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Blockchain-as-a-Service Market to Surge at 39.5% CAGR till 2027; Increasing Adoption of BaaS Solutions in Financial Services Sector to Fuel Market Growth

May 06, 2020 | Information & Technology

The global blockchain-as-a-service (BaaS) market size is slated to touch USD 24.94 billion by 2027 on account of rising demand for blockchain mechanisms for efficient supply chain management. This information is contained in the Fortune Business Insights™ report, titled “Blockchain-as-a-Service (BaaS) Market Size, Share & Industry Analysis, By Component (Tool and Service), By Application (Smart Contracts, Supply Chain Management, Payments, Governance, Risk, and Compliance Management and Others (Identity Management)), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation and Others (Education etc.)), and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 1.90 billion in 2019 and is expected to exhibit a staggering CAGR of 39.5% from 2019 to 2027.


Tech Mahindra Joins Forces with Dutch Startup Quantoz to Offer Innovative BaaS Solution


One of the leading blockchain-as-a-service market trends characterizing the market’s competitive milieu is the cross-country collaborations among diverse players to establish blockchain networks for secure financial transactions. In October 2019, Tech Mahindra, a prominent Indian software company, announced its partnership with Quantoz, a blockchain startup based in Netherlands, to offer novel BaaS solutions for ensuring secure digital payments. The two entities jointly developed Quasar, a disruptive blockchain tool that enables integration of fiat currency such as the Euro and legacy systems. Additionally, Quasar also facilitates efficient and irreversible digital payments across organizations, devices, people, and Internet of Things (IoT), all the while complying with regulations.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/blockchain-as-a-service-baas-market-102721


Increasing Uptake of Distributed Ledger Technology (DLT) to Augment the Market


Distributed ledger technology (DLT) refers to a consensus-based digital transaction system under which the details of transactions are recorded at multiple places and have no central data store. When integrated with advanced analytics, DLT solutions can facilitate decentralized and secure transaction of digital currencies, thereby removing the need for a mediator for centralizing the process. Moreover, blockchain services powered by DLT allow for data sharing and analysis on a real-time basis in a safe environment. Governments in many of the industrialized countries such as Germany, UK, and US are aggressively promoting the adoption of DLT tools, especially among small and medium enterprises (SMEs). For example, the US government, in 2016, used the American Innovation Roadshow platform to promote DLT-based blockchain solutions among companies dealing with international clients. Such active government endorsement of BaaS platforms is expected to augment the BaaS market growth in the coming years.


Innovation through Active Collaboration to be the Hallmark Feature of Competition


Key players are actively entering into collaborations with other industry entities to develop advanced BaaS solutions for consumers. These partnerships are widening and brightening the blockchain-as-a-service market outlook as the launch of next-gen blockchain tools is furthering the adoption of this technology across different industry verticals. Besides this, strong government support to projects to build innovative mechanisms enabling secure operations and transactions is also fueling the growth of this market.


Industry Development:



  • March 2019: India-based Tata Consultancy Services (TCS) declared that it will be leveraging Microsoft and R3’s blockchain services to design and develop BaaS solutions to enable scaled adoption of blockchain across the industrial spectrum.


List of Players Covered in this Market Report:



  • VMware, Inc.

  • Infosys Limited

  • Accenture Plc

  • SAP SE

  • Alibaba Group

  • IBM Corporation

  •  Huawei Service (Hong Kong) Co., Limited

  • Stratis Group Ltd.

  • NTT Data Corporation

  • Baidu, Inc.

  • Oracle Corporation

  • Microsoft Corporation


Further Report Findings:



  • The BFSI segment, based on industry, held a market share of 41.4% in 2019 and is anticipated to lead in the forecast period on account of extensive deployment of BaaS tools by financial organizations to ensure secure monetary transactions.

  • The market size in North America stood at USD 1.01 billion in 2019 and the region is foreseen to dictate the blockchain-as-a-service market share in the coming years owing to robust government backing to blockchain-focused startups in the region.

  • Market growth in the Latin America and Middle East & Africa is premised on increasing government investment in adoption of blockchain services for the oil & gas industry, according to the blockchain-as-a-service market forecast.


Table of Segmentation:











































 ATTRIBUTE



 DETAILS



Study Period



  2016 - 2027



Base Year



  2019



Forecast Period



  2020 - 2027



Historical Period



  2016 – 2018



Unit



  Value (USD billion)



Segmentation



By Component



  • Tools

  • Service



By Application



  • Smart Contracts

  • Supply Chain Management

  • Payments

  • Governance, Risk, and Compliance Management

  • Others (Identity Management)



By Industry



  • BFSI

  • Energy & Utilities

  • Government

  • Healthcare and Life Sciences

  • Manufacturing

  • Telecom, Media & Entertainment

  • Retail & Consumer Goods

  • Travel and Transportation

  • Others (Education etc.,)



By  Region



  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe)

  • Asia-Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia-Pacific)

  • Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Blockchain-as-a-Service Market
  • PDF
  • 2019
  • 2016-2018
  • 140

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