According to a new report published by Allied Market Research, titled, “Blockchain-as-a-Service Market,” The blockchain-as-a-service market size was valued at $828.96 million in 2021, and is estimated to reach $84.6 billion by 2031, growing at a CAGR of 59.3% from 2022 to 2031.
Blockchain as a service (BaaS) allows businesses of all types and sizes to access blockchain-based technologies without investing on in-house development teams and processes. The BaaS model enables companies to access the blockchain provider’s service, wherein they can develop blockchain applications at a minimal cost. Furthermore, increase in number of cyber threats post the outbreak of the COVID-19 pandemic aided in propelling the growth of the global blockchain as a service (BaaS) solutions during the forecast period, hence empowering the demand for blockchain as a service (BaaS) solution.
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Moreover, the rise in complexity of the global financial sector during the period has positively impacted the need for blockchain as a service (BaaS) industry. However, the initial development and implementation costs of blockchain services is anticipated to hamper the blockchain as a service (BaaS) market during the forecast period. On the contrary, the growth in adoption of blockchain technologies in the global economy is expected to offer remunerative opportunities for the expansion of the blockchain-as-a-service market forecast.
The market across North America held the dominating market share in 2021, holding around two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 64.2% during the forecast period.
The key players analyzed in the global blockchain-as-a-service market report include Accenture plc, Altores, AWS, Bitfury, Factom, HPE, Huawei technologies, IBM CORPORATION, Infosys limited, Leewayhertz, Microsoft Corporation, Oracle Corporation, Oodles Technologies, and others.
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The report analyzes these key players in the global blockchain-as-a-service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global blockchain-as-a-service market, owing to the presence of lockdowns in various countries across the globe.
- Lockdowns resulted in increased internet penetration during the pandemic, and hence, blockchain technology was increasingly used, boosting the growth of the market.
- In addition, growth in the popularity and adoption of cryptocurrency and nonfungible tokens (NFTs) and the rising popularity of metaverse and virtual marketplaces favourably impacted the growth of the market.
- Thus, the market is further expected to grow rapidly in the coming years.
The report offers detailed segmentation of the global blockchain-as-a-service market based on offering, enterprise size, application, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Blockchain-as-a-Service Market Segmentation:
Based on offering, the tools segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The services segment, on the other hand, is expected to cite the fastest CAGR of 61.1% during the forecast period.
Based on industry vertical, the BFSI segment held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The retail and e-commerce segment, on the other hand, is expected to cite the fastest CAGR of 63.3% during the forecast period.
Based on enterprise size, the large enterprises segment held the dominating market share in 2021, holding three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 61.0% during the forecast period.
Based on application, the payment segment held the lion’s share in 2021, holding nearly one-fourth of the global market. The retail and e-commerce segment, on the other hand, is expected to cite the fastest CAGR of 63.3% during the forecast period.
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