Recently Zion Market Research published a book entitled "Packet Chain as a Service Market Application (Payment Smart Contract Supply Chain Management Identity Management Governance Risk and Compliance Management) Components (Tools and Services) and Depth ( BFSI Internet Technology and Telecommunications Healthcare Retail Manufacturing Logistics Government Media and Entertainment Energy and Utilities and Tourism and Hospitality Management and Real Estate) New Analysis of Global Industry Perspectives and Forecasts 2017-2024 report.
According to the report the global blockchain-as-a-service (BaaS) market has a total value of approximately US$440 million in 2017. It is expected to reach US$30.59 billion by 2024 2018. The compound annual growth rate of the global blockchain-as-a-service market in 2024 will be 85.09%. Blockchain as a Service (BaaS) is a cloud-based service and solution provided by large technology giants to users to develop blockchain-based applications. Due to the increasing use of blockchains in the commercial sector this study expects that the market for blockchain services will also grow substantially. With the advent of the BaaS model international business transactions will become safer faster and more reliable. Since all databases stored on the blockchain are distributed and each transaction is traceable the blockchain-as-a-service is eliminating barriers to international payment. Using blockchain technology can eliminate or reduce the latency of validation and invoice processing and the cost of triggering business activities. This technology proposes a blockchain that shares courseware information between suppliers and buyers. Using BaaS in international business transactions can reduce processing time while reducing costs by nearly 50%. At the same time there are more and more use cases for implementing blockchain-as-a-service in the supply chain. The study predicts that if the blockchain service model is used to eliminate barriers in the international supply chain the global trade volume will increase by 15% in the future. For example IBM and Wal-Mart now have a collaborative solution designed to allow vegetable growers processors distributors retailers and other stakeholders to track products safely and efficiently at every stage of the supply chain. The study also expects a significant increase in BaaS use cases between 2018 and 2022 due to benefits such as increasing consumer and partner trust improving inventory management reducing paperwork and eliminating fraud and errors in the supply chain. In addition the media and entertainment industry is one of the early adopters of blockchain solutions where the use of blockchains provides efficiency and transparency for consumers. Because digital products lose their value because they are easily copied pirated movies music and other content can hinder the overall productivity and revenue of the industry when it comes to media and entertainment. The implementation of the BaaS model in the media and entertainment industry will benefit the original creators of the work enabling them to use smart contracts to set sharing permissions and automate royalty payments. In government management the extensive use of cryptography and peer-to-peer distributed network architectures is another advantage of the BaaS model in government enterprise and other vertical domains. However the blockchain uses a decentralized mechanism that can be constrained by external interventions or additions to certain centralized components of the BaaS model. In terms of the development of the blockchain-as-a-service market the study expects North America to account for a significant share of the global blockchain services market as private companies operating in the region adopted blocks early. Chain technology has made technological advances. Blockchain technology is increasingly being used in local government departments because it provides security and transparency. For example the US Federal Risk and Authorization Management Program recently received 100 cloud service licenses. In addition Microsoft announced in October 2017 the blockchain project Azuregovernment which provides government customers with the ability to use Hyperledger Quorum Ethereum and Corda in a cloud environment. On the other side of the Atlantic the European Union which maintains trade relations with the United States has also begun to increase its funding for research and development activities on blockchain technology. It is expected that Europe will have a significant share of the global blockchain service market in the coming years. By 2020 the EU's total spending on blockchain technology research projects is expected to quadruple from $95 million to $390 million. Prior to this the EU had stated that blockchain technology had great potential for cross-border cooperation between companies and administrations. Blockchain technology is increasingly used in supply chain management making a huge contribution to the development of the BaaS model. Traceability is an important parameter for the logistics industry to provide supply chain solutions and blockchain technology plays a vital role in meeting this need. The study also shows that due to the extensive implementation of blockchain services in the banking and financial services industry (BFSI) the Asia Pacific blockchain service market is expected to achieve the fastest growth during the expected period. With the increasing popularity of mobile banking technology the region has surpassed other regions in mobile financial applications. At the same time the reason why the region can use blockchain technology in large quantities is also because local governments have taken some measures. Countries such as China Japan Australia South Korea and Hong Kong are among the early adopters of blockchain services in the region and governments in these countries are taking a proactive approach to innovation. Banks in South Korea and Japan have been testing blockchain technology to achieve international transfers on the day and cut transaction costs by nearly 30%. Currently the major companies operating in the global blockchain services market are IBM Microsoft SAP AWS Consensus Deloitte Infosys Huawei Accenture and Oracle. It is expected that in the next few years more giants will step into this field.