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Blockchain as a Service Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2026

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Blockchain as a Service Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2026

February 27
10:49 2023
Blockchain as a Service Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2026
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), BitFury (Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain Foundation (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India), BLOCKO (South Korea).
Blockchain as a Service Market by Offering (Tools and Services), Application (Supply Chain Management, Smart Contracts, Identity Management, GRC Management), Organization Size, End User (FMCG, Healthcare), and Region – Global Forecast to 2026

The global Blockchain as a Service market has been growing rapidly in recent years, driven by increasing demand for blockchain solutions across various industries. According to MarketsandMarkets, the global BaaS market exhibits an opportunity of USD 11,519 million. The BaaS market is growing exponentially at a compound annual growth rate (CAGR) of 62.2% during the forecast period.

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This rapid growth can be attributed to the growing awareness and adoption of blockchain technology across various industries and the increasing demand for secure, transparent, and efficient supply chain management solutions. The BaaS model provides companies with a cost-effective and efficient way to adopt blockchain technology. It eliminates the need for companies to invest in the infrastructure and resources required to build and maintain their own blockchain network.

BaaS (Blockchain-as-a-Service) allows companies to leverage the benefits of blockchain technology without investing in the infrastructure, resources, and expertise required to build and maintain their own blockchain network. BaaS providers offer a range of services, including network setup, maintenance, and management, which can significantly reduce the costs and effort associated with setting up and running a blockchain network.

Market Trends:

The need for supply chain transparency has become more pressing, especially in the wake of the pandemic, as companies look to improve the visibility and traceability of their products and services. Blockchain technology is well-suited for this purpose, as it provides an immutable and secure ledger of transactions.

Enhancing security is another major driver of BaaS adoption. Blockchain technology is known for its robust security features, and BaaS providers offer enterprise-grade security to protect sensitive data and prevent unauthorized access to the network.

The low cost of bandwidth, data storage, and computing is another factor that has contributed to the growth of BaaS. The cloud-based nature of BaaS enables companies to take advantage of economies of scale and cost-effective resources to deliver blockchain solutions at a fraction of the cost of traditional in-house solutions.

Finally, the need to reduce risk and complexity and increase the efficiency of blockchain solutions has driven the demand for BaaS. By outsourcing blockchain management and maintenance to third-party providers, companies can focus on their core business and leave the technical aspects of blockchain to experts. This can help to minimize risks, reduce complexity, and improve efficiency.

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Competitive Landscape:

IBM is one of the leaders in BaaS, offering a range of blockchain solutions for various industries, including finance, supply chain, healthcare, and government. IBM’s BaaS platform, IBM Blockchain, is based on the Linux Foundation’s Hyperledger fabric and provides end-to-end solutions for building and deploying blockchain networks. SAP SE is another major player in the BaaS market, offering SAP Leonardo Blockchain services to help companies streamline their operations, increase transparency, and reduce costs. Oracle is a leading provider of BaaS, offering Oracle Blockchain Cloud Service to help companies securely and efficiently manage their supply chain operations. Oracle Blockchain Cloud Service is based on the open-source Hyperledger Fabric and provides end-to-end solutions for building and deploying blockchain networks. R3 is a fintech company that specializes in blockchain technology, offering Corda Enterprise, a BaaS platform designed for financial services companies. Microsoft is another major player in the BaaS market, offering Azure Blockchain Services to help companies build, manage, and deploy blockchain networks with ease. These are just some of the leading players in the global BaaS market. Many other companies offer BaaS solutions, each with unique features and capabilities. The BaaS market is rapidly evolving, and new players are constantly emerging, providing companies with various options for leveraging blockchain technology to drive innovation and growth.

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Company Name: MarketsandMarkets™ Research Private Ltd.
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Website: https://www.marketsandmarkets.com/Market-Reports/blockchain-as-a-service-market-246499192.html