Seemingly every industry has transitioned to the as-a-service model in order to make products more affordable in the short term, and provide ongoing support and services, and now blockchain-as-a-Service is joining the club, according to a new report.
Adroit Market Research has published its global Blockchain-as-a-Service (BaaS) market report, and it is a full examination of the Blockchain-as-a-Service industry as it is developing. The study identified major players in the market, including Accenture, AWS, Cognizant, Deloitte, IBM, Infosys, Microsoft, Oracle, PwC, and SAP. The companies are divided into either tools or services, and into application(s) offered: Supply Chain Management, Payments, Identity Management, Smart Contracts, Governance, Risk, and Compliance Management (GRC), or trade finance and data storage.
The report presents the growth, market share, market size, and forecast to 2028. The revenue forecast for the BaaS market in 2028 is almost $27.3 billion worldwide, which results from a predicted CAGR of 71.2 percent over that period.
Adoption of BaaS is increasing, according to Adroit, and the growth is coming in part from companies seeing the advantages of being able to focus on core work rather than building infrastructure for tasks and applications. North America is the leading region, thanks mostly to aggressive R&D, and Europe is right on its heels, although the authors expect APAC to be the fastest growing region over the time examined thanks to rapid adoption of BaaS technologies and applications.
These predictions are rosy across many industries, but in the manufacturing space in particular, things are looking rosy for Blockchain. PwC back in 2019 published a whitepaper outlining how manufacturers can leverage Blockchain to solve pain points like supply chain monitoring, materials provenance and counterfeit detection, identity management, regulatory compliance, and many others.
To the point, the PwC report predicted the BaaS model and defined how it can work for manufacturing enterprises. The BaaS company owns the blockchain itself in order to standardize costs, benefits and buildout, then charges the participants in the network for the services available via the distributed ledger, and manages the standards for security, quality and the rest. PwC said this model works best for the largest players, but it’s starting to look like even the smallest startup-sized companies are beginning to get on the BaaS boat.
One interesting possibility the PwC paper raised is the idea of a consortium-based BaaS model that allows companies to be co-owners and operators so they share responsibility for costs, benefits, and buildout and standards. And they also get to build and access the specific services they want from their co-op BaaS.
With all this potential, it looks like the Blockchain is here to serve as a key enablement technology for industrial companies in any vertical.
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