DUBLIN--(BUSINESS WIRE)--The "Blockchain-as-a-Service Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Blockchain-as-a-Service Market was valued at USD 420.5 billion in 2019 and is expected to reach USD 982.8 billion by 2025, at a CAGR of 15.2% over the forecast period 2020-2025.
With the expansion of the cryptocurrency market, in December 2017, many new users have gained knowledge about blockchain and cryptocurrency, and started exploring the same. Thus, there has been a rapid rise of blockchain and cryptocurrency users. The bitcoin blockchain market has witnessed a steep rise over the past few years.
Blockchain is often called the technology of trust, as they do not have a single point of failure and cannot be changed from a single computer. Furthermore, blockchain allows for the use of tools, like smart contracts, which may potentially automate manual processes, from compliance and claims processing, to distributing the contents of a will. These are some of the desirable features, which are encouraging the BFSI industry to leverage blockchain.
Blockchain requires huge investment when it comes to setting up infrastructure and maintaining it. It is much more resource intensive, as compared to traditional databases. It also consumes a huge amount of energy and requires huge bandwidth, which the developing countries are struggling for.
Key Market Trends
BFSI Expected to Occupy the Largest Market Share
- Blockchain-as-a-service offerings are revolutionizing the BFSI industry, as banks and financial service companies are among the most heavily invested enterprises exploring blockchain technology.
- This is due to the many, highly valuable decentralized applications of this technology, thereby giving rise to new business models in various areas, such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance.
- However, it is still in the nascent stage in the market, owing to which the banks and financial institutions are exploring the viable possibilities of this technology, and investing into the same, which is likely to boost the market growth.
Asia-Pacific Expected to Witness the Highest Growth Rate
- After May 2018, the Chinese government has been promoting the adoption of blockchain technology, due to its multiple advantages. Majority of mining operations take place in China.
- A leading global ICT (information and communications technology) solutions provider, Huawei, announced the launch of its hyperledger-based blockchain service in April 2018, in China, to enable companies to develop smart contracts on top of a distributed ledger network for several use-case scenarios.
- Moreover, in Thailand, the government positively accepted cryptocurrency projects. Thai regulators established cryptocurrency licenses in 2018, to enable exchanges and ICOs. Clear and specific guidelines have been drawn for foreign blockchain businesses.
- Furthermore, the South Korean government also spent USD 880 million on blockchain development for 2019. Owing to all these factors, Asia-Pacific is expected to witness the fastest growth rate over the forecast period.
The potential of blockchain-as-a-service has been recognized by few of the world's largest software companies. The three big cloud providers, Amazon, Microsoft, and IBM, have developed blockchain-as-a-service platforms that are already available for their cloud customers. Blockchain startups are also hiring freelancers for a better talent pool.
Recent Industry Developments
- March 2019 - Tata Consultancy Services (TCS) collaborated with Microsoft and R3 technology (R3), to adopt a scalable cross-industry blockchain platform. Some of the anchor solutions that are being built on these platforms include skills marketplace, anti-counterfeiting of luxury goods, affordable mobility, and shared telecom infrastructure for 5G, and loyalty and rewards programs.
- February 2019 - IBM made the IBM Food Trust solution "generally available", and the latest company to experiment with this solution is Albertsons Companies, the world's second-largest supermarket company, by sales.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Awareness of Blockchain Technology is Helping to Expand the Market
4.3.2 Need for Security in Transactions is Driving the Blockchain's Growth
4.4 Market Restraints
4.4.1 Volatility of Network Speed and Cost Involved can be a Restraining Factor
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 End-user Vertical
5.1.3 IT & Telecom
5.1.4 Energy & Utilities
5.1.7 Other End-user Verticals
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft Corporation
6.1.2 Hewlett-Packard Enterprise
6.1.3 IBM Corporation
6.1.4 SAP SE
6.1.6 Amazon Web Services
6.1.7 Oracle Corporation
6.1.8 Huawei Technologies Co. Ltd.
6.1.9 Blockstream Inc.
6.1.10 PayStand Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/d3y0p2