Global Blockchain as a Service Market

The global blockchain technology market is anticipated to register a CAGR of 80.74% from 2019-2026. The market demand was valued at USD 351.00 million in 2016. The growing use of the technology based applications such as documentation, payments, exchanges, and digital identities are projected to boost the demand and propel the market growth. However, uncertain regulatory scenarios coupled with lack of awareness knowledge about the benefits of the blockchain technology over the traditional technologies is likely to hamper the growth of the global blockchain as a service market over the forecast period.

Based on application, the blockchain as a service market is segmented into supply chain management, payments and smart contracts, data storage, media streaming, and governance, risk, & compliance management (GRC) among others. The demand for payments and smart contracts segment is projected to grow at a CAGR of 80.65% from 2019-2026. The increased level of safety associated with blockchain operations coupled with greater efficiency and reduced possibility of errors is likely to boost the segment growth.

On the basis of end-use, the market is segmented into BFSI, manufacturing, healthcare & life science, retail & ecommerce, media & entertainment, IT and telecom, government, energy & utilities among others. The demand for blockchain technology in BFSI sector is projected to grow at a CAGR of 81.91% over the coming years. Blockchain solution in the banking sector is expected to enable efficient management and collaboration across regulatory enterprises and businesses.

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Based on type, the market is segmented into B2B and B2C. The demand for blockchain technology in B2B operations is expected to register an exponential CAGR of 80.90%. The growing deployment of blockchain solutions across several end-use industries is anticipated to boost the segmental growth over the coming years.

North America occupied the largest share in the overall market followed by Europe. Blockchain technology developers in the North American and European region have experienced considerable investments by financial companies in blockchain projects, thereby contributing towards the market growth. The Asia-Pacific region is expected to record highest CAGR of 86.1% from 2019-2026. This growth is expected to be influenced by rapidly growing manufacturing, finance, banking, retail, and ecommerce sector across the region. 

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