Blockchain as a Service (BaaS) Market worth $11,519 million by 2026, growing at a CAGR of 62.2%: Report by MarketsandMarkets™
Chicago, Dec. 19, 2023 (GLOBE NEWSWIRE) — The global BaaS Market size is expected to grow from USD 632 million in 2020 to USD 11,519 million by 2026, at a Compound Annual Growth Rate (CAGR) of 62.2% during the forecast period, according to a new report by MarketsandMarkets™. Blockchain technology provides various benefits, such as traceability, smart contracts, and safe transactions. Traceability is a difficult and challenging task, which can be automated, simplified, and accelerated with the efficient use of blockchain technology and the corresponding electronic tracking technologies, such as Wi-Fi, Bluetooth Low Energy (BLE), and Radio Frequency Identification (RFID).
Browse in-depth TOC on “Blockchain as a Service (BaaS) Market”
267 – Tables
52 – Figures
271 – Pages
Blockchain as a Service (BaaS) Market Dynamics:
- Increasing demand for blockchain as a service due to COVID-19 outbreak
- Growing need for supply chain transparency across verticals
- Rising demand for enhanced security
- Low cost of bandwidth, data storage, and computing
- Need to reduce risk and complexities and increase the efficiency of blockchain solutions
- Uncertain regulatory status and standards
- Blockchain and the Internet of Things
- Rising government initiatives
List of Key Players in Blockchain as a Service (BaaS) Market:
- IBM (US)
- Microsoft (US)
- SAP SE (Germany)
- Amazon Web Services (AWS) (US)
- R3 (US)
- Oracle (US)
- Huawei (China)
- HPE (US)
- Accenture (Ireland)
- Wipro (India)
- Infosys (India)
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=246499192
Blockchain technology enables users to follow and track the journey of the data, including the data source and the valid timestamp. This, in turn, is helpful for a number of processes, such as the exchange of confidential business documents, confirmation of orders, and transfer of shipping documents or orders. The major drivers that are expected to boost the growth of the BaaS market are the low cost of bandwidth, data storage, and computing, and the need to lower risk and complexity and increase efficiency.
The scope of this report covers the analysis of the BaaS market since 2016, based on contemporary market trends and developments, and its potential growth from 2020 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the BaaS market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of BaaS solutions and services. This growth can be attributed to the increase in technological innovations, rapid urbanization, digitalization, and enterprises moving towards automation and digitization of supply chain processes, the BaaS market is witnessing high growth opportunities in this region.
The surge in need for demand management solutions among enterprises and an increase in the adoption of BaaS solutions in FMCG, retail, eCommerce, healthcare, and pharmaceutical companies are expected to boost the growth of the BaaS market. Additionally, BaaS market is expected to witness rapid growth worldwide due to various factors, such as the increasing need for supply chain transparency and better security than conventional systems, along with the growing use of blockchain technology to create transparent and decentralized SCM processes. However, the lack of awareness about blockchain technology and the uncertain regulatory status and standards may hinder the growth of the market.
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting
Disaster Recovery as a Service Market
Managed Services Market
Hyperscale Computing Market
Digital Asset Management Market
Video Processing Platform Market
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.