Blockchain as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report covers Blockchain as a Service Providers and it is segmented by End-user Vertical (BFSI, Healthcare IT and Telecom, Chemical, Energy and Utility, Retail, Manufacturing, and Other End-user Verticals) and Geography.

Blockchain as a Service Market Size

Blockchain-As-A-Service-Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 1.50 Billion
Market Size (2029) USD 3.37 Billion
CAGR (2024 - 2029) 17.50 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Blockchain-as-a-Service Market

*Disclaimer: Major Players sorted in no particular order


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Blockchain as a Service Market Analysis

The Blockchain-as-a-Service Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 3.37 billion by 2029, growing at a CAGR of 17.5% during the forecast period (2024-2029).

  • With the expansion of the cryptocurrency market, in December 2017, many new users have gained knowledge about blockchain and cryptocurrency, and started exploring the same. Thus, there has been a rapid rise of blockchain and cryptocurrency users. The bitcoin blockchain market has witnessed a steep rise over the past few years.
  • Blockchain is often called the technology of trust, as they do not have a single point of failure and cannot be changed from a single computer. Furthermore, blockchain allows for the use of tools, like 'smart contracts,' which may potentially automate manual processes, from compliance and claims processing, to distributing the contents of a will. These are some of the desirable features, which are encouraging the BFSI industry to leverage blockchain.
  • Blockchain requires huge investment when it comes to setting up infrastructure and maintaining it. It is much more resource intensive, as compared to traditional databases. It also consumes a huge amount of energy and requires huge bandwidth, which the developing countries are struggling for.

Blockchain as a Service Market Trends

This section covers the major market trends shaping the Blockchain-as-a-Service Market according to our research experts:

BFSI is Expected to Occupy the Largest Market Share

  • Blockchain-as-a-service offerings are revolutionizing the BFSI industry, as banks and financial service companies are among the most heavily invested enterprises exploring blockchain technology.
  • This is due to the many, highly valuable decentralized applications of this technology, thereby 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.
  • However, it is still in the nascent stage in the market, owing to which the banks and financial institutions are exploring the viable possibilities of this technology, and investing into the same, which is likely to boost the market growth.
Blockchain-As-A-Service-Market: Industry-wise Adoption Blockchain solution, in, % India 2019

Asia-Pacific is Expected to Witness the Highest Growth Rate

  • After May 2018, the Chinese government has been promoting the adoption of blockchain technology, due to its multiple advantages. Majority of mining operations take place in China.
  • A leading global ICT (information and communications technology) solutions provider, Huawei, announced the launch of its hyperledger-based blockchain service in April 2018, in China, to enable companies to develop smart contracts on top of a distributed ledger network for several use-case scenarios.
  • Moreover, in Thailand, the government positively accepted cryptocurrency projects. Thai regulators established cryptocurrency licenses in 2018, to enable exchanges and ICOs. Clear and specific guidelines have been drawn for foreign blockchain businesses. 
  • Furthermore, the South Korean government also spent USD 880 million on blockchain development for 2019. Owing to all these factors, Asia-Pacific is expected to witness the fastest growth rate over the forecast period.
Blockchain-As-A-Service-Market: Growth Rate by Region (2019-2024)

Blockchain as a Service Industry Overview

The potential of blockchain-as-a-service has been recognized by few of the world’s largest software companies. The three big cloud providers, Amazon, Microsoft, and IBM, have developed blockchain-as-a-service platforms that are already available for their cloud customers. Blockchain startups are also hiring freelancers for a better talent pool.

  • March 2019 -Tata Consultancy Services (TCS) collaborated with Microsoft and R3 technology (R3), to adopt a scalable cross-industry blockchain platform. Some of the anchor solutions that are being built on these platforms include skills marketplace, anti-counterfeiting of luxury goods, affordable mobility, and shared telecom infrastructure for 5G, and loyalty and rewards programs.
  • February 2019 -IBM made the IBM Food Trust solution "generally available", and the latest company to experiment with this solution isAlbertsons Companies, the world’s second-largest supermarket company, by sales.

