Global Blockchain as a Service (BaaS) Market (2018-2025)-GMI Research Global Blockchain as a Service | Page 2

The global Blockchain as a Service (BaaS) market is expected to witness
significant growth in the coming years, owing to the growing adoption of the
blockchain technology by the various end-user industries. The BaaS service
providers assist the end users in maintaining and managing their blockchain
applications. In addition, the BaaS service providers also provide consulting
and implementation services, training, integration, and maintenance services
to the end users. For instance, In 2015, Microsoft became the first company
to introduce BaaS. The BaaS offers the similar kind of benefits to the end
users in terms of cost saving, scalability and implementation as Infrastructure
as a Service (IaaS) and Platform as a Service (PaaS) offers to the end users.
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The growing demand for the training and integration services by the end
users, ease of data maintenance and increase in the efficiency are few
factors which are driving the BaaS market growth. In addition, the growing
adoption of BaaS services by the BFSI industry due to the advantages of the
BaaS i.e. efficiency, cost-effectiveness and security are supporting the
growth of the BaaS market. However, stringent government regulations,
inadequately skilled workforce, and lack of standards are hindering the
market growth.
Various notable players operating in the market, include Amazon Web
Services, Inc., International Business Machines (IBM) Corporation, Microsoft
Corporation, Oracle, SAP SE, Baidu, Accenture, Huawei, and Waves Platform.
Most of the players in the market are focusing on strategic collaboration with
technology developers and platform providers and to offer better service
subscription plans. For instance, in October 2018, Amazon Web Services
partnered with Qtum to develop blockchain as a service solution for the end
users and developers.