Blockchain-as-a-Service Market - Global Industry Analysis, Growth, Trends, and Forecast By 2027

In blockchain as a service (BaaS), companies utilize cloud services and create, host, and deploy their own blockchain apps, utilities, and agreements. There is notable similarities in the concepts of software-as-a-service (SaaS) and blockchain as a service (BaaS).

While numerous medium and small-sized businesses across the globe are willing to use blockchain technology, there are several problems such as complex structure and several operation-related issues including infrastructure aligning and configuration that make the adoption rate of the technology sluggish. To offer solutions to these problems, prominent organizations from the technology industry have launched a solution named ‘Blockchain-as-a-Service (BaaS) model’ for all users of blockchain technology.

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The data and analysis on the global blockchain-as-a-service market is divided into varied segments, which are based on many crucial aspects such as industry, component, application, enterprise size, and geography. Based on industry, the market is divided into health care & life sciences, banking, financial services and insurance (BFSI), transportation & logistics, telecom & IT, government & public sector, retail & ecommerce, energy & utilities, media & entertainment, and manufacturing.

In terms of component, the blockchain-as-a-service (BaaS) market is segmented into two parts, namely, services and tools. Payments, supply chain management, smart contracts, governance, risk and compliance (GRC) management, and identity management are application segments of the market. Depending on enterprise size, the market is bifurcated into small & medium enterprises and large enterprises.

The research report provides in-depth assessment of major factors influencing growth of the global blockchain-as-a-service market. Thus, it performs thorough analysis of growth boosters, demand opportunities, and challenges faced by market enterprises. The study also enlightens readers on latest technological advancements and R&D projects by key market enterprises.

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Enterprises from various sectors are inclining toward focusing on their core businesses. As a result, they are growing adoption of different technological advancements such as blockchain-as-a-service (BaaS), which helps companies in setting up their infrastructure facilities.

In recent years, there is significant growth in adoption of blockchain-as-a-service (BaaS) technology by insurance companies and well-established banks from all across the globe. Due to use of distributed ledger technology (DLT), blockchain helps companies to minimize the possibilities of frauds and boost the transparency across bank transactions. Owing to this factor, the global blockchain-as-a-service market is expected to attain promising sales opportunities from the banking industry in the years ahead.

Moreover, the blockchain technology is used to produce Bitcoin which is a cryptocurrency. Increased technology adoption by a wide range of industries from social media to banking is expected to generate prominent revenue streams for market enterprises.

In terms of region, the global blockchain-as-a-service market is segmented into Europe, North America, South America, Middle East & Africa, and Asia Pacific. Of them, North America and Asia Pacific seem to be the prominent regions offering lucrative opportunities. Early adoption of technological advancements, increased number of new product launches, and presence of several key enterprises are some of the notable factors that boost the North America market growth.

The Asia Pacific blockchain-as-a-service market is likely to expand at promising pace on the back of many factors including presence of many emerging economies, which are increasing the technology adoption across varied industrial sectors in the region.

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