The managed blockchain services market size is likely to thrive at a CAGR of 11.8% during the forecast period (2022 to 2032). The market is anticipated to cross a market share of 6,764.2 million by 2032 while it holds a value of USD 2,210.6 million in 2022.
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 2,210.6 Million |
| Market Forecast Value in 2032 | USD 6,764.2 Million |
| Global Growth Rate 2022 to 2032 | 11.8% CAGR |
| Forecast Period | 2022 to 2032 |
With the fourth industrial revolution (Industries 4.0) penetrating different industries, managed blockchain services are one platform that monitors the network and replaces poorly performing nodes.
It is an advanced database space that becomes the bridge between transparent information and a business network. Managed blockchain services or blockchain as a service (BaaS) helps different enterprises in securing their database while making the entire network advanced and enhanced.
Automated systems around the world are keenly adopting the latest technology that helps them secure, enhance, and track their assets in the ocean of digital data that exists. Businesses demand a digitally distributed, decentralized ledger that keeps track of every piece of data without any chance of a breach.
The managed blockchain services use chain technology to customize the end user’s needs and enclose them under the enterprise’s loop. This way the ideation, operation, and customization procedures go ahead without any interventions.
The buzz around the blockchain has made it sound like a panacea. Supply chain enthusiasts evaluate its true potential as transaction-based technology. This technology delivers a platform that creates and distributes the ledger, or record of every transaction to millions of computers linked to networks in all parts of the world.
The whole process is encrypted, putting blockchain technology ahead in terms of data security, and flourishing the demand for managed blockchain services among different industries.
The managed blockchain services market is thriving on the benefits provided by the blockchain while the services make the technology more mainstream. Its penetration amongst small businesses is higher than ever. The enterprise size category has small offices rising at the highest CAGR of 22.7% during the forecast period which clears the picture of how small offices are adopting managed blockchain services and utilizing them according to their requirement.
The market, with assistance from banks and integrated technology, is increasing the requirement for supply-chain monitoring. While blockchain 1.0 was dedicated to helping cryptocurrency, transactions go through. The emergence of cryptocurrencies pushed blockchain technology as a separate entity. The future of blockchain 2.0 looks promising with the emergence of its business applications. The rising demand for managed blockchain services.
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The globally managed blockchain services market was thriving at a CAGR of 10.0% between 2016 and 2021. The comparatively lower CAGR was attributed to the first phase of its adsorption. Also, the pandemic and system failure did put a hold on the research and development of blockchain technology.
Though, now the market is expected to thrive at a CAGR of 11.8% between 2022 and 2032. This rapid acceleration is due to the rising application of managed blockchain services in sectors such as banking, finance, manufacturing, and R&D. Therefore, the recently developed companies of different scales are fueling the demand for managed blockchain services.
Drivers:
The fourth industrial revolution makes the managed blockchain important for small and mid-sized businesses as they require accelerated growth along with enhanced security integrated. Future Market Insights explains the growth drivers for managed blockchain services market:
The managed blockchain ensures enclosed and encrypted data transfer. The sensitive and crucial data gets saved through unauthorized activities. Blockchain technology anonymizes personal data and uses permission to prevent access. Information is stored across a network of computers rather than a single server, making it difficult for hackers to view the data.
The higher transparency provided by blockchain technology makes transactions and other financial activities clearer and free from any corruption activity. All transactions are immutably recorded and are time- and date-stamped. This enables members to view the entire history of a transaction and virtually eliminates any opportunity for fraud.
Blockchain technology tracks and traces transactions and other transfers. It makes it possible to share data about the provenance directly with customers. Furthermore, it put environmental or human rights in perspective. This helps businesses in keeping a track of their data transfers.
Blockchain technology helps streamline procedures and time-bound operations with automated tools and services. The managed blockchain services can easily fasten the operational speed while enhancing the nodal capability. Network monitoring makes it a safer and faster platform. The automatic settlements and transaction cuts all the hassle and fuels its adoption.
Restraint:
The major restraints for the market are limited awareness and the high cost associated with its implementation which has led to the limited sales of managed blockchain services.
