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.
MRFR recognizes the key players in Blockchain as a Service Market Share 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.
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).
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