Blockchain-as-a-Service Market Expected to Reach $84.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Blockchain-as-a-Service Market," The blockchain-as-a-service market size was valued at $828.96 million in 2021, and is estimated to reach $84.6 billion by 2031, growing at a CAGR of 59.3% from 2022 to 2031.

Blockchain as a service (BaaS) allows businesses of all types and sizes to access blockchain-based technologies without investing on in-house development teams and processes. The BaaS model enables companies to access the blockchain provider's service wherein they can develop blockchain applications at a minimal cost. Furthermore, increase in number of cyber threats post the outbreak of the COVID-19 pandemic aided in propelling the growth of the global blockchain as a service (BaaS) solutions during the forecast period, hence empowering the demand for blockchain as a service (BaaS) solution. Moreover, the rise in complexity of the global financial sector during the period has positively impacted the need for blockchain as a service (BaaS) industry. However, the initial development and implementation costs of blockchain services is anticipated to hamper the blockchain as a service (BaaS) market during the forecast period. On the contrary, the growth in adoption of blockchain technologies in the global economy is expected to offer remunerative opportunities for the expansion of the blockchain-as-a-service market forecast.

On the basis of enterprise size, the large enterprises segment dominated the overall blockchain-as-a-service market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the custom offerings and higher privacy and recordkeeping requirements of large enterprises. However, the SMEs segment is expected to witness the highest growth owing to growth in technological advancements of SMEs, which is anticipated to grow in the coming years and is expected to further fuel the growth of the global blockchain-as-a-service market.

Region wise, the blockchain-as-a-service market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding business sector of the region, which is expected to fuel the growth of the blockchain-as-a-service industry in the region during the forecast period.

The outbreak of COVID-19 is anticipated to have a positive impact on the growth of the blockchain-as-a-service market. This is attributed to the fact that with the emergence of COVID-19, the use of blockchain solutions enabled business enterprises to address critical security and management challenges while remote working. In addition, the use of blockchain networks and technology proved to be an essential tool for establishing an efficient and transparent healthcare business model based on higher degrees of accuracy and trust because technology with the help of a tamper-proof public ledger, thereby fueling the growth of the global blockchain-as-a-service market analysis.

KEY FINDINGS OF THE STUDY

• By industry vertical, the BFSI segment accounted for the largest blockchain-as-a-service market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, the large enterprise segment generated the highest revenue in 2021.

The key players profiled in the blockchain-as-a-service market forecast are Accenture, Plc, Altores, AWS, Bitfury, Factom, HPE, Huawei, IBM Corporation, Infosys Limited, Leewayhertz, Microsoft, Oracle, Oodles Technologies, R3, SAP SE, Salesforce, and Wipro. These players have adopted various strategies to increase their market penetration and strengthen their position in the blockchain-as-a-service industry.