Market Synopsis
Market Research Future (MRFR), in its latest report on the global market for blockchain-as-a-service (BaaS) 2020, reveals factors that govern the market. The increase in the adoption of Blockchain-as-a-Service can support the expansion of the market across the analysis period.
As per MRFR data, the expansion of the blockchain-as-a-service market is likely to be at 70.63% CAGR across the study period 2018–2024. The blockchain-as-a-service market value can touch USD 18,981.66 Million by 2024.
The increase in the application of blockchain-as-a-service solutions for financial service, banking, and insurance enterprises can bolster the expansion of the market across the analysis period. Moreover, the rise in the adoption of e-commerce organizations, retail and government entities can drive the market growth. The rise in the demand to implement BaaS solutions in supply chain management for various industries can also promote the expansion of the market through the study period. BaaS solutions are also being used for international business transactions due to the high reliability and security offered by them. On the contrary, lack of expertise on blockchain technology, less interoperability of blockchain solutions among enterprises, issues in regulatory standards, and issues with high costs associated with the integration of legacy systems can restrain the expansion of the blockchain-as-a-service solutions market in the coming years.
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Market Segmentation
- The segment evaluation of the blockchain-as-a-service solutions market is done by component, platform, application, cloud, and organization size.
- The platform based segments of the blockchain-as-a-service solutions market Ethereum, Ripple, Hyperledger, R3, and others.
- The component based segments of the blockchain-as-a-service solutions market are tools and services
- The cloud based segments of the blockchain-as-a-service solutions market are hybrid, private, and public.
- The organization size based segments of the blockchain-as-a-service solutions market are large enterprises and SMEs.
- The application based segments of the blockchain-as-a-service solutions market are smart contracts, compliance management, inventory management, identity management, payment management, supply chain management, fraud management, loyalty and rewards management and others.
- The vertical based segments of the blockchain-as-a-service solutions market are retail and e-commerce, transportation & logistics, BFSI, healthcare, IT & telecommunications, government, media & entertainment, energy & utilities, and others.
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Regional Analysis
Trends of the blockchain-as-a-service market are studied across North America, APAC, MEA, and EU. As per MRFR regional data, the blockchain-as-a-service market in North America is known as to have the largest market share. The high rate of adoption of blockchain technology across the US, following Canada and Mexico can support the expansion of the blockchain-as-a-service market in the review period. The well-established BFSI vertical in the region, being the high end-user of blockchain-as-a-service solutions can promote the expansion of the regional market. In EU, the presence of noteworthy marketers and giant tech players such as Microsoft Corporation, IBM Corporation, and Amazon Web Services, can support the expansion of the blockchain-as-a-service market in the region in the years to come. In Asia Pacific, the regional blockchain-as-a-service market is expected to boom due to the gradual rise in the application of blockchain solutions in cash rich BFSI and retail industry. The blockchain-as-a-service market in Asia Pacific is expected to generate the highest revenue for the global market in the years ahead. The rise of the market in MEA is gradual.
Key Players
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- Amazon Web Services
- Accenture PLC
- Cognizant
- Deloitte Touche Tohmatsu Limited
- Capgemini SE
- Infosys Limited Huawei Technologies Co. Ltd
- NTT Data Corporation
- Tata Consultancy Services Limited
- HPE
- Baidu, Inc.
- Wipro Limited
- KPMG
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