Global Blockchain as a Service Market - Segmented by End-user Vertical (BFSI, Chemical, Energy and Utility, Healthcare, Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
Blockchain as a Service Market is projected to register a CAGR of over 15% during the forecast period (2018 - 2023). The scope of the report is limited to end user vertical such as BFSI, chemical, energy & utility, healthcare, electronics, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of blockchain as a service in accordance with diverse application and future prospect of the same.
A blockchain is a continuously mounting list of records called block which is secured and linked utilizing cryptography technology. Even though the technology is on the rise, companies are still reluctant to adopt to the technology owing to rapid technological changes and organizational risks. Blockchain as a service is ideal for the organizations who outsource their technological aspects and do not involve in the understanding of blockchain working mechanism.
Incredible Advantages of Blockchain Technology
On the concept of blockchains such as Ethereum and Hyperledger, a developer can build an application over it to customize as per the company’s need. Blockchain unleashes the technological advancement regarding privacy and security, which is the primary reason for the organizations to invest. This is propelling the demand for blockchain integration and incorporation within the company’s workflow thereby fueling the blockchain as a service market growth over the forecast period. Furthermore, the blockchain technology offers immense benefits for supply chain management in diverse industries with quality assurance, which propels the market growth over the next six years.
BFSI to Have the Largest Share
In the BFSI sector, companies are looking to integrate blockchain technology to enable safe cross-border payment solutions and services. The expanding network of banks across the globe is compelling the banking corporation to incorporate the utilization of blockchain technology to mitigate the risks involved. However, it is still in the nascent stage in the market owing to which the banks and financial institutions are exploring the viable possibility of this technology and investing into the same, which is likely to boost the market growth.
Asia Pacific to Witness the Highest Growth
In Asia Pacific region, the scope for banking and financial institutions are high owing to which the companies are highly investing in the region. China, in particular, has a very high penetration rate of blockchain technology due to a significant increase in mining operations. Additionally, the Chinese government has been promoting the adoption of blockchain technology due to the multiple advantages it offers. For instance, a fund dubbed the Xiong'An Global Blockchain Innovation Fund was been launched by Hangzhou-based venture capital firm Tunlan Investment in April 2018, which will see over $400 million coming from the Hangzhou city government as a guided fund that will be used to invest in promising blockchain projects.
Key Developments in the Market
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