Blockchain-as-a-Service Market Overview:

With its rapid growth, blockchain technology, also known as the basis of Bitcoin, has been employed in a variety of areas, ushering in a new economy. A plethora of blockchain-based applications and services have recently developed. However, most developers still lack a simple and effective means to deploy, manage, and monitor their applications, making it impossible for them to assure their apps' dependability and security. Blockchain-as-a-Service Market report's segment analysis is studied by considering the segment on the basis of appliaction, organization size, vertical and region.

Blockchain is projected to provide several security features, including decentralization, encryption, and cryptography, to safeguard healthcare industry privacy following the breakout of COVID-19. The COVID-19 outbreak has resulted in a surge in eCommerce demand. To function successfully in a pandemic, technologies such as Artificial Intelligence, Machine Learning, and Blockchain are beginning to drive company innovation initiatives, which has driven the Blockchain-as-a-Service market, among small and medium enterprises. Following the onset of the COVID-19 pandemic, businesses are using fintech and blockchain technologies to simplify and modernize their processes.

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Dynamics of Blockchain-as-a-Service market:

The rising demand due to the coronavirus pandemic is one of the major drivers of the blockchain-as-a-service market. Several firms were forced to close owing to health and safety concerns, as well as the unprecedented demand for specialized items like PPE kits and medical aid. Due to the rising demand for these items, various consumers are feeling forced to get supplies from unknown origins or quality. Long supply chains provide a lot of ambiguity, making it difficult to quantify and plan the complete supply chain. The ideal solution for supply chains is blockchain, which can connect all participants into a single supply chain network while retaining transparency and safely breaking down data silos. As a result, the supply chain process has a large number of blockchain arrangements, which surged during the COVID-19 outbreak.

Blockchain-as-a-Service Market Segmentation:

In 2020, SMEs accounted for over 45% of the global market by organisation size. A CAGR of 9.3% is anticipated for SMEs during the forecast period. Because they are more flexible and affordable, Small & Medium Enterprises prefer cloud-based connectivity to on-premises networking solutions. The adoption of the pay-as-you-go strategy by SMEs to flexibly manage IT infrastructure in accordance with their needs is anticipated to be the driving force behind the implementation of BaaS. Additionally, the need for effective customer data security and cost-cutting, as well as gaining a competitive edge, allows for quick responses and prompt decisions, which is expected to drive the blockchain-as-a-service market in SMEs forward.

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Blockchain-as-a-Service Market Key players:

SAP
AWS
Oracle
Huawei
R3
HPE
Accenture
Wipro
Infosys
Bitfury
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