Blockchain As a Service Market, Growth Projections Organization Research Lack of Expertise CAGR And Forecasts To 2027 Market Research Future
Market
Scenario:
Market Research Future (MRFR), in its latest report
on the global market for blockchain-as-a-service Market 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.
Rivers
Growing Integration of AI and
Blockchain Technologies to Boost Market Growth
The growing integration of AI (artificial
intelligence) and blockchain technologies with solutions will boost the market
over the forecast period.
Opportunities
Rising Adoption of Cloud-based
Services to offer Robust Opportunities
The rising adoption of cloud-based services by
enterprises will offer robust opportunities for the market in the forecast
period. Enterprises are adopting cloud-based services increasingly for their
business functions owing to their different benefits like agility, disaster
recovery, flexibility, and lower costs. Besides the cloud offers the perks of
hybrid cloud deployment that offers the perks of both the public and private
clouds. Due to cloud deployment, enterprises can avail the Blockchain As A
Service security capabilities without the need for any complex
infrastructure.
Restraints and Challenges
Security Issues and Privacy Concerns
to act as Market Restraint
The security issues and privacy concerns of Blockchain
As A Service Market stored
on the cloud may act as a market restraint over the forecast period. Besides,
the integration of Blockchain As A Service as a service into the existing
systems may also impede market growth.
COVID-19 Analysis
The BaaS market has been substantially impacted
owing to the increasing pandemic situation across the globe. The COVID-19
outbreak has led to reduced business activities as governments had enforced
lockdowns. Owing to this, the dependency on online businesses has significantly
grown to offer necessary services to consumers. Thus the increased need for Blockchain
As A Service as a service as this offers robustness and security to the data.
BaaS simplifies business processes and also affording transparency and
immutability as well as increase focus on operational efficiency. Also, BaaS
devices are also used in retail malls and buildings to screen people during the
crisis before they enter. They can detect this using AI technology if anyone is
not wearing a mask or has high temperature. Further, touchless technologies are
also flooding the market now. Airports, hospitals, offices, and secure
locations are making the most of non-contact Blockchain As A Service
attendance.
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Competitive Outlook:
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, and KPMG among
others are some notable developers of blockchain-as-a-service solutions as
listed by MRFR.
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.
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.
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Report Details @ https://www.marketresearchfuture.com/reports/blockchain-service-market-7942
Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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