The Europe Blockchain as a Service Market would witness market growth of 53.1% CAGR during the forecast period (2021-2027).
Blockchain-as-a-service (BaaS) is a third-party cloud-based infrastructure and management for enterprises developing and operating blockchain applications. These third-party services are known to be the latest advancement in the flourishing field of blockchain technology. Earlier, users know that this technology is majorly used only in cryptocurrency transactions, but now the technology has found its application in various sectors coupled with providing secured transactions of all kinds. Therefore, these factors are likely to accelerate the demand for blockchain technology as hosting services.
Additionally, a significant increase in the deployment of distributed ledger technology (DLT) that is based on advanced analytics is accountable to drive the market growth. Blockchain services that are based on the Distributed Ledger Technology (DLT) system help in enabling data sharing in real-time in a secure mode and continuous monitoring & trading via cryptocurrency.
Some of the determinants like the rising need for supply chain transparency across verticals, improvement in the efficiency of blockchain solutions, need to minimize risk and complexities, and growing demand for BaaS, owing to the outbreak of the COVID-19 are likely to escalate the growth of the blockchain as a service market. Additionally, the market growth is further driven by the integration of Internet of Things with blockchain, and growing government initiatives.
The Blockchain as a Service market will witness prominent growth in Europe in the coming years. The banking sector is anticipated to invest a large sum on these technologies due to an increase in trade finance & post-trade or transaction settlements, cross-border payments & settlements, and transaction agreements. In addition, the massive adoption of cryptocurrencies has fueled the blockchain spending from the banking sector. This increase in the investment in blockchain technology would drive the growth of the regional BaaS market.
Moreover, the rising prevalence and popularity of blockchain technology in Europe are supporting the market growth. Blockchain technologies are also used as private ledgers for record-keeping & inter-company transactions and public means of transactions. Further, the enhanced efficiency and visibility in the operations of the business is enabling companies to overcome the challenges created by the COVID-19 pandemic. Hence, these factors are accountable to offer lucrative growth opportunities for the regional blockchain as a service market.
The Germany market dominated the Europe Blockchain as a Service (BaaS) Identity Management Market by Country 2020, thereby, achieving a market value of $198.4 million by 2027. The UK market is exhibiting a CAGR of 53.1% during (2021 - 2027). Additionally, The France market is poised to witness a CAGR of 55.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Blockchain as a Service Market Size will Hit $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.
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