Blockchain-as-a-Service Market Explores New Growth Opportunities at a high CAGR till 2032

The Blockchain-as-a-Service market size is estimated to be USD 623.0 million in 2018 and expected to reach USD 15,455.0 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period.

Providing lower cost of bandwidth, data storage, and computing; and the growing need to lower risks, complexities, and increase efficiency are propelling the growth of this market.Among various applications, the identity management segment is expected to grow at the highest growth rate in the BaaS market, due to the unavailability of equivalent systems for securing the identity of digital entities.

The blockchain technology provides a solution to mitigate the need for central authority and trusted third parties.Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246499192Among industries, the manufacturing industry is expected to grow at the highest CAGR during the forecast period, owing to the numerous BaaS applications for the automotive sector.

The BaaS technology helps SMEs in their daily basic operations that involve manual or semi-automatic processing of invoicing, inventory, and payroll for most of the SMEs.

Particularly, in North America, the banks such as Royal Bank of Canada, JPMorgan, Bank of America, and other financial services institutions are adopting the blockchain technology and rolling out full-scale commercial blockchain technology-based products.

Moreover, the region is immensely scrutinizing the potential of the blockchain technology to explore new opportunities and overcome possible challenges.Get More Info @ https://www.marketsandmarkets.com/Market-Reports/blockchain-as-a-service-market-246499192.htmlThe increasing adoption of BaaS tools across numerous industries and innovation across international trade and supply chains are the primary factors that are expected to unlock the opportunities for the key players in the BaaS market.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

Market SynopsisMarket Research Future (MRFR), in its latest report on the global market for blockchain-as-a-service (BaaS) 2020, reveals factors that govern the market.

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.

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.

Market SegmentationThe 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 servicesThe 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.Complete Report Details @ https://www.marketresearchfuture.com/reports/blockchain-service-market-7942Regional AnalysisTrends of the Blockchain as a Service Market are studied across North America, APAC, MEA, and EU.

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.

According to research report "Blockchain-as-a-Service Market by Component (Tools and Services), Business Application (Supply Chain Management, Smart Contracts, Identity Management, Payments, and GRC Management), Organization Size, Industry, and Region - Global Forecast to 2023", The Blockchain as a Service market is expected to grow from USD 623.0 Million in 2018 to USD 15,455 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period.

The major factors driving the market are the low cost of bandwidth, data storage, and computing; and need to lower risks, complexities, and increase efficiency.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246499192Browse 71 market data Tables and 52 Figures spread through 178 Pages and in-depth TOC on "Blockchain-as-a-Service Market - Global Forecast to 2023"The identity management of the business application segment is expected to grow at the highest CAGR during the forecast periodBlockchain as a Service business applications are segmented into supply chain management, identity management, smart contracts, payments, Governance Risk, and Compliance (GRC) management, and others (data storage and trade finance).

Blockchain as a Service offerings are revolutionizing the BFSI industry by changing its centralized infrastructure to a decentralized system, thereby giving rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance.

Organizations in this industry are leveraging the benefits of decentralization, immutability, efficiency, cost-effectiveness, and security, which are expected to increase the adoption of the blockchain technology across the BFSI industry.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=246499192North America is expected to dominate the Blockchain as a Service market during the forecast periodNorth America is estimated to hold the largest share of the Blockchain as a Service market in 2018, due to technology advancements and the early adoption of the blockchain technology in this region.

The primary factors driving the growth of the market are the increasing adoption of the blockchain technology and huge opportunities across industries in the APAC countries, especially in Australia, Singapore, and Japan.The report also encompasses different strategies, such as acquisitions, partnerships, and collaborations, new product launches, and product upgradations, adopted by the major players to increase their shares in the market.

Some of the major technology vendors include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Waves Platform (Russia), HPE (US), Baidu (China), Stratis (UK), AWS (US), Huawei (China), KPMG (Netherlands), Accenture (Ireland), PwC (UK), Infosys (India), TCS (India), TO THE NEW (India), Capgemini (France), Deloitte (US), Cognizant (US), EY (UK), NTT Data (Japan), ConsenSys (US), Wipro (India), L Infotech (India), and Mphasis (India).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

Blockchain As A Service (BaaS) Market OverviewThe global Blockchain As A Service (BaaS) Market report focuses on the volume, value, status, and size of the market at the global level, regional level, and company level.

From another perspective, the market has been studied based on historical data and future forecasts.

The global outlook has also been presented with the latest competitive trends and detailed regional analysis for the review period of 2021-2030, with the base year 2019.

Key PlayersThis report has provided profiling of the prominent key players that are prevalent in the global Blockchain As A Service (BaaS) Market.

The expansion and the reach of the market have also been pointed out in the report.Some key players in the global blockchain as a service (BaaS) market are Amazon Web Services Inc., ConsenSys, Deloitte Touche Tohmatsu Limited, Dragonchain Inc., EY, Hewlett Packard EnterpriseAccess Full Report Details and Order this Premium Report @  https://www.absolutemarketsinsights.com/reports/Blockchain-as-a-Service-BaaS-Market-2021---2029-882Market dynamicsThis report mentions the marketing channels- direct and indirect marketing- and the dynamics that are factoring the growth of the global Blockchain As A Service (BaaS) Market.

Furthermore, the impact of the increasing population on the global market and the rise in technological advancements has also increased the varying trends of the global market.

Market HighlightsBlockchain is a revolutionary technology that has created a major impact on the financial sector and digital identification in North America and Europe.

With increasing globalization, transactions have become more cumbersome.

However, in Asia-Pacific countries, the companies are eagerly shifting their preference towards simplifying their business processes while eliminating middlemen.

Dutch banks, energy companies, pension funds, and the Port of Rotterdam are all testing the digital ledger technology providing the Netherlands with high opportunity in different sectors and industries.Key PlayersMRFR recognizes the key players in the global Blockchain-as-a-Service market as – Cognizant, Infosys Limited, Capgemini SE, NTT Data Corporation, Huawei Technologies Co. Ltd., HPE, Baidu, Inc., Tata Consultancy Services Limited, KPMG, Wipro Limited, IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services, Oracle Corporation, Accenture PLC, and Deloitte Touche Tohmatsu Limited.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7942The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio.

Hyperledger platform is expected to grow at a higher rate in the forecast period.By components, the services segment accounts for a larger market share and is expected to grow at a higher CAGR in the coming years.By cloud, the public cloud segment accounts for the largest market share; it is expected to grow at the highest rate during the forecast period.By organization-size, the market is dominated by large enterprises, however, the SMEs segment is expected to grow at a higher rate.By application, the payment management application accounts for the largest market share and identity management application is expected to grow at the highest rate.By vertical, the BFSI vertical accounts for the largest market share and the retail and e-commerce segment is expected to adopt BaaS solutions and are expected to register the highest CAGR during the forecast period.Regional AnalysisThe global market for Blockchain-as-Service is estimated to grow at a significant rate during the forecast period from 2018 to 2024.

The geographical analysis of Blockchain-as-Service market has been studied for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe),  Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific) and the rest of the world (the Middle East and Africa and South America).Among these, the North America region dominates the market due to the presence of key market players such as IBM Corporation, Microsoft Corporation, Amazon Web Services, Oracle Corporation, HPE and others offering cloud-based blockchain-as-a-service solutions which are accelerating the market growth in this region.