Blockchain as a Service Market to Surpass USD 94.43 Billion by 2031 | SkyQuest Technology
Westford, USA, May 16, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Global Blockchain as a Service Market will attain a value of USD 94.43 Billion by 2031, with a CAGR of 57.10% during the forecast period (2024-2031). Blockchain-as-a-service, or BaaS, refers to the use of third parties to build and manage cloud-based networks for businesses that create blockchain applications. In the quickly developing field of blockchain technology, third-party services are a relatively new concept. Blockchain technology is increasingly being used for safe transactions of many kinds, far beyond its most well-known application in bitcoin transactions. Throughout the projection period, the rise in cyberthreats following the COVID-19 pandemic contributed to the expansion of worldwide blockchain as a service (BaaS) solution.
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Browse in-depth TOC on the ” Blockchain as a Service Market ”
- Pages – 207
- Tables – 93
- Figures – 76
Blockchain as a Service Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.55 billion |
| Estimated Value by 2031 | $94.43 billion |
| Growth Rate | Poised to grow at a CAGR of 57.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Provider and Application |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Rising Integration of Blockchain with Emerging Technologies |
| Key Market Opportunities | Increasing Adoption of Blockchain Technology Across Industries |
| Key Market Drivers | Development of hybrid and Interoperable blockchain solution |
Platform Component to Dominate due to Surge in Scalable Infrastructure Solution Powered by BaaS
Due to their critical role in enabling safe and effective blockchain operations, underlying platform components dominate the global blockchain as a service (BaaS) market. Consensus algorithms and encryption protocols, which are the foundation of blockchain networks, are included in these components. The increasing need for scalable infrastructure solutions and strong security measures is driving their dominance, pushing BaaS providers to give priority to the development and integration of cutting-edge behind-platform components to effectively satisfy market demands.
Supply Chain Management as Fastest-growing Sub-Segment Owing to Development of Sophisticated Supply Chain Management Solution
Applications for supply chain management are leading the way in the global blockchain as a service (BaaS) market because to their revolutionary effects on supply chain transparency and efficiency. These applications provide immutable record-keeping and real-time visibility across intricate supply networks by utilising blockchain technology. The sectors’ urgent need for improved traceability, less fraud, and expedited shipping supports this supremacy. As a result, BaaS providers give top priority to the creation of complex supply chain management systems, solidifying their crucial position in the industry.
North America is Dominant Due to Mature Ecosystem of technology companies and Government Agencies
The Blockchain as a Service (BaaS) market will be dominated by North America. The region’s strong technological infrastructure, large investments in blockchain research, and advancements are credited with its dominance. the notable uptake of emerging technologies in sectors including finance, healthcare, and supply chain. It is anticipated that in the BaaS market, Asia-Pacific will grow at the fastest rate. The region’s rapid economic growth, progressively more tech-savvy population, and growing industry-wide digitization provide an atmosphere that is conducive to blockchain adoption.
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Blockchain as a Service Market Insights
Drivers:
- Increasing Adoption of Blockchain Technology Across Industries
- COVID-19 Outbreak Increased the Demand for Blockchain as a Service
- Emerging Application like DeFi, NFTs and Supply Chain Management
Restraints:
- High Regulatory Uncertainty Surrounding Blockchain Technology
- Uncertain Regulatory Status and Standards
- Security and Privacy concerns Related to Blockchain Technology
Prominent Players in Global Blockchain as a Service Market
- IBM (US)
- Microsoft (US)
- SAP (Germany)
- AWS (US)
- Oracle (US)
- Huawei (China)
- R3 (US)
- HPE (US)
- Accenture (Dublin)
- Wipro (India)
- Infosys (India)
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Key Questions Answered in Global Blockchain as a Service Market Report
- What are the contributing elements to the worldwide Blockchain as a Service (BaaS) market’s underlying platform components dominance?
- What are the main advantages that supply chain management software offers, and how do they lead the BaaS market?
- What elements are expected to promote North America’s dominance in the BaaS industry, and why is this predicted to occur?
This report provides the following insights:
- Analysis of key drivers (Increasing adoption of blockchain generation, improved transformative capacity, security & performance in various enterprise procedures, streamlined approach of deploying and reduced complexity with in-house implementations), restraints (Regulatory uncertainty surrounding blockchain era, varying governance and stringent compliance standard), opportunities (Secure and scalable framework, modern security protocols and automated micro transactions), and challenges (Lack of technical understanding and blockchain technology being in nascent stage) influencing the growth of blockchain as a service market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the blockchain as a service market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the blockchain as a service market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Fintech Blockchain Market
Global Blockchain in Healthcare Market
Global 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.
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