The Latin America, Middle East and Africa Blockchain as a Service Market would witness market growth of 60.9% CAGR during the forecast period (2021-2027).
BaaS is the perfect and best platform for those companies which outsource their services & networks and lacks an understanding of the working mechanism of the blockchain. Further, the Blockchain as a Service is gaining popularity among SMEs as it provides flexibility in the transactions and it also comprises security and cost-effective features. The online authentication of personal identities and identity of digital users are kept safe and secured by blockchain services, which would drive the growth of the market.
Furthermore, a surge is witnessed in the adoption of blockchain as service tools and services among the small and medium companies as they are largely focusing on developing their own blockchain application, smart contracts, and payment system. This factor is likely to unlock growth prospects for the blockchain as a service market in the coming years.
Companies are reaping multiple advantages of BaaS services that include high immutability capability, secure decentralization, security, cost-effectiveness, and many others. Factors such as high spending on projects related to blockchain services technology by the countries like the UK, the US, and Japan and the advancement in cryptocurrency are acting as catalysts for the growth of the market over the forecasting years.
The Blockchain as a Service market is witnessing a gradual growth in LAMEA. The presence of developing nations and businesses is fueling the demand for BaaS solutions in the region. In addition, there is growth in the deployment of the distributed ledger across several medium and large-size companies in order to increase their revenue opportunity. Additionally, rising awareness about blockchain technology among several industries is driving the growth of the regional blockchain as a service market.
Moreover, benefits like the low risk of data fraudulent activities and improved efficiency make the blockchain technology high popular and crucial across the world. Further, the integration of the Internet of Things (IoT) in blockchain technology is anticipated to escalate the growth of the regional BaaS market. However, the lack of awareness about cryptocurrency among the population in emerging countries of this region may slow down the market growth.
The Brazil market dominated the LAMEA Manufacturing Blockchain as a Service (BaaS) Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $37.7 million by 2027. The Argentina market would witness a CAGR of 64.2% during (2021 - 2027). Additionally, The UAE market is estimated to grow at a CAGR of 62.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Blockchain as a Service Market is Predict to reach $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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