Blockchain-As-A-Service Market To Reach USD 117.6 Billion By 2027

Global Blockchain-as-a-Service Market: Key Highlights

According to the new market research report “Blockchain-as-a-Service Market by Offering (Tool, Solution), by platform (Permissionless, Permissioned, Consortium), by application (Trading, Transactions, Governmental Services, Identity Management, Supply Chain Management, Others), by End-User (BFSI, Healthcare, Government, Retail, Energy and Power, Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) – Global Forecast (2019 to 2027)”, the global Blockchain-as-a-Service market is estimated to reach USD 117.6 Billion by 2027 at a CAGR of around 82.5% during the review period.
Growing demand for cost effective solution, improved transparency, and traceability are few factors driving the demand for blockchain-as-a-service.
However, lack of scalability remains a major challenging factor for the growth of the blockchain-as-a-service market.

Blockchain-as-a-Service Market

Global Blockchain-as-a-Service Market: Key Market Dynamics

Growing demand cost effective solutions is expected to drive the market of blockchain-as-a-service, as the in-house blockchain infrastructure would cost heavy investment in infrastructure and the organizations prefer cost effective solutions to be implemented.
Adoption of blockchain-as-a service in BFSI sector is expected to rise the market in near future as the technology provides automated traceability and secure transactions the organisations in BFSI sector may adopt blockchain based platform rapidly.
Lack of scalability is expected to challenge the growth of the market as the architecture of the blockchain technology supports consensus decision-making technique, which creates problem of scalability resulting in limited adoption of the technology.

Global Blockchain-as-a-Service Market: Regional Overview

Asia-Pacific

The blockchain-as-a-service market in the Asia-pacific region is predicted to gain large market share in near future, because of the mass adoption of the blockchain technology. The governing authorities introduced various initiatives across the countries in this region will boost the adoption of blockchain technology. In Singapore, Ministry of Communications and Information grants, seed funding to the players in the media, information, and communication technology sector who uses blockchain in order to uplift businesses to create platform-linking blockchain with the existing systems. Moreover, in Malaysia an association named Malaysia Blockchain Association (MBA) works as an accelerator in the adoption of the technology in the country by the various businesses.

Europe

Due to improved regulatory framework regarding adoption of blockchain technology and constant government support in Europe, the need for blockchain-as-a-service is projected to grow. In 2019, Federal Council of Switzerland, proposed enhanced regulatory framework for blockchain that would result in improved legal security, reducing threat of misuse, and lenient policies for the implementation of blockchain based services. The scompany-owning stock exchange of Switzerland is creating trading infrastructure based on blockchain technology.

Global Blockchain-as-a-Service Market: Key Players Overview

IBM:

IBM is an American global company functioning in information technology domain. Its product portfolio covers artificial intelligence (AI) platform, cloud, IT infrastructure, services, security and research. In blockchain segment, the organisation have a platform IBM Blockchain Platform that helps in building, operating and governing blockchain network. In February 2020, the company started working on a pilot project based on blockchain technology to help Food Safety and Inspection Service (FSIS), an agency of United Sates Department of Agriculture.

Microsoft:

Microsoft is a US-based global technological company that deals in designing, licensing, manufacturing and selling of consumer electronics, software and other services related to computers and other such devices. Its product portfolio comprises of six segments, software, PCs and devices, entertainment, business, developer and IT, and other. In 2019, the company launched Azure Blockchain Services, a managed service product, which enable the formation, management and governance of consortium blockchain networks.

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