A recent report published by Infinium Global Research on blockchain-as-a-service market provides in-depth analysis of segments and sub-segments in the global as well as regional blockchain-as-a-service market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blockchain-as-a-service market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global blockchain-as-a-service market. According to the report, the global blockchain-as-a-service market is projected to grow at a CAGR of 81% over the forecast period of 2018-2024.
Blockchain technology was prior developed in 2009 as an infrastructure to support the bitcoin crypto currency. However with advanced beneficial features offering like distributed database or ledger provided by the blockchain technology has resulted into adoption of blockchain technology across various applications. The blockchain technology offers reliable security and privacy protocols based on cryptographic hash function wherein each transaction in the chain is identified by its own ‘hash’ key. The complexity of the crypto hash function reduces the block chain’s susceptibility to fraud. Blockchain technology now has become one of the most promising development in the information technology sector. Now this technology is used across several industry verticals such as electronics, healthcare and life sciences, banking, financial services, and insurance (BFSI), media and entertainment, chemical, energy and utility.
The use of block chain in financial sector drives the growth of the blockchain as a service market. The abundant assistances involved in developing such a platform have already attracted gigantic traction and consequently investments, from the financial sector. Several technological giants serving in the block chain technology provide data security and privacy along with data duplication this in turn is strengthening the blockchain as a service market. Earlier, the implication of this technology was earlier restricted to Banking, financial services and insurance sector. However, now the actual model of block chain is being implemented among the various core applications. Moreover, apart from the financial sector block chain technology holds the enormous application in the field of power and healthcare which is having positive impact for the market growth. However, complex technology and lack of skilled workforce are anticipated to curtail the growth of the blockchain as a service market. The blockchain-as-a-service market is anticipated to surge in future, as the BaaS (Mobile backend as a service) operator takes care of all the infrastructure and complex back-end tasks for the client and businesses. Features such as heavy use of cryptography and peer-to-peer distributed network architecture are some other advantages offered by BaaS model to be implemented in government, enterprises, and in various other verticals. Furthermore, increasing adoption of block chain technologies in various end user industries are further anticipated to provide several growth opportunities for the key players in the block chain as a service market over the years to come.
Among the geographies, North America dominated the block chain as a service market. The growth in the North America is due to adoption and technological advancements in financial technology of blockchain technology by various private players. For instance, United States of America’s federal risk and authorization management program reached 100 authorizations for cloud service offerings. Asia Pacific is anticipated to be the fastest growing region in the blockchain as a service market. The growth in the Asia Pacific region is due to the growing adoption of block chain in the BFSI sector. Moreover, countries such as China, Japan and Australia are among the key adopters of the blockchain as a service therefore the governments in this region are taking active approach in endorsing improvements.
The report on global blockchain-as-a-service market covers segments such as end user. On the basis of end user, the sub-markets include electronics, healthcare and life sciences, banking, financial services, and insurance (BFSI), media and entertainment, chemical, energy and utility, and others.
The report provides profiles of the companies in the market such as Microsoft Corporation, IBM, SAP, Oracle Corporation, HPE, Waves Platform, Blockstream, Inc., PayStand Inc, R3, VeChain Foundation, BLOCKO, and Hewlett-Packard Enterprise.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the blockchain-as-a-service market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.