DUBLIN, June 14, 2018 /PRNewswire/ --
The "Blockchain-as-a-Service Market by Component (Tools and Services), Business Application (Supply Chain Management, Smart Contracts, Identity Management, Payments, and GRC Management), Organization Size, Industry, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The Blockchain as a Service market is expected to grow from USD 623.0 Million in 2018 to USD 15,455.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period.
The major growth drivers of the Market include the low cost of bandwidth, data storage, and computing, and need to lower risks, complexities, and increase efficiency.
The Blockchain as a Service Market has been segmented on the basis of components into tools and services. The services segment is expected to hold the larger market share during the forecast period. The demand for consulting and implementation services is expected to surge, due to the growing need for Blockchain as a Service solutions across organizations.
Major Blockchain as a Service business applications include supply chain management, payments, identity management, smart contracts, and Governance, Risk, and Compliance (GRC) management. The adoption of Blockchain as a Service offerings for the identity management business application is expected to increase significantly in the coming years. The unavailability of equivalent systems for securing the identity of digital entities and online authentication of personal identities are expected to increase the adoption of the blockchain technology. The integration of the blockchain technology provides a solution to mitigate the need for central authority and trusted third parties.
The Banking, Financial Services, and Insurance (BFSI) industry is estimated to hold the largest share of the Blockchain as a Service Market in 2018. Organizations in this industry are leveraging the benefits of decentralization, immutability, efficiency, cost-effectiveness, and security, which are expected to increase the adoption of the blockchain technology across the BFSI industry. The manufacturing industry is expected to grow at the highest CAGR during the forecast period.
Small and Medium-sized Enterprises (SMEs) are rapidly adopting Blockchain as a Service tools and services, owing to their ability to transform the nature of transactions. The demand for these tools is increasing due to its secure and cost-effective features. Moreover, Blockchain-as-a-Service offers reliable solutions for sharing information and ensures reduced risks and complexities of cross-organizational transactions. These factors are expected to enhance the growth of Blockchain as a Service offerings among the SMEs
The global market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The North American region followed by Europe is expected to continue as the largest revenue-generating region for Blockchain as a Service vendors for the next 5 years. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technologies. While the APAC region is expected to be the fastest-growing region in the Blockchain as a Service market due to the increasing adoption of the blockchain technology.
The Blockchain as a Service Market faces challenges such as the lack of standards and best practices, and low awareness and understanding of Blockchain as a Service tools and services. Factor such as uncertain regulatory and compliance environment is expected to limit the market growth.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Blockchain as a Service Market
4.2 Market Share Across Various Regions
4.3 Market By Industry and Region
4.4 Market Component, By Region
5 Market Overview and Industry Trends
5.1 Market Overview
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Low Cost of Bandwidth, Data Storage, and Computing
5.2.1.2 Need to Reduce Risk and Complexity, and Increase the Efficiency
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory and Compliance Environment
5.2.3 Opportunities
5.2.3.1 Increasing Adoption Across Numerous Industries
5.2.3.2 Innovation Across International Trade and Supply Chain Management
5.2.4 Challenges
5.2.4.1 Low Awareness and Understanding
5.2.4.2 Lack of Standards and Best Practices
5.3 Industry Trends
5.3.1 Blockchain as a Service Market : Top Trends
5.3.1.1 Blockchain Reinventing the Wheel in the BFSI
5.3.1.2 Blockchain Technology Integration With Internet of Things
5.3.1.3 Smart Contracts
5.3.2 Venture Capital Funding Landscape
5.3.3 Blockchain as a Service Market: Use Cases
5.3.3.1 Use Case 1: Data Reconciliation Services for the Travel Industry, By Microsoft
5.3.3.2 Use Case 2: to Reduce the Settlement Time and Lower the Cost of Completing Global Payments, By IBM
5.3.3.3 Use Case 3: Transforming the Kyc Process in Banking
5.3.3.4 Use Case 4: Financial Inclusion of Small and Medium-Sized Enterprises Using Mobile Wallet Service, By Pearl Pay
6 Market By Component
6.1 Introduction
6.2 Tools
6.3 Services
7 Blockchain as a Service Market, By Business Application
7.1 Introduction
7.2 Supply Chain Management
7.3 Smart Contracts
7.4 Identity Management
7.5 Payments
7.6 Governance, Risk, and Compliance Management
7.7 Others
8 Market By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Blockchain as a Service Market, By Industry
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.3 Telecom and IT
9.4 Healthcare and Life Sciences
9.5 Manufacturing
9.6 Retail and Ecommerce
9.7 Transportation and Logistics
9.8 Government and Public Sector
9.9 Energy and Utilities
9.10 Media and Entertainment
9.11 Others
10 Blockchain-as-a-Service Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Competitive Scenario
11.2.1 New Product Launches and Product Upgradations
11.2.2 Partnerships and Collaborations
11.2.3 Acquisitions
11.2.4 Business Expansions
11.3 Blockchain as a Service Market: Prominent Players
12 Company Profiles
- IBM
- Microsoft
- SAP
- Deloitte
- Accenture
- Oracle
- AWS
- Cognizant
- Infosys
- PwC
- Baidu
- Huawei
- HPE
- Capgemini
- NTT Data
- TCS
- Mphasis
- Wipro
- Waves Platform
- To the New
- KPMG
- Ey
- Stratis
- Consensys
- L&T Infotech
For more information about this report visit https://www.researchandmarkets.com/research/6cq8cx/15_45_billion?w=5
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