The North America Blockchain as a Service Market would witness market growth of 52.3% CAGR during the forecast period (2021-2027).
Blockchain as a Service provides an external service provider that assists in establishing all the needed blockchain technology and infrastructure with a cost. Once the infrastructure is created, the providers are able to control the complicated back-end operations for their clients. Moreover, the platform operator also provides support features like suitable allocation of resources, data security features, bandwidth management, and hosting requirements. Further, BaaS provider enables its users to focus on the high-value task viz. the functionality of the blockchain.
Small and medium enterprises are facing several challenges like cash flow difficulties, access to trade financing, bank loans, and other problems and blockchain technology has emerged as the best solution for SMEs. Additionally, these enterprises are focusing on expanding their geographical footprints in foreign nations to gain authority to trade financing sources utilizing BaaS as it can decentralize the data and eliminates the requirement of mediators from the further processes. The World Economic Forum (WEF) proposed that blockchain technology can play a crucial role in facilitating trade financing across the world. SMEs also receive some of the same advantages in supply chain processes. Hence, these benefits offered by blockchain to SMEs would create lucrative growth opportunities for the blockchain as a service market in the forthcoming years.
The Blockchain as a Service market is displaying strong growth in North America, owing to growing investment in blockchain technology. In the past few years, a large number of blockchain development projects were undertaken in the US, which has boosted the growth of the market. Moreover, numerous small, medium, and technology-based enterprises are operating in this region due to which, there is widespread development and deployment of BaaS solutions across the region.
Additionally, substantial growth is witnessed in the integration of BaaS solutions with public essential services, this is anticipated to unlock the growth prospects for the regional BaaS market in the forthcoming period. BaaS is a cloud-based infrastructure that helps enterprises in this region to design and operate their own blockchain applications. Thus, these factors are indicative for the future growth of the regional blockchain as a service market.
The US market dominated the North America Blockchain as a Service (BaaS) Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,320.5 million by 2027. The Canada market is experiencing a CAGR of 60% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 58.7% during (2021 - 2027).
Based on Component, the market is segmented into Tools and Services. Based on Application, the market is segmented into Supply Chain Management, Payments, Identity Management, Smart Contracts, Governance, Risk, & Compliance Management and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Manufacturing, Healthcare, Government, Energy & Utilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Blockchain as a Service Market is Estimated to reach $17.9 Billion by 2027, at a CAGR of 54.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Amazon Web Services, Inc. (Amazon.com), R3, Oracle Corporation, Huawei Technologies Co., Ltd., Hewlett Packard Enterprise, Accenture plc, Wipro Ltd., and Infosys Limited.
By Component
By Application
By Enterprise Size
By End User
By Country
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