Top Blockchain as a Service Companies

Blockchain as a Service Market size was valued at USD 2.64 Billion in 2023 and is poised to grow from USD 4.26 Billion in 2024 to USD 194.57 Billion by 2032, growing at a CAGR of 61.2% during the forecast period (2025-2032).

The blockchain as a service market is highly competitive, with many players ranging from tech giants to innovative startups. Companies in this market seek to gain competitive advantage through strategic collaboration, innovation, and expansion of their own departments. This competitive environment fosters innovation and drives the adoption of blockchain technology in industry in various fields. Microsoft Azure has established itself as a leader in the BaaS market by leveraging its extensive cloud infrastructure and strong enterprise customer base. Its BaaS platform provides a wide range of tools and services for developing and managing blockchain applications. Microsoft Azure partnered with Ernst & Young (EY) to launch a blockchain platform for product rights and royalty management. The partnership aims to provide greater transparency and simplify processes in the media and entertainment industry. 'Microsoft Azure ', 'Amazon Web Services (AWS) ', 'SAP ', 'Oracle ', 'R3 ', 'Accenture ', 'Huawei ', 'HPE ', 'Wipro ', 'Infosys ', 'Alibaba Cloud ', 'Chainlink ', 'ConsenSys ', 'Blockdaemon ', 'Hyperledger Fabric ', 'Microsoft Azure Blockchain Service ', 'EY ', 'KPMG ', 'PwC'

Another important driver is the widespread adoption of blockchain technology in various industries. Companies are increasingly recognizing blockchain’s potential to streamline processes, reduce fraud, and enhance traceability. In the supply chain industry, for example, blockchain can provide end-to-end visibility and traceability, thereby increasing operational efficiency and reducing costs. 

Growing Demand for Cloud Platform Based on Baas: The increasing demand for blockchain applications based on cloud platforms in large enterprises is expected to be one of the major blockchain as a service market growth. Cloud-based BaaS services support customer wide applications such as enterprise resource management (ERP) systems, security management systems, and others. To meet the growing demand for BaaS services, key players in the market are focusing on developing tools and services such as blockchain services based on cloud platforms through integrations and transactions completed.

North America is expected to lead the market share during the forecast period. The growth in this area is primarily due to the increasing number of blockchain projects. According to the Chinese Academy of Information and Communication Technology (CAICT), there were about 2,000 blockchain projects in progress in the US. Since then, the U.S. and Canadian governments are focusing on investing to adopt blockchain services in their public services including airports, banks, defense & military, among other. The government has allocated about USD 2.51 billion to support various startups involved in blockchain technology dollars were invested.