The following is an overview of the current market conditions.
In a new report, “Blockchain-as-a-Service Market” by Application (Payment, Smart Contracts, Supply Chain Management, Identity Management, Governance, Risk and Compliance Management, and Others), By Component (Tools and Services) and by Vertical (BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment Energy and Utilities and Others (Travel and Hospitality & Real Estate)”), Zion Market Research has published a new report. There was an estimated value of around USD 0.41 billion in 2017 for blockchain-as-a-service, which is expected to grow at a CAGR of 85.09% between 2018 and 2024 according to the report.
Because they are decentralized and cannot be altered by a single computer, blockchain is sometimes referred to as the “technology of trust.” Using tools like “smart contracts,” which are built on top of the blockchain, it is possible to automate manual processes, such as documenting compliance and settling claims, as well as distributing a will. The BFSI sector is encouraged to use a blockchain because of these and other desirable features.
A large amount of money is needed to set up and maintain the infrastructure of blockchain. It consumes a lot more resources than a typical database. A large amount of energy and bandwidth is required, which is difficult for developing countries to obtain.
The Report’s scope
It’s ideal for companies that outsource their technology and don’t want to get their hands dirty learning how the blockchain works from scratch. The market is gaining traction with small and medium-sized enterprises (SMEs) because of the flexibility of transactions and the security and cost-effectiveness it provides. The demand for blockchain-as-a-service offerings is driven by the requirement for efficient blockchain services to secure digital entity identities and online authentication of personal identities.
Market Segmentation in the Blockchain as a Service Industry Worldwide
Component, Business Application, Vertical, and Geographical Segmentation Constitute the Global Blockchain As A Service Market.
Retail, e-commerce, telecom, and IT, as well as transportation and logistics, are some of the other verticals that make up the market.
The Global Market for Blockchain-as-A-Service
In order of importance: North America, Europe, Asia, and the rest of the world
The Global Blockchain As A Service Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World (RESTW).
Players Who Make a Difference
Amazon Web Services, Baidu, Hewlett Packard Enterprise, Huawei Technologies Co. Ltd., IBM, Microsoft, Oracle Corp. SAP Stratis and Waves Platform are some of the major players in the “Global Blockchain as a Service Market” study report.
It is part of our market analysis to include a section dedicated to the financial statements of the major players, along with product benchmarking and SWOT analysis for each of these companies. Key development strategies, market share, and ranking analysis of the above-mentioned players around the world are all included in the section on the competitive landscape.
Coverage of Research:
Components, business applications, organization size, industries, and regions are some of the ways the global BaaS market is segmented. It is the goal of this report to provide an in-depth analysis of the most important influences on the growth of the BaaS market, including drivers, restraints, challenges, and opportunities. Analysis of the key players in the BaaS market has been completed so that you can learn about their business overviews and services, key strategies, and new product launches as well as other developments in the market.