The Asia Pacific Blockchain as a Service Market would witness market growth of 57% CAGR during the forecast period (2021-2027).
The Blockchain as a Service market witnessed a substantial growth in Asia-Pacific in recent years. The presence of various technology and service providers is creating a lucrative opportunity for the regional market. Additionally, a prominent growth in the financial sector is anticipated to drive the deployment of BaaS solutions, tools, and services, which will boost the demand for BaaS solutions. In addition, nations in this region are displaying tremendous growth in blockchain technology startups and cryptocurrency.
Moreover, the management of supply chains is more difficult in this region as compared to other regions of the world. To minimize these complexities, manufacturers and companies are largely deploying BaaS in their premises, which is accounted to boost the growth of the regional market. Further, the penetration of smartphones and the internet is increasing in this region due to which, eCommerce sector has become a major source of shopping. Thus, to reduce operational complexities in the eCommerce sector, companies are demanding effective BaaS tools & services. These factors are further propelling the growth of the regional blockchain as a service market.
Many times, blockchain is also known as the technology of trust as it comprises zero chances of failure and cannot be altered using a single device. Moreover, this technology enables the users to use tools such as smart contracts. This tool helps the users in automating manual processes like compliance and claims processes and distributing the contents of a will. Hence, these favorable features are accountable to support the utilization of blockchain technology in the BFSI sector.
Various business customers and users are increasingly focusing on adopting blockchain technology. Though, some of the factors like operational overhead expenses that include designing, configuring, maintaining, and operating a blockchain & its infrastructure and technical complexities are accountable to hamper the growth of the market.
The China market dominated the Asia Pacific Small & Medium Enterprises Blockchain as a Service (BaaS) Market by Country 2020, thereby, achieving a market value of $332.1 million by 2027. The Japan market is showcasing a CAGR of 59.5% during (2021 - 2027). Additionally, The India market is anticipated to grow at a CAGR of 61% during (2021 - 2027).
Based on Component, the market is segmented into Tools and Services. Based on Application, the market is segmented into Supply Chain Management, Payments, Identity Management, Smart Contracts, Governance, Risk, & Compliance Management and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Manufacturing, Healthcare, Government, Energy & Utilities, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain as a Service Market is Projected to reach USD 17.9 Billion by 2027, at a CAGR of 54.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Amazon Web Services, Inc. (Amazon.com), R3, Oracle Corporation, Huawei Technologies Co., Ltd., Hewlett Packard Enterprise, Accenture plc, Wipro Ltd., and Infosys Limited.
By Component
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