Global Blockchain-as-a-Service Market to Post a CAGR of 85% Through 2018-2022 | Technavio
Aug. 20, 2018
LONDON--(BUSINESS WIRE)--Aug 20, 2018--The global blockchain-as-a-service market is expected to post a CAGR of over 85%, according to the latest market research report by . However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has published a new market research report on the global blockchain-as-a-service market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing number of cyber attacks. Cyber attacks by hackers and cybercriminals are growing at an alarming rate. The number of data breaches and files stolen by the hackers is rising globally. Cyber attacks range from disruption of hardware infrastructure to data theft. Due to the growing cyber attacks, there is a surge in investment in blockchain technology from both government and private entities. Currently, blockchain technology is one of the best tools to prevent potential frauds and protect data from hackers. It is widely adopted by enterprises to improve their online security systems. Traditional databases were centralized, which made them more prone to cyber threats, but blockchain is more synchronized across multiple systems, which makes it difficult for hackers to tamper with information. This will help in driving the growth of the global BaaS market during the forecast period.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growth of quantum computing as one of the key emerging trends in the global blockchain-as-a-service market:
Global blockchain-as-a-service market: growth of quantum computing
Quantum computing refers to the utilization of quantum-mechanical phenomena, such as superposition and quantum entanglement, for data processing and computation purposes. Instead of bits that are used by conventional computers for data processing, quantum computers utilize qubits, which can store considerably large amounts of data and perform exponentially fast computing while using less energy. Thus, it is expected that the global blockchain-as-a-service market will show a positive outlook during the forecast period due to the various advantages associated with quantum computing.
“Integration of BaaS with IoT is another major factor that is driving the growth of the global market. BaaS can help enterprises in enabling error-free and secure connectivity between thousands of IoT devices along with providing cost-efficient self-managed networks,” says a senior analyst at Technavio for research on IT professional services.
Global blockchain-as-a-service market: Segmentation analysis
This market research report segments the global blockchain-as-a-service market by end-user (BFSI, government, healthcare, and others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of over 43% of the market share, followed by EMEA and APAC respectively. However, during the forecast period, the region of APAC is expected to show the highest incremental growth, followed by the EMEA region.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180820005510/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200www.technavio.com
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE INTERNET NETWORKS SOFTWARE
SOURCE: Technavio Research
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