How Has the Blockchain as a Service Market Size Evolved in Recent Years?
The blockchain as a service market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the market size of blockchain as a service in recent years, and it is predicted to rise from a value of $6.91 billion in 2024 to $9.91 billion in 2025. This corresponds to a compound annual growth rate (CAGR) of 43.4%.
The historic period's growth is attributed to factors including cost efficiency initiatives, regulatory compliance needs, the demand for a more streamlined development process, globalization, cross-border operations, and integration with existing enterprise structures.
What are the Market Size and Expected Growth Rates for the Blockchain as a Service Market?
The blockchain as a service market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for a remarkable surge in the market size of blockchain as a service are high for the upcoming years, with a projected increase to $41.86 billion by 2029 alongside a compound annual growth rate (CAGR) of 43.4%.
Factors contributing to this growth in the forecast period encompass a heightened uptake of decentralized finance (DeFi), a growing emphasis on tracking within supply chains, the enlargement of digital identity solutions, and the fusion with internet of things (IoT) networks, as well as an increasing demand across industry applications. The forecast period is also likely to see trends such as a rise in adoption in emerging markets, an expansion in use cases, a growth in hybrid and multi-cloud deployments, integration with nascent technologies, and a reinforced focus on regulatory compliance and security.
Which Key Drivers Are Propelling The Blockchain as a Service Market's Growth?
The growing use of smart contracts is anticipated to fuel the expansion of the blockchain as a service (BaaS) market in the future. A smart contract is a type of contract where terms and conditions are embedded directly into the code, facilitating the contract to execute independently when particular predefined conditions are met. The uptake of smart contracts is gaining momentum due to their capacity to automate and self-implement contract arrangements, enhancing efficiency, transparency, and trust across a range of sectors. BaaS solutions facilitate the operation of smart contracts, enabling users to form, implement, and engage with programmable contracts that autonomously enforce predefined rules and conditions. For example, Alchemy Insights Inc., a U.S.-based software development firm, reported in June 2022 that the creation of Ethereum smart contracts escalated by 24.7% in the first three months of 2022, amassing 1.45 million. This is a surge from the 1.16 million smart contracts concocted in the last quarter of 2021. As a result, the heightened adoption of smart contracts is catalyzing the growth of the BaaS market.
What Are The Key Segments Within The Global Blockchain as a Service Market?
The blockchain as a service market covered in this report is segmented –
1) By Offering: Tools, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
3) By Application: Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance, Other Applications
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Government And Public Sector, Manufacturing, Retail And E-commerce, Media And Entertainment, Transportation And Logistics, Healthcare, Energy And Utilities, Other Industry Verticals
Subsegments:
1) By Tools: Blockchain Development Tools, Smart Contract Development Tools, Blockchain Analytics Tools, Blockchain Integration Tools, Blockchain Security Tools, Blockchain Testing Tools
2) By Services: Blockchain Consulting, Blockchain Hosting, Blockchain Application Development, Smart Contract Development And Management, Blockchain Platform Management, Blockchain Security And Compliance Services, Blockchain Integration And Deployment Services
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What Trends Are Shaping The Blockchain as a Service Market?
To maintain a robust presence in the blockchain as a service sector, key players are progressing toward the development of fresh offerings, such as blockchain-driven data marketplaces. Blockchain-backed data marketplaces serve as platforms that leverage blockchain technology to enable a secure, transparent data exchange process among various entities. For instance, Fujitsu Limited, an established information and communications technology organization based in Japan, unveiled the Fujitsu Web3 Acceleration Platform in May 2021. The platform was innovatively designed to encourage international cooperation and bolster transactional efficacy worldwide via the utilization of blockchain technology. It mainly focuses on shortening the processing duration for international securities settlements, a procedure that currently demands up to 48 hours. Relying on Extended Smart Contracts, the platform offers secure, autonomous operations that eliminate the necessity for third-party intervention. Furthermore, Fujitsu holds plans to delve into wider applications spanning diverse sectors, thereby stimulating the societal absorption of Web3 technologies, amplifying the interoperability of blockchain networks, and nurturing a more interconnected society.
Who Are the Key Players In The Blockchain as a Service Market?
Major companies operating in the blockchain as a service market are:
• Amazon.com Inc.
• Microsoft Corporation
• Alibaba Group Holding Limited
• Nippon Telegraph and Telephone Corporation
• Huawei Technologies Co. Ltd.
• Accenture PLC
• International Business Machines Corporation
• Deloitte Touche Tohmatsu Limited
• Oracle Corporation
• KPMG LLP
• SAP SE
• Hewlett Packard Enterprise
• Tata Consultancy Services Limited
• Capgemini SE
• Cognizant Technology Solutions Corporation
• Infosys Limited
• Baidu Inc.
• VMware Inc.
• Wipro Limited
• Altoros
• Factom Inc.
• PayStand Inc.
• LeewayHertz
• Stratis Group Ltd.
What Are The Regional Insights Into The Blockchain as a Service Market?
North America was the largest region in the blockchain as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
