Blockchain-as-a-Service Market Is Estimated To Reach USD 20.76 Billion By 2027, At A CAGR OF 37.8% Percent During Forecast Period.
Stellar Market Research published a report on Blockchain-as-a-Service Market Industry Analysis and Forecast (2022-2027) Trends, Statistics, Dynamics, Segmentation by Application, Organisation Size, Vertical, and Region, estimated at USD 2.2 Billion in 2021, is projected to reach a revised size of USD 20.76 Billion by 2027, growing at a CAGR of 37.8 % over the analysis period.
According to the report, the Blockchain-as-a-Service market revenue is estimated to grow at 37.8% from 2022 to 2027, reaching USD 20.76 billion. The report seeks to offer a comprehensive analysis of the Blockchain-as-a-Service Industry, the most dominant trends, and the market’s intellectual architecture by assessing leading companies, market contenders, and major nations. The Blockchain-as-a-Service Market is being investigated in terms of business size, customer base, market expansion, sales, capacity utilization, and profitability.
Blockchain is sometimes referred to as the “technology of trust” since it has no design flaw and cannot be altered by a single machine. Additionally, blockchain enables its usage of tools such as “payment systems,” which have the designed to automate human operations ranging from conformity and complaints administration to dispersing the provisions of a will. These are several of the favourable features that are motivating the BFSI business to use blockchain.
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Blockchain-as-a-Service Market Dynamics:
There has been substantial growing adoption of blockchain-as-a-service (BaaS) technology by various financial institutions and well-established institutions across the globe. Blockchain, through the use of distributed ledger technology (DLT), assists businesses in reducing the possibility of cheating and increasing the presentation of financial operations. As a result of this feature, the blockchain-as-a-service market is likely to get benefit from potential sales prospects in the financial industry in the coming years which is a major factor in driving the growth of the market.
However, Blockchain technology is among the most exciting innovations in the blockchain as a services market right now. In addition, since blockchain technology is in its early stages, consumers are still encountering some difficulties in terms of technical comprehension of the system and its ideas. Facilities for educating and retaining expertise in the blockchain sector will become necessary as the acceptance while using cases of blockchain technology will grow in the coming years. Blockchain technology employs encryption primitives that are distributed along with a huge group of independent machines. As a result, expertise in related approaches is essential to maximize blockchain technology implementations. Owing to these factors, these are a major challenging factor for the Baas Market.
Blockchain-as-a-Service Market Regional Insights:
The majority of North American BFSI, business, healthcare, and production customers have started to implement blockchain technology into their processes. Food production, voting, and shipping are just a couple of minor blockchain applications that were successfully applied outside the currency end user. The Canadian government is dabbling with blockchain technology to foster financial creativity, which is creating a slew of opportunities for blockchain-as-a-service providers and strengthening the BaaS business.
However, currently, the Blockchain-as-a-Service market in the APAC region is in its early stages of discovery and acceptance. Conversely, the majority of technology and service companies see BaaS technology as a lucrative prospect. Additionally, expansion in the financial industry is projected to support the deployment of BaaS apps and resources. Cryptocurrencies and blockchain technology firms are growing in various APAC countries such as India and China. The region is examining the possibilities of blockchain technology in seeking new opportunities and roadblocks. Supply chains in APAC are frequently substantially more challenging to manage than in other parts of the world.
Blockchain-as-a-Service Market Segmentation:
By Application:
Supply Chain Management
Smart Contracts
Identity Management
Payments
Governance, Risk, and Compliance Management
Others
By Organisation Size:
SMEs
Large enterprises
By Vertical:
BFSI
Healthcare
Manufacturing
Retail and eCommerce
Transportation and Logistics
Government and Public Sector
Energy and Utilities
Media and Entertainment
Others
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
South America
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Blockchain-as-a-Service Market Key Players:
IBM
Microsoft
SAP
AWS
Oracle
Huawei
R3
HPE
Accenture
Wipro
Infosys
Bitfury
Factom
LeewayHertz
Altoros
VeChain
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