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Blockchain as a Service (BaaS) Market Witness the Growth of $11,519 million by 2026

(IT-NEWSWIRE.COM, September 23, 2021 ) According to a research report "Blockchain as a Service 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"

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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.

By offering, Tools segment to hold the largest market size during the forecast period

BaaS tools are expected to observe a wide adoption during the forecast period as an increasing number of enterprises of all sizes are realizing the benefits offered by these tools. In this study, tools refer to a standalone BaaS platform that cannot be further segmented. BaaS tools in the market enable customers to set up private, public, and consortium-based blockchain environments and provide them with capabilities to develop their own blockchain applications and solutions. These tools enable people, products, applications, and services to interoperate across the blockchain network. The growing emphasis on compliance as well as government regulations across the insurance sector also fuels the adoption of BaaS solutions, especially in highly regulated regions, such as North America and Europe. Emerging regulations, such as General Data Protection Regulation (GDPR) and Global Cryptocurrency Regulation, are expected to further propel the demand for BaaS solutions during the forecast period. In addition to the strict governance and compliance policies, these tools further help enterprises avert risks through fraud and risk management applications and optimize their daily operations, leading to reduced operational costs.

In application, smart conracts to grow at the highest CAGR during the forecast period

In a traditional environment, transactions and agreements between companies, clients, and co-workers, in most cases, must be monitored and verified by a central third-party system. In such cases, each party involved in the transaction is dependent on the central third-party, which increases the liability of the centralized third-party system, and could result in losses if the central system is compromised. Smart contracts eliminate such risks by storing, verifying, and executing contractual rules utilizing blockchain technology, decentralizing the responsibility and accountability of the contracts. Allowing all parties to access and view executed contracts eliminates the risks of fraud and data loss, increasing the reliability of the system, and therefore, reducing the operational time and cost.

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North America to hold the largest market size during the forecast period

North American banks such as the Royal Bank of Canada, JPMorgan, and Bank of America, and other financial service institutions are adopting blockchain technology and rolling out full-scale commercial blockchain technology-based products. Also, retailers in this region have realized the blockchain technology’s potential in the delivery of enhanced customer experience and efficient supply chain systems; hence, the region is witnessing increased adoption of BaaS to develop effective business applications. These factors are expected to fuel the demand for BaaS in the region.

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Mr. Aashish Mehra


Source: EmailWire.Com


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