply chain management, payments, identity management, smart contracts, governance, risk, and compliance management, among others, are the four categories into which the market is divided. Based on the size of the organization, the market is divided into two groups major companies and small and medium enterprises. In accordance with the end user, the market is segmented into BFSI, Retail & eCommerce, Manufacturing, Healthcare, Government, Energy & Utilities, and Others. The United States, Mexico, Canada, and the rest of North America make up the four segments of the market.
Blockchain-as-a-Service Market Segmentation
By organization size:
- Large enterprises
- Retail and e-commerce
- Transportation and logistics
- Media and utilities
- Other Natural gas
Blockchain-as-a-Service Market Key Competitors:
- IBM corporation
- NTT Data
- Deloitte IBM
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Key questions answered in the Blockchain-as-a-Service Market are:
- What is Blockchain-as-a-Service?
- What is the growth rate of the Blockchain-as-a-Service Market for the next five years?
- What is the nature of competition in the Blockchain-as-a-Service industry in developed economies and developing economies?
- Who are the key players in the Blockchain-as-a-Service Market?
- Who are the market leaders in Blockchain-as-a-Service in Europe
- Who are the market leaders in Blockchain-as-a-Service in USA and Canada
- Who are the market leaders in Blockchain-as-a-Service in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Blockchain-as-a-Service Market?
- Who held the largest market share in Blockchain-as-a-Service Market?
- What are the factors for the growth of the Asia-Pacific region in the Blockchain-as-a-Service Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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