BaaS Market to Reach US$15,455 Million by 2023
A new research report published by MarketsandMarkets™ has found that the Blockchain-as-a-Service market is expected to grow from USD 623.0 million in 2018 to USD 15,455 million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period. Among the key factors driving the growth for this period will be the low cost of bandwidth, data storage, computing, the need to lower risks and complexities, and increase efficiency.
A major finding of the report – titled ‘Blockchain-as-a-Service Market by Component (Tools and Services), Business Application (Supply Chain Management, Smart Contracts, Identity Management, Payments, and GRC Management), Organization Size, Industry, and Region – Global Forecast to 2023’ – has been that the identity management of the business application segment is expected to grow at the highest CAGR during the forecast period. Among industries, the Banking, Financial, and Insurance (BFSI) industry is expected to have the largest market share during the forecast period.
Blockchain-as-a-Service business applications are split into supply chain management, identity management, smart contracts, payments, Governance Risk, and Compliance (GRC) management, and others (data storage and trade finance). The identity management segment is expected to grow at the highest CAGR during the forecast period as the unavailability of systems for securing the identity of digital entities and online authentication of personal identities is expected to increase the adoption of the blockchain technology.
On the industries side, the Blockchain-as-a-Service Market is segmented into BFSI, telecom and Information Technology (IT), healthcare and life sciences, manufacturing, retail and eCommerce, transportation and logistics, government and public sector, energy and utilities, media and entertainment, and others (real estate, and travel and hospitality). The BFSI industry is expected to have the largest market share during the forecast period as BaaS offerings are revolutionizing the BFSI industry by introducing a decentralized system, giving rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance. Organizations in this industry are leveraging the benefits of decentralization, immutability, efficiency, cost-effectiveness, and security, which are expected to increase the adoption of the blockchain technology across the BFSI industry.
North America is estimated to hold the largest share of the Blockchain-as-a-Service Market in 2018, thanks to technology advancements and the early adoption of the blockchain technology in this region. In contrast, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The primary factors driving the growth of the market are the increasing adoption of the blockchain technology and huge opportunities across industries in the APAC countries, especially in Australia, Singapore, and Japan.
The report also encompasses different strategies, such as acquisitions, partnerships, and collaborations, new product launches, and product upgradations, adopted by the major players to increase their shares in the market. Some of the major technology vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Waves Platform (Russia), HPE (US), Baidu (China), Stratis (UK), AWS (US), Huawei (China), KPMG (Netherlands), Accenture (Ireland), PwC (UK), Infosys (India), TCS (India), TO THE NEW (India), Capgemini (France), Deloitte (US), Cognizant (US), EY (UK), NTT Data (Japan), ConsenSys (US), Wipro (India), L&T Infotech (India), and Mphasis (India).