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BaaS Market to Reach US$15,455 Million by 2023

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A new research report published by MarketsandMarkets™ has found that the Blockchain-as-a-Service market is expected to grow from USD 623.0 million in 2018 to USD 15,455 million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period. Among the key factors driving the growth for this period will be the low cost of bandwidth, data storage, computing, the need to lower risks and complexities, and increase efficiency.

A major finding of the report – titled ‘Blockchain-as-a-Service Market by Component (Tools and Services), Business Application (Supply Chain Management, Smart Contracts, Identity Management, Payments, and GRC Management), Organization Size, Industry, and Region – Global Forecast to 2023’ – has been that the identity management of the business application segment is expected to grow at the highest CAGR during the forecast period. Among industries, the Banking, Financial, and Insurance (BFSI) industry is expected to have the largest market share during the forecast period.

 

READ MORE OF THE ARTICLE AT CHAIN-FINANCE.COM

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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