Blockchain as a Service Market Leaders

  1. Microsoft Corporation

  2. Hewlett-Packard Enterprise

  3. IBM Corporation

  4. SAP SE

  5. Stratis

*Disclaimer: Major Players sorted in no particular order

Blockchain-As-A-Service-Market Concentration
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Blockchain as a Service Market Report - Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study





    1. 5.1 Introduction to Market Drivers and Restraints

    2. 5.2 Market Drivers

      1. 5.2.1 Increasing Awareness of Blockchain Technology is Helping to Expand the Market

      2. 5.2.2 Need for Security in Transactions is Driving the Blockchain's Growth

    3. 5.3 Market Restraints

      1. 5.3.1 Volatility of Network Speed and Cost Involved Can be a Restraining Factor

    4. 5.4 Value Chain Analysis

    5. 5.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 5.5.1 Threat of New Entrants

      2. 5.5.2 Bargaining Power of Buyers/Consumers

      3. 5.5.3 Bargaining Power of Suppliers

      4. 5.5.4 Threat of Substitute Products

      5. 5.5.5 Intensity of Competitive Rivalry


    1. 6.1 End-user Vertical

      1. 6.1.1 BFSI

      2. 6.1.2 Healthcare

      3. 6.1.3 IT and Telecom

      4. 6.1.4 Energy and Utilities

      5. 6.1.5 Retail

      6. 6.1.6 Manufacturing

      7. 6.1.7 Other End-user Verticals

    2. 6.2 Geography

      1. 6.2.1 North America

        1. United States

        2. Canada

      2. 6.2.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Russia

        5. Spain

        6. Rest of Europe

      3. 6.2.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. South Korea

        5. Rest of Asia-Pacific

      4. 6.2.4 Latin America

        1. Brazil

        2. Argentina

        3. Rest of Latin America

      5. 6.2.5 Middle East & Africa

        1. United Arab Emirates

        2. Saudi Arabia

        3. South Africa

        4. Egypt

        5. Rest of Middle East & Africa


    1. 7.1 Company Profiles

      1. 7.1.1 Microsoft Corporation

      2. 7.1.2 Hewlett-Packard Enterprise

      3. 7.1.3 IBM Corporation

      4. 7.1.4 SAP SE

      5. 7.1.5 Stratis

      6. 7.1.6 Amazon Web Services

      7. 7.1.7 Oracle Corporation

      8. 7.1.8 Huawei Technologies Co. Ltd

      9. 7.1.9 Blockstream Inc.

      10. 7.1.10 PayStand Inc.

    2. *List Not Exhaustive


**Subject to Availability
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Blockchain as a Service Industry Segmentation

Blockchain-as-a-service is ideal for organizations that outsource their technological aspects, and are not involved in understanding the working mechanism of the blockchain. The market is gaining traction with SMEs, due to the flexibility of the nature of transactions, and also, as it is supported by security and cost-effective features. Efficient blockchain services are required to secure the identity of digital entities and online authentication of personal identities, which drives the demand for blockchain-as-a-service offerings.
End-user Vertical
IT and Telecom
Energy and Utilities
Other End-user Verticals
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Blockchain as a Service Market Research FAQs

The Blockchain-as-a-Service Market size is expected to reach USD 1.50 billion in 2024 and grow at a CAGR of 17.5% to reach USD 3.37 billion by 2029.

In 2024, the Blockchain-as-a-Service Market size is expected to reach USD 1.50 billion.

Microsoft Corporation, Hewlett-Packard Enterprise, IBM Corporation, SAP SE and Stratis are the major companies operating in the Blockchain-as-a-Service Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Blockchain-as-a-Service Market.

In 2023, the Blockchain-as-a-Service Market size was estimated at USD 1.28 billion. The report covers the Blockchain-as-a-Service Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Blockchain-as-a-Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Blockchain as a Service Industry Report

Statistics for the 2024 Blockchain as a Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Blockchain as a Service analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Blockchain as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)