The Blockchain-as-a-Service market size is estimated to be USD 623.0 million in 2018 and expected to reach USD 15,455.0 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period. Providing lower cost of bandwidth, data storage, and computing and the growing need to lower risks, complexities, and increase efficiency are propelling the growth of this market.
Among various applications, the identity management segment is expected to grow at the highest growth rate in the BaaS market, due to the unavailability of equivalent systems for securing the identity of digital entities. This is expected to increase the adoption of the blockchain technology. The blockchain technology provides a solution to mitigate the need for central authority and trusted third parties.
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Among industries, the manufacturing industry is expected to grow at the highest CAGR during the forecast period, owing to the numerous BaaS applications for the automotive sector. For instance, manufacturers are leveraging the benefits of the blockchain technology for recordkeeping while creating a digital identity of vehicles on blockchain.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the fastest rate in terms of BaaS adoption. The BaaS technology helps SMEs in their daily basic operations that involve manual or semi-automatic processing of invoicing, inventory, and payroll for most of the SMEs. For instance, Smart contracts, a critical capability offered by blockchain solution, can prove to be more economical for the SMEs to streamline their operations cost-effectively.
North America, owing to the early technology adoption and the presence of a large number of blockchain solution providers, is expected to maintain its regional dominance during the forecast period. Particularly, in North America, the banks such as Royal Bank of Canada, JPMorgan, Bank of America, and other financial services institutions are adopting the blockchain technology and rolling out full-scale commercial blockchain technology-based products. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, due to the ongoing technology-related advancements and increasing use of the blockchain technology across multiple industries. Moreover, the region is immensely scrutinizing the potential of the blockchain technology to explore new opportunities and overcome possible challenges.
The increasing adoption of BaaS tools across numerous industries and innovation across international trade and supply chains are the primary factors that are expected to unlock the opportunities for the key players in the BaaS market.
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