Global Blockchain as a Service to touch 24.94 billion USD in 2027
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, according to a recent report from Fortune Business Insights. The 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.
The report also mentioned that 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.
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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.
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.
In terms of industry development in 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 include names such as 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, and Microsoft Corporation
