WESTFORD, Mass., June 25,
2024 /PRNewswire/ -- As per SkyQuest, the global
Blockchain as a Service Market size was valued at USD 1.64 billion in 2022 and is poised to grow
from USD 2.64 billion in 2023 to
USD 120.70 billion by 2031, growing
at a CAGR of 61.2% in the forecast period (2024-2031).
Blockchain as a service (BaaS) refers to the utilization of
cloud-based services and solutions to host or build Blockchain
applications. Rising adoption of cloud technologies and
advancements in Blockchain technology are projected to collectively
bolster the blockchain as a service market growth over the coming
years. The global blockchain as a service market is segmented into
component, provider, application, and region.
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overview:
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Blockchain as a Service Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2022
|
$ 1.64 billion
|
Estimated Value by
2031
|
$ 120.70 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 61.2%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, Application,
Industrial Vertical, and Organization Size
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing Need for Data
Security
|
Key Market
Drivers
|
Increasing Adoption of
Blockchain Technology Across Industries
|
Segments covered in Blockchain as a Service Market are
as follows:
- Component
- Application
- Supply Chain Management, Smart Contracts, Identity Management,
Payments, Governance, Risk, and Others
- Industrial Vertical
- BFSI, Healthcare, Manufacturing, Retail & eCommerce,
Transportation & logistics, Energy & Utilities, and
Others
- Organization Size
- SMEs, and Large Enterprises
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report:
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Platforms Remain Fundamental for Blockchain as a
Service
Platforms are highly essential to the deployment of any
blockchain as a service as they allow easy integration and
development of different systems, solutions, and tools. Growing
emphasis on Blockchain adoption to improve transparency and
security is predicted to help promote blockchain as a service
market growth through this sub-segment. High investments by
blockchain as a service companies in the development of novel
platforms will also help market growth going forward.
Blockchain is a very new technology and managing it can be a
tedious task for many organizations implementing it, this is where
the demand for services comes in. The services segment is slated to
exhibit robust growth and is further categorized into managed
services and professional services. Demand for managed services is
slated to increase at a rapid CAGR over the coming years. Moreover,
the increasing complexities of Blockchain technologies and
blockchain as a service platforms will also help the services
segment uplift market development in the future.
Smart Contracts to Emerge as Highly Opportune Application for
Blockchain as a Service
Like all Blockchain markets, blockchain as a service market is
also highly dependent on the popularity of smart contracts as they
gain traction all over the world. The high security and ease of
business offered by smart contracts is what makes this application
a highly lucrative one for anyone in the global blockchain as a
service business. Enhanced transparency and minimal need for
guidance in execution are key benefits of smart contracts that
would help blockchain as a service adoption.
Supply chain management is estimated to account for a
substantial share of the global blockchain as a service market.
Improved traceability, better asset tracking and management, and
low possibility of fraud are key benefits associated
with blockchain as a service adoption for supply chain management.
Risk and compliance management is another key application for
blockchain as a service providers looking to maximize their revenue
generation in the future.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/blockchain-as-a-service-market
Rapid Adoption of Cloud Technology to Take Cloud Service
Providers Into Clouds
Low costs and easy implementation of cloud-based platforms and
services have bolstered the importance of cloud service providers
in the global blockchain as a service market. The availability of
pay-as-you-go cloud-based BaaS platforms and the rising emphasis of
organizations on resource optimization and profit maximization will
also help this segment dominate the global market across the
forecast period and beyond.
In conclusion, opportunities for blockchain as a service
adoption are limitless as Blockchain technology is in its initial
stages. Growing acceptance of Blockchain in all industry verticals
has maximized its application scope and this is why blockchain as a
service companies can invest in almost any segment to get good
returns for their investments in the long run.
Related Reports:
Blockchain Market
Blockchain IoT Market
Fintech Blockchain Market
Blockchain In Manufacturing Market
Decentralized Finance (DeFi)
Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology