New York, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Blockchain-as-a-Service Market by Application (Payment, Smart Contracts, Supply Chain Management, Identity Management, Governance, Risk, and Compliance Management, and Others), by Component (Tools and Services), and by Verticals (BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, and Others (Travel and Hospitality & Real Estate)): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’. According to the report, global blockchain-as-a-service market was valued at around USD 0.41 billion in 2017 and is expected to reach approximately USD 30.59 billion by 2024, at a CAGR of 85.09% between 2018 and 2024.
As the name implies blockchain is a technology used to store data in the form of blocks, each block is connected with every other block forming a chain. Blockchain-as-a-service (BaaS) refers to the cloud-based services and solutions offered by big tech giants to users to develop their own applications based on blockchain.
Browse through 81 Tables & 35 Figures spread over 134 Pages and in-depth TOC on “Global Blockchain-as-a-Service Market Size & Share 2017: Industry Trends, Growth, Segment Analysis and Forecast, 2017–2024”.
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Blockchain-as-a-service market is expected to grow significantly, owing to its increasing applications in the commerce sector. International business transactions are getting more secure, fast, and reliable along with the BaaS model coming into the picture. As all the database is distributed and the trail of every transaction is available, blockchain-as-a-service is eliminating obstacles in international payment processes. Delay in verification and invoice processing, triggers the cost of business activities, this can be nullified or reduced by using blockchain technology. The technology provides a common chain of information visibility that will be shared across vendors and purchasers. Use of BaaS in international business transactions will curtail down the processing time and reduce costs by nearly 50 %.
Increasing implementation of blockchain-as-a-service in the supply chain is projected to drive the market growth in the near future. 15% increase in global trade is estimated in the future if blockchain-as-a-service model is used in eliminating the barriers in the international supply chain. For instance, IBM and Walmart have a collaborative solution that aims at uniting vegetable growers, processors, distributors, retailers, and other stakeholders to securely and efficiently track the product at every step of the supply chain. Owing to benefits such as increasing consumer and partner trust, offering improved inventory management, reduced paperwork, and eliminating fraud and errors in the supply chain, BaaS is anticipated to witness tremendous growth during the forecast period.
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The media and entertainment industry is among one of the early adopters of blockchain solutions to provide efficiency and transparency to the consumers. Digital objects lose value as they can be easily copied and when it comes to media and entertainment, pirated movies, music, and other content can hamper the sectors overall productivity and revenue. Implementation of BaaS model in the industry will benefit the original creators to make it possible to set sharing permissions as well as automate royalty payments using smart contracts.
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. The blockchain-as-a-service market is anticipated to surge in future, as the BaaS operator takes care of all the infrastructure and complex back-end tasks for the client and businesses. However, blockchain is a decentralized mechanism and involvement or addition of some centralization to BaaS model may act as a restraint for the market.
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The blockchain-as-a-service market is segmented based on application, component, verticals, and region. Application segment is categorized into payment, smart contracts, supply chain management, governance, risk and compliance management, identity management, and others. Implementation of payments segment in international business transactions is projected to depict a substantial share in the global BaaS market. The component segment is further bifurcated into tools and services. The vertical segment is categorized into BFSI, IT & telecom, healthcare, government sector, retail, energy and utilities, manufacturing, logistics, media & entertainment, and others (travel and hospitality & real estate). Logistics segment is anticipated to witness a significant growth during forecast timeframe.
North America is expected to hold a substantial share in the global blockchain-as-a-service market in terms of revenue, owing to early adoption and technological advancements of blockchain technology by various private players operating in the region. Blockchain technology is increasingly being used in the government sector, as it offers both security and transparency. For instance, recently the United States of America’s federal risk and authorization management program reached 100 authorizations for cloud service offerings. Additionally, for the government sector, in October 2017, Blockchain for Azure Government was announced by Microsoft in order to provide government customers with the ability to use Hyperledger, Quorum, Ethereum, and Corda in their cloud environment.
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Europe is anticipated to hold a significant share in the global blockchain-as-a-service market during the forecast period, owing to tremendous rise in the funding of the research and development activities for blockchain technology by the European Union. The total spending on research projects by the European Union for blockchain technology is expected to witness four-fold rise from USD 95 million to USD 390 million by 2020. The European Union projects that blockchain technology has a significant potential to offer cross border cooperation for businesses and administrations. Increasing implementation of blockchain technology in the supply chain management is contributing significantly towards the growth of the BaaS model. Traceability is an important parameter in offering supply chain solutions in the logistics industry and blockchain technology is playing a vital role in sufficing this requirement.
Asia Pacific blockchain-as-a-service market is projected to register a fastest growth during the estimated period, owing to escalating demand for blockchain-as-a-service along with its extensive implementation in the BFSI sector. The region has surpassed other regions in mobile finance application usage by increased adoption of mobile banking technology. According to the World Economic Forum’s prediction, by 2027, 10% of global GDP would be stored using blockchain technology. High adoption of blockchain technology in the region is also due to initiatives by local governments to strengthen their positions in the industry. Countries such as China, Japan, Australia, South Korea, and Hongkong are among the early adopters of blockchain-as-a-service in the region where the governments are taking proactive approach in promoting innovations. Various banks in South Korea and Japan have been testing blockchain technology to achieve same-day international transfers and curtail transaction costs by nearly 30%. China's central bank has developed an independent domestic cryptocurrency based on blockchain in order to ease financial regulations. MicroMoney, a blockchain based financial services company, aims at providing banking access to people who has never banked before across Asia.
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Major players operating in the global blockchain-as-a-service market are IBM, Microsoft, HPE, Ardor Nxt Group, SAP, AWS, Consensys, Deloitte, Infosys, Huawei, Accenture, and Oracle, among others. Launching new networks based on blockchain is among the primary strategies adopted by private companies. Amazon Web Services (AWS) introduced Kaleido, the Blockchain Business Cloud to support and simplify enterprise-ready blockchain networks for customers.
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The report segments the global Blockchain-as-a-service market as follows:
Blockchain-as-a-Service Market: Application Segment Analysis
- Payment
- Smart Contracts
- Supply Chain Management
- Governance, Risk, and Compliance Management
- Identity Management
- Others
Blockchain-as-a-Service Market: Component Segment Analysis
- Tools
- Services
Blockchain-as-a-Service Market: Verticals Segment Analysis
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Logistics
- Government
- Media & Entertainment
- Energy and Utilities
- Others (travel and hospitality & real estate)
Blockchain-as-a-Service Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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