HOME Research Insight Oracle (US) and Microsoft (US) are the Key Players in the Blockchain-as-a-Service Market

Oracle (US) and Microsoft (US) are the Key Players in the Blockchain-as-a-Service Market

The Blockchain-as-a-Service (BaaS) market is growing at a faster pace, owing to the need to lower risks, complexities, and increase efficiency; and providing a lower cost of bandwidth, data storage, and computing. The global BaaS market is expected to grow from USD 623.0 Million in 2018 to USD 15,455.0 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 90.1% during the forecast period.

The major vendors in the BaaS market include IBM (US), Microsoft (US), Oracle (US), SAP (Germany), Waves Platform (Russia), HPE (US), Baidu (China), Stratis (UK), AWS (US), Huawei (China), KPMG (Netherlands), Accenture (Ireland), PwC (UK), Infosys (India), TCS (India), TO THE NEW (India), Capgemini (France), Deloitte (US), Cognizant (US), EY (UK), NTT Data (Japan), ConsenSys (US), Wipro (India), L&T Infotech (India), and Mphasis (India).

These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to achieve their business goals and sustain in the competitive market. Apart from these strategies, new product launches and product upgradations, business expansions, and venture funding are some of the other significant strategies embraced by these market players to grow in the BaaS market.

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Oracle has entered in the BaaS market by offering new products and offerings to its existing customers. For instance, in October 2017, Oracle launched the Enterprise Blockchain Cloud Service that builds trust and transparency in peer-to-peer transactions among enterprises. The blockchain technology on cloud offers real-time visibility of the trading ecosystem and helps extend business applications and processes securely.

Microsoft operates in many countries, and primarily caters to the regions of the Americas, Europe, Middle East, and Africa (MEA), and Asia Pacific (APAC). Microsoft has adopted inorganic growth strategies, and has partnered with various companies to strengthen its regional presence and customer base. In November 2017, Microsoft partnered with R3 to further accelerate the adoption of R3’s Corda platform among businesses using Microsoft Azure. As per this partnership, the Corda platform can be deeply integrated with Azure so that businesses can easily deploy underlying computing resources for blockchain networks.

Related Reports:

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

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