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. 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).
IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), R3 (US), HPE (US), Accenture (Dublin), Wipro (India), Infosys (India), Bitfury (The Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India),and Blocko (South Korea).
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the BaaS market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
IBM was founded in 1911 and is headquartered in New York, US. The company is a computer, technology, and IT consulting corporation. It is the worlds largest technology company and the second-most valuable company. For BaaS, IBM provides the IBM Blockchain Platform, IBM Blockchain Support, and Business Consulting and Industry Expertise. The IBM Blockchain Platform is a cloud-based blockchain-as-a-service, created with the help of Hyperledger Composer and Hyperledger Fabric. It enables organizations to govern, develop, and operate their network through a distributed ledger, ensuring the ease-of-use and high security. The platform caters to many industry use case scenarios, including supply chain, financial services, automotive, real estate, food safety, identity, and international trade.
Microsoft was founded in 1975 and headquartered in Washington, US. It develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. For BaaS, Microsoft offers NovaTrack, BaaS Platform, and Blockchain Workbench. NovaTrack is Microsoft’s new track and trace-based platform that works on blockchain, AI, IoT, and serialization functionalities to ensure end-to-end visibility and traceability across the supply chain. The Microsoft BaaS platform is built on an open, trusted cloud platform that works with the ledger of the client’s choice, including Azure Blockchain Service, BlockApps STRATO, as well as Blockchain Foundry Syscoin, and provides a collection of ready-to-deploy ledger and tools within the Microsoft Azure marketplace.
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Market SynopsisMarket Research Future (MRFR), in its latest report on the global market for blockchain-as-a-service (BaaS) 2020, reveals factors that govern the market.
As per MRFR data, the expansion of the Blockchain as a Service (BaaS) Market is likely to be at 70.63% CAGR across the study period 2018–2024.
The Blockchain as a Service (BaaS) Market value can touch USD 18,981.66 Million by 2024.The increase in the application of blockchain-as-a-service solutions for financial service, banking, and insurance enterprises can bolster the expansion of the market across the analysis period.
The rise in the demand to implement BaaS solutions in supply chain management for various industries can also promote the expansion of the market through the study period.
On the contrary, lack of expertise on blockchain technology, less interoperability of blockchain solutions among enterprises, issues in regulatory standards, and issues with high costs associated with the integration of legacy systems can restrain the expansion of the blockchain-as-a-service solutions market in the coming years.Market SegmentationThe segment evaluation of the blockchain-as-a-service solutions market is done by component, platform, application, cloud, and organization size.The platform based segments of the blockchain-as-a-service solutions market Ethereum, Ripple, Hyperledger, R3, and others.The component based segments of the blockchain-as-a-service solutions market are tools and servicesThe cloud based segments of the blockchain-as-a-service solutions market are hybrid, private, and public.The organization size based segments of the blockchain-as-a-service solutions market are large enterprises and SMEs.The application based segments of the blockchain-as-a-service solutions market are smart contracts, compliance management, inventory management, identity management, payment management, supply chain management, fraud management, loyalty and rewards management and others.The vertical based segments of the blockchain-as-a-service solutions market are retail and e-commerce, transportation & logistics, BFSI, healthcare, IT & telecommunications, government, media & entertainment, energy & utilities, and others.Regional AnalysisTrends of the Blockchain as a Service (BaaS) Market are studied across North America, APAC, MEA, and EU.
In EU, the presence of noteworthy marketers and giant tech players such as Microsoft Corporation, IBM Corporation, and Amazon Web Services, can support the expansion of the Blockchain as a Service (BaaS) Market in the region in the years to come.
Blockchain As A Service (BaaS) Market OverviewThe global Blockchain As A Service (BaaS) Market report focuses on the volume, value, status, and size of the market at the global level, regional level, and company level.
From another perspective, the market has been studied based on historical data and future forecasts.
The global outlook has also been presented with the latest competitive trends and detailed regional analysis for the review period of 2021-2030, with the base year 2019.
Key PlayersThis report has provided profiling of the prominent key players that are prevalent in the global Blockchain As A Service (BaaS) Market.
The expansion and the reach of the market have also been pointed out in the report.Some key players in the global blockchain as a service (BaaS) market are Amazon Web Services Inc., ConsenSys, Deloitte Touche Tohmatsu Limited, Dragonchain Inc., EY, Hewlett Packard EnterpriseAccess Full Report Details and Order this Premium Report @ https://www.absolutemarketsinsights.com/reports/Blockchain-as-a-Service-BaaS-Market-2021---2029-882Market dynamicsThis report mentions the marketing channels- direct and indirect marketing- and the dynamics that are factoring the growth of the global Blockchain As A Service (BaaS) Market.
Furthermore, the impact of the increasing population on the global market and the rise in technological advancements has also increased the varying trends of the global market.
The global Backend as a Service (BaaS) Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the backend as a service (baas) market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Kony, Inc., Kinvey Inc., AnyPresence, Inc., Appcelerator, Inc., CloudMine, Inc., KII Corporation, and Exadel, Inc..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Backend as a Service (BaaS) Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/backend-as-a-service-baas-market/download-sampleMarket Dynamics The global backend-as-a-service (Baas) market is projected to grow at an exciting pace during the forecast period.
Backend as a Service is a growing trend that will continue to increase in popularity in the coming years.
Businesses are increasingly outsourcing backend services of an application to focus on frontend services.
