Over the next five years, the Blockchain-as-a-Service Market is expected to develop at a CAGR of 15.2 percent. Over the period 2021-2026, Asia Pacific is expected to expand at the fastest rate. Users can build their own digital goods using Blockchain-as-a-Service (BaaS), a cloud-based platform. The increasing convergence of blockchain and IoT will help vendors in the BaaS market.
According to MarketsandMarketsTM’s research report, “Blockchain as a Service (BaaS) 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” – The global post-COVID-19 BaaS market size is expected to grow from USD 632 million in 2020 to USD 1.2 billion in 2026.
Rise of Blockchain
With the growth of the cryptocurrency industry, many new people have become aware of blockchain and cryptocurrencies and have begun to investigate them. As a result, the number of blockchain and cryptocurrency users has exploded. Over the last several years, the bitcoin blockchain sector has seen a significant increase.
Blockchain is sometimes referred to as the “trust technology” since it has no single point of failure and cannot be altered by a single machine. Furthermore, blockchain permits the use of technologies such as smart contracts, which can automate human procedures ranging from compliance and claims processing to the distribution of a will’s contents.
Major growth reasons for the market include increased demand for BaaS as a result of the COVID-19 epidemic, growing need for supply chain transparency across verticals, and rising demand for better security. Vendors in the BaaS industry will benefit from the growing convergence of blockchain and IoT, as well as increased government efforts.
What is Blockchain-as-a-Service (BaaS) and how does it work?
BAAS refers to the process of a third party installing, hosting, and maintaining blockchain networks on behalf of other businesses. The BAAS operator generally provides support services such as bandwidth control, resource allocation, hosting needs, and data security features. It enables businesses to focus on their main business rather than the day-to-day complexity of running a blockchain.
Features of Blockchain-as-a-Service (BaaS)
The following are some of the most popular Blockchain-as-a-Service platform features:
- Administration of the platform architecture
- Networks and infrastructure that are pre-configured and modular
- Workflow that is simple to setup
- Monitoring and development middleware for the creation of apps
- Chain code dashboard with charts and graphs
- Transaction history that is auditable
- Connections to necessary services are already built-in.
- Consultation by an expert
During the forecast period, BAAS Tools is projected to hold the most market share.
BaaS solutions are expected to acquire widespread adoption over the forecast period as a rising number of organizations of all sizes recognize the benefits they bring. In this study, the word “tools” refers to a stand-alone BaaS platform that cannot be further split. Customers may use BaaS technology to create private, public, and consortium-based blockchain environments, as well as construct their blockchain applications and solutions.
BaaS region-wise growth trend:
According to the BAAS Market Report, North America will expand at the fastest rate throughout the forecast period. The BAAS industry will benefit from massive blockchain investments by the governments of China, Japan, and South Korea. Europe has been identified as BAAS’s second-largest market. The industry will be propelled soon by the increasing emphasis of well-established businesses on blockchain technology.
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