Blockchain 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. For any monetary transaction, the involved parties in the transactions need to have mutual trust— a buyer and a seller. For the same, a traditional sales process includes a load of paperwork, an intermediary, and high cost. However, in Asia-Pacific countries, the companies are eagerly shifting their preference towards simplifying their business processes while eliminating middlemen.
Blockchain-as-a-service holds the potential to transform the government sector in resolving the challenges associated with data transactions faced in government operations. Furthermore, the key retail firms in countries such as the US, the UK, Germany, France, and India are collaborating with blockchain service providers to develop a platform that uses blockchain technology to track the origins of raw materials across global supply chains. Moreover, the government of the Netherlands has launched more than 25 blockchain trials. 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.
By platform, the current market is dominated by the Ethereum platform segment. 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.
The 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 Market solutions which are accelerating the market growth in this region. Countries such as the US, Canada, and Mexico are expected to witness growth in the adoption of BaaS to streamline critical business processes such as payments, supply chain, transportation, logistics, and auditing. North America region is expected to experience a surge in various trends such as 5G, transactive energy, and micro-grids during the next five years. In 2018, RealChain and North America Blockchain Association (NABA), a non-profit organization, collaborated to promote the technology to identify fake high-end luxury products using blockchain and AI-based image recognition.
Europe accounted for the second-largest market share owing to government support in prioritizing the adoption of blockchain for the future of financial transactions and data storage across the European countries. Increasing adoption of BaaS in BFSI and retail & e-commerce sector in countries such as the UK, Germany, France, Sweden, the Netherlands, and Switzerland drives the market growth in this region. Rise in the spending in research projects by the European Union in the field of blockchain technology is also another factor which is expected to drive the market in the coming years. In April 2018, 22 countries of the European Union declared a European Blockchain Partnership (EBP) to establish European Blockchain Services Infrastructure (EBSI) to support the delivery in cross-border digital public services including a high standard of security and privacy. Blockchain companies from the European Economic Area (EEA) will be able to conduct business through the fully-licensed, German Solaris Bank. Huge adoption of digital transactions creates an opportunity for having a nationalized blockchain-enabled registered system promoting market growth.
Asia-Pacific region accounted for the third-largest market share; it is expected to grow at a higher rate during the forecast period due to large scale adoption of BaaS solutions in the financial service sector that has also witnessed the highest rate of blockchain technology testing. Furthermore, significant investments by venture capitalists for research and development of this technology and increasing number of blockchain start-ups in the region also contribute to the blockchain-as-a-service market. Key market players have already established their customer base in countries such as China, Japan, India, South Korea, Australia, New Zealand, Singapore, Malaysia, and the Phillippines generating revenue for the BaaS market in this region. For instance, in 2017, State Bank of India (SBI) a government-owned bank partnered with BankChain and Intel to implement blockchain solutions that run on Hyperledger Sawtooth and Intel Software Guard Extensions (Intel SGX). The solution aims at increasing the efficiency of financial transactions without having to compromise on data confidentiality and transaction security.
MRFR 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.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
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