Blockchain as a Service Market to Propel Growth at USD 120.70 Billion by 2031 | SkyQuest Technology
Blockchain as a Service Market size was valued at 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).
Westford, USA, Nov. 27, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global blockchain as a service market will attain a value of USD 120.70 Billion by 2031, with a CAGR of 61.2% during the forecast period (2024-2031). Blockchain as a Service (BaaS) is a cloud service that helps in simplifying the use of blockchain by offering tools, infrastructure components, and pre-configured templates thus reducing the difficulty and cost of installing and running blockchain networks. This BaaS tool and services are fueling the growth of the market as small and medium-sized enterprises increasingly leverage them to build their smart contracts, blockchain applications, and payment systems.
The increasing adoption of blockchain-as-a-service (BaaS) tools and services by small and medium-sized businesses to develop their blockchain applications, smart contracts, and payment systems is expected to boost market growth throughout the forecast period. With the help of BaaS services small and mid-sized enterprises are benefitting from features such as secure decentralization, high immutability, efficiency, cost-effectiveness, security, and more. Furthermore, the evolution of cryptocurrencies and measures to increase awareness and adoption of blockchain-as-a-service among large organizations is also driving the market’s growth.
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Browse in-depth TOC on the “Global Blockchain as a Service Market”
- Pages – 207
- Tables – 123
- Figures – 77
Blockchain as a Service Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 2.64 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, Organization Size, Industry Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing demand for decentralized application to increase use of BaaS platform |
| Key Market Opportunities | Incorporation of IoT and AI with blockchain to increase opportunities for automation |
| Key Market Drivers | Increasing adoption of blockchain among enterprises |
Growing Demand of Blockchain Services in Supply Chain Management to Reduce Fraud and Error
The supply chain management segment is dominating the market because in recent times blockchain has become its support system. The blockchain technology tracks and verifies the flow of goods and products across the supply chain. It provides more transparency and accountability, reducing fraud and mistakes. Supply chain management applications within the framework of blockchain service is the target of the market giants. The market’s major players are prioritising development of blockchain services for supply chain management services. Adoption of blockchain services in different business divisions of manufacturing and retail organizations to leverage key points like optimizing the supply chain to have more efficient resource allocation, lower cost, and enhanced productivity.
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Increasing Popularity of Blockchain in BFSI to Increase Secure Payment System
The BFSI sector is dominating with the largest blockchain as a service market share. Blockchain has been applied to financial functions that have stringent needs for security and efficiency, including cross-border payments, trade finance, and asset tokenization. Most of the increase is attributed to the growing adoption of decentralized applications–based blockchain services across several businesses. Decentralized applications benefits include secure decentralization, low cost, immutability, efficiency, and security. Banks and other financial institutions are emphasizing on the launch of several projects based on blockchain.
Increasing Government Initiatives to Modernize its Processes to Boost Market Growth in North America
North America is dominating the blockchain as a service industry. This is because most of the major companies that offer blockchain solutions for industries such as supply chain, healthcare, finance, and others are in North America. The US federal government is looking into blockchain technology to improve and modernize its processes. The government can use a distributed ledger system to create immutable records of transactions, lower document management costs, speed up processes, and provide a secure environment for the exchange and storage of data. The North America blockchain technology market is expected to be led by U.S. market which is attributed to strong supply chain framework and technology companies in the region.
Blockchain as a Service Market Insights
Drivers
- Increasing adoption of blockchain solutions for payments
- Growing government initiatives to boost demand for blockchain platforms
- Rising demand for security and transparency in businesses
Restraints
- High legal and compliance issues
- Lack of technical knowledge among workforces
- High cost of initial set up and complex integration procedure
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Key Players Operating in Blockchain as a Service Market
- Microsoft Azure
- Amazon Web Services (AWS)
- SAP
- Oracle
- R3
- Accenture
- Huawei
- HPE
- Wipro
- Infosys
- Alibaba Cloud
- Chainlink
- ConsenSys
- Blockdaemon
- Hyperledger Fabric
- Microsoft Azure Blockchain Service
- EY
- KPMG
- PwC
Key Questions Answered in Blockchain as a Service Market
- Who are the prominent companies operating in the market?
- What are the key factors driving the market’s growth?
- Which region has the largest share of the global market?
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This report provides the following insights:
Analysis of key drivers (increasing adoption of blockchain solutions for payments, growing government initiatives to boost demand for blockchain platforms), restraints (high legal and compliance issues, lack of technical knowledge among workforce), opportunities (rising demand for security and transparency in businesses), and challenges (high cost of initial set up and complex integration procedure) influencing the growth of blockchain as a service market
- Market Penetration: Comprehensive information on the product 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 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.
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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 have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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