Chicago, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global BaaS Market size is expected 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, according to a new report by MarketsandMarkets™. Blockchain technology provides various benefits, such as traceability, smart contracts, and safe transactions. Traceability is a difficult and challenging task, which can be automated, simplified, and accelerated with the efficient use of blockchain technology and the corresponding electronic tracking technologies, such as Wi-Fi, Bluetooth Low Energy (BLE), and Radio Frequency Identification (RFID).
Browse in-depth TOC on "Blockchain as a Service (BaaS) Market"
267 - Tables
52 - Figures
271 - Pages
Blockchain as a Service (BaaS) Market Dynamics:
Drivers:
- Increasing demand for blockchain as a service due to COVID-19 outbreak
- Growing need for supply chain transparency across verticals
- Rising demand for enhanced security
- Low cost of bandwidth, data storage, and computing
- Need to reduce risk and complexities and increase the efficiency of blockchain solutions
Restraints:
- Uncertain regulatory status and standards
Opportunities:
- Blockchain and the Internet of Things
- Rising government initiatives
List of Key Players in Blockchain as a Service (BaaS) Market:
- 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)
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Blockchain technology enables users to follow and track the journey of the data, including the data source and the valid timestamp. This, in turn, is helpful for a number of processes, such as the exchange of confidential business documents, confirmation of orders, and transfer of shipping documents or orders. The major drivers that are expected to boost the growth of the BaaS market are the low cost of bandwidth, data storage, and computing, and the need to lower risk and complexity and increase efficiency.
The scope of this report covers the analysis of the BaaS market since 2016, based on contemporary market trends and developments, and its potential growth from 2020 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the BaaS market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of BaaS solutions and services. This growth can be attributed to the increase in technological innovations, rapid urbanization, digitalization, and enterprises moving towards automation and digitization of supply chain processes, the BaaS market is witnessing high growth opportunities in this region.
The surge in need for demand management solutions among enterprises and an increase in the adoption of BaaS solutions in FMCG, retail, eCommerce, healthcare, and pharmaceutical companies are expected to boost the growth of the BaaS market. Additionally, BaaS market is expected to witness rapid growth worldwide due to various factors, such as the increasing need for supply chain transparency and better security than conventional systems, along with the growing use of blockchain technology to create transparent and decentralized SCM processes. However, the lack of awareness about blockchain technology and the uncertain regulatory status and standards may hinder the growth of the market.
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