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.
Browse 267 market data Tables and 52 Figures spread through 271 Pages and in-depth TOC on "Blockchain as a Service (BaaS) Market - Global Forecast to 2026"
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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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.
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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Major vendors in the global BaaS 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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Market SynopsisMarket Research Future (MRFR), in its latest report on the global market for blockchain-as-a-service (BaaS) 2020, reveals factors that govern the market.
As per MRFR data, the expansion of the Blockchain as a Service (BaaS) Market is likely to be at 70.63% CAGR across the study period 2018–2024.
The Blockchain as a Service (BaaS) Market value can touch USD 18,981.66 Million by 2024.The increase in the application of blockchain-as-a-service solutions for financial service, banking, and insurance enterprises can bolster the expansion of the market across the analysis period.
The rise in the demand to implement BaaS solutions in supply chain management for various industries can also promote the expansion of the market through the study period.
On the contrary, lack of expertise on blockchain technology, less interoperability of blockchain solutions among enterprises, issues in regulatory standards, and issues with high costs associated with the integration of legacy systems can restrain the expansion of the blockchain-as-a-service solutions market in the coming years.Market SegmentationThe segment evaluation of the blockchain-as-a-service solutions market is done by component, platform, application, cloud, and organization size.The platform based segments of the blockchain-as-a-service solutions market Ethereum, Ripple, Hyperledger, R3, and others.The component based segments of the blockchain-as-a-service solutions market are tools and servicesThe cloud based segments of the blockchain-as-a-service solutions market are hybrid, private, and public.The organization size based segments of the blockchain-as-a-service solutions market are large enterprises and SMEs.The application based segments of the blockchain-as-a-service solutions market are smart contracts, compliance management, inventory management, identity management, payment management, supply chain management, fraud management, loyalty and rewards management and others.The vertical based segments of the blockchain-as-a-service solutions market are retail and e-commerce, transportation & logistics, BFSI, healthcare, IT & telecommunications, government, media & entertainment, energy & utilities, and others.Regional AnalysisTrends of the Blockchain as a Service (BaaS) Market are studied across North America, APAC, MEA, and EU.
In EU, the presence of noteworthy marketers and giant tech players such as Microsoft Corporation, IBM Corporation, and Amazon Web Services, can support the expansion of the Blockchain as a Service (BaaS) Market in the region in the years to come.
Blockchain As A Service (BaaS) Market OverviewThe global Blockchain As A Service (BaaS) Market report focuses on the volume, value, status, and size of the market at the global level, regional level, and company level.
From another perspective, the market has been studied based on historical data and future forecasts.
The global outlook has also been presented with the latest competitive trends and detailed regional analysis for the review period of 2021-2030, with the base year 2019.
Key PlayersThis report has provided profiling of the prominent key players that are prevalent in the global Blockchain As A Service (BaaS) Market.
The expansion and the reach of the market have also been pointed out in the report.Some key players in the global blockchain as a service (BaaS) market are Amazon Web Services Inc., ConsenSys, Deloitte Touche Tohmatsu Limited, Dragonchain Inc., EY, Hewlett Packard EnterpriseAccess Full Report Details and Order this Premium Report @ https://www.absolutemarketsinsights.com/reports/Blockchain-as-a-Service-BaaS-Market-2021---2029-882Market dynamicsThis report mentions the marketing channels- direct and indirect marketing- and the dynamics that are factoring the growth of the global Blockchain As A Service (BaaS) Market.
Furthermore, the impact of the increasing population on the global market and the rise in technological advancements has also increased the varying trends of the global market.
What is BaaS?Baas is based on the Software as a Service (SaaS) model and works in a similar fashion.BaaS refers to third-party cloud-based infrastructure and management for companies building and operating blockchain apps.It functions like a sort of web host, running the back-end operation for a block-chain based app or platform.Why BaaS?-Consumers and businesses are increasingly willing to adapt to blockchain technology.-However, the technical complexities and operational overhead involved often act as a barrier.-These include creating, configuring, and operating a blockchain and maintaining its infrastructureHow does BaaS do it?-BaaS offers an external service provider to set up all the necessary blockchain technology and infrastructure for a fee.-Once created, the provider continues to handle the complex back-end operations for the client.-These include activities like bandwidth management, allocation of resources, hosting requirements, and data security features.-The BaaS operator frees the client to focus on the core job, the functionality of the blockchain.-A BaaS provider’s role is similar to that of a web hosting provider.-The website creators create and run all the website content on their own personal computers.-They may hire support staff or sign up with an external hosting provider like Amazon Web Services or HostGator.-Similarly, these third-party companies take care of the infrastructure and maintenance issues.The Future-BaaS may be the catalyst that leads to a wider and deeper penetration of blockchain technology across various industries and businesses.-Businesses don’t have to create and run their own blockchains.-Instead they can now simply outsource the technically complex work and focus on its core activities.Thank You For Reading
