Blockchain-as-a-Service Market Size (2024 - 2029)

The Blockchain-as-a-Service market is projected to experience significant growth over the forecast period, driven by the increasing adoption of blockchain technology across various sectors, particularly in the BFSI industry. This growth is attributed to the technology's ability to enhance trust and automate processes through tools like smart contracts. However, the market's expansion is challenged by the high costs associated with infrastructure setup and maintenance, as well as the substantial energy and bandwidth requirements, which pose difficulties for developing countries.

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Market Size of Blockchain-as-a-Service Industry

Blockchain-As-A-Service-Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.50 Billion
Market Size (2029) USD 3.37 Billion
CAGR (2024 - 2029) 17.50 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Blockchain-as-a-Service Market Major Players

*Disclaimer: Major Players sorted in no particular order

Blockchain as a Service Market Analysis

The Blockchain-as-a-Service Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 3.37 billion by 2029, growing at a CAGR of 17.5% during the forecast period (2024-2029).

  • With the expansion of the cryptocurrency market, in December 2017, many new users have gained knowledge about blockchain and cryptocurrency, and started exploring the same. Thus, there has been a rapid rise of blockchain and cryptocurrency users. The bitcoin blockchain market has witnessed a steep rise over the past few years.
  • Blockchain is often called the technology of trust, as they do not have a single point of failure and cannot be changed from a single computer. Furthermore, blockchain allows for the use of tools, like 'smart contracts,' which may potentially automate manual processes, from compliance and claims processing, to distributing the contents of a will. These are some of the desirable features, which are encouraging the BFSI industry to leverage blockchain.
  • Blockchain requires huge investment when it comes to setting up infrastructure and maintaining it. It is much more resource intensive, as compared to traditional databases. It also consumes a huge amount of energy and requires huge bandwidth, which the developing countries are struggling for.

Blockchain as a Service Industry Segmentation

Blockchain-as-a-service is ideal for organizations that outsource their technological aspects, and are not involved in understanding the working mechanism of the blockchain. The market is gaining traction with SMEs, due to the flexibility of the nature of transactions, and also, as it is supported by security and cost-effective features. Efficient blockchain services are required to secure the identity of digital entities and online authentication of personal identities, which drives the demand for blockchain-as-a-service offerings.
End-user Vertical
BFSI
Healthcare
IT and Telecom
Energy and Utilities
Retail
Manufacturing
Other End-user Verticals
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Egypt
Rest of Middle East & Africa
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Blockchain-as-a-Service Market Size Summary

The Blockchain-as-a-Service (BaaS) market is poised for significant growth, driven by the increasing adoption of blockchain technology across various industries, particularly in the banking, financial services, and insurance (BFSI) sector. This technology, often referred to as the "technology of trust," offers features like smart contracts that can automate complex processes, making it highly attractive for financial institutions. Despite the high initial investment and resource-intensive nature of blockchain compared to traditional databases, its potential to revolutionize business models in areas such as cross-border payments, trade finance, and compliance is encouraging widespread exploration and investment by banks and financial service companies. The market, however, remains in its early stages, with ongoing efforts to identify viable applications and optimize infrastructure.

The Asia-Pacific region is expected to experience the fastest growth in the BaaS market, fueled by government initiatives and regulatory support in countries like China, Thailand, and South Korea. These countries have been proactive in promoting blockchain adoption, with significant investments and policy frameworks to support cryptocurrency projects and blockchain development. Major global ICT solutions providers, including Amazon, Microsoft, and IBM, have recognized the potential of BaaS and developed platforms to offer these services to their cloud customers. Additionally, collaborations and innovations, such as those by Tata Consultancy Services and IBM, are paving the way for new applications and solutions, further propelling market expansion.

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Blockchain-as-a-Service Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-user Vertical

      1. 2.1.1 BFSI

      2. 2.1.2 Healthcare

      3. 2.1.3 IT and Telecom

      4. 2.1.4 Energy and Utilities

      5. 2.1.5 Retail

      6. 2.1.6 Manufacturing

      7. 2.1.7 Other End-user Verticals

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Russia

        5. 2.2.2.5 Spain

        6. 2.2.2.6 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 Japan

        3. 2.2.3.3 India

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of Latin America

      5. 2.2.5 Middle East & Africa

        1. 2.2.5.1 United Arab Emirates

        2. 2.2.5.2 Saudi Arabia

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Egypt

        5. 2.2.5.5 Rest of Middle East & Africa

Blockchain-as-a-Service Market Size FAQs

The Blockchain-as-a-Service Market size is expected to reach USD 1.50 billion in 2024 and grow at a CAGR of 17.5% to reach USD 3.37 billion by 2029.

In 2024, the Blockchain-as-a-Service Market size is expected to reach USD 1.50 billion.

Blockchain as a Service Market Report Snapshots

Blockchain as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)