Published Date: 18-Nov-2021
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According to a new report Global Blockchain as a Service Market, published by KBV research, The Global Blockchain as a Service Market size is expected to reach $17.9 billion by 2027, rising at a market growth of 54.2% CAGR during the forecast period.
The smart contracts segment would display the highest growth rate of the blockchain as a service market over the forecast years. Under the conventional environment, a central third-party system continuously verifies & monitors the agreements & transactions between clients, co-workers, and companies. In these cases, the parties involved in the agreement becomes directly dependent on the central third-party that increase the accountability of the centralized third-party system and may also lead to certain loss if the central system is not operating attentively.
BFSI vertical would procure the largest market share of the blockchain as a service market over the forecast years. Factors such as the growing adoption of cross-border payments, increasing investment by banks in blockchain-based solutions, digital ledger & consortium blockchain, and rising demand for transparency & liability of transactions via GRC management tools would create new growth opportunities for the BaaS market in the BFSI sector.
The North America market dominated the Global Blockchain as a Service (BaaS) Market by Region 2020, as retailers in this region are highly adopting BaaS solutions to design constructive business applications as these solutions offer efficient supply chain systems and improved customer experience. Hence, these factors are accountable to boost the demand for blockchain as a service in this region. The Europe market is experiencing a CAGR of 53.1% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit promising growth during the forecast period.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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