The services category is divided into two segments, namely. tools, and services where the services segment holds an approximate share of 64.5% in the global market. While the tools segment grows at a higher CAGR of 16.3% during the forecast period. The growth of managed blockchain services is attributed to the easy implementation and affordable cost associated with the service segment.
Very large enterprises with more than thousands of employees top the managed blockchain services market with an approximate market hold of 26.0% while it thrives on a CAGR of 8.9% during the forecast period. The factor contributing to its higher demand is the safety and security of increased transactions. Higher processing is another factor that impacts the increased adoption of managed blockchain services in these enterprises. Though the small office segment is rising faster with a CAGR of 22.7% during the forecast period and holds a market share of 13.0%.
While the major share is held by the finance sector with a market share of 26.3% and a CAGR of 14.1%, the fastest growing end-user segment is the public sector which thrives at a CAGR of 17.7% during the forecast period. Its growth is attributed to the increasing automation in the public sector along with the rising databases that demand a blockchain solution.
The rising innovation and the presence of big companies have made the USA the biggest market for managed blockchain services market.
North America holds a market share of approximately 32.9% while it flourishes on a CAGR of 15.1%. The USA is the hub of technology and the home for major companies that have made it the testing ground of different technologies. While cryptocurrencies become trendy here in the USA, blockchain technology was developed here itself. The recent application of it being used in banking & finance services is fuelling the demand for managed blockchain services. Giants such as Amazon are using managed blockchain services to enhance the user experience and ease transactional procedures.
Higher research and development programs along with increased public sector acceptance flourish the managed blockchain services market in the United Kingdom.
The United Kingdom adopts managed blockchain services as security threats increase day by day. Europe holds a market share of 20.7% while it thrives on a CAGR of 16.4% during the forecast period. The public sector entities along with the higher government authorities have started adopting the technology to keep the transaction enclosed and safe. Technological research and higher spending on them have pushed ahead the number of blockchain vendors.
Advanced technology and industrial experimentation lead the sales of blockchain technology in China.
Chinese technological experiments have flourished their blockchain story and have helped major companies in converting their ledger into a digitally automated platform for higher speed and transparency. East Asia is holding a share of 18.6% while it thrives at a CAGR of 20.4% during the forecast period. The building infrastructure and automation have also fueled the demand for managed blockchain services in the region.
South Asia & Pacific is the fastest-growing region in the market is flourished through the industrial implementation and integration of other components of Industries 4.0.
Japan and South Korea have been at the pinnacle of technological transformation for years. This gave the region a plus point to adopt every new technology. The rising small and large-scale businesses have led to a higher demand for AI and machine learning technology along with the managed blockchain service that further caters to these businesses in fastening their operational time and ensuring security. South Asia and the Pacific thrive at a robust CAGR of 22.5% during the forecast period.
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The managed blockchain market is new and is an addition to the existing blockchain market. Therefore, the brands are the major companies that provide customized blockchain solutions to the end users. The competition is high as each brand has its own USP. The major companies in the market are SAP SE, IBM Corporation, Microsoft Corporation, VMware, etc.
Recent Market Developments
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2016 to 2021 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; and Middle East and Africa(MEA) |
| Key Countries Covered | USA, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, and United Arab Emirates(UAE) |
| Key Segments Covered | Enterprise Type, Service Type, Industry Type, and Region |
| Key Companies Profiled | IBM Corporation; Microsoft Corporation; Alibaba Group; Oracle Corporation; SAP SE; Baidu, Inc.; Accenture Plc; NTT Data Corporation; Infosys Limited; Stratis Group Ltd.; VMware, Inc.; Huawei Service (Hong Kong) Co., Limited |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The managed blockchain services market is estimated to have a market value of USD 2,210.6 Million in 2022.
The North American managed blockchain services market holds a share of 32.9% in the global market.
The demand for managed blockchain services in Europe is expected to grow at a 16.4% CAGR between 2023 and 2032.
In terms of sales, Managed blockchain services grew at a CAGR of around 10.0% from 2016 to 2021.
| Market Size (2023) | USD 4.6 billion |
|---|---|
| Sales Forecast (2033) | USD 181.1 billion |
| Market CAGR (2023 to 2033) | 44.3% |
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