The blockchain-as-a-service market will exceed $94.43 billion by 2031

SkyQuest Technology Consulting Pvt. Ltd.

Westford, USA, May 16, 2024 (GLOBE NEWSWIRE) — SkyQuest expects Global Blockchain as a service market will reach a value of $94.43 billion by 2031, with a CAGR of 57.10% over the forecast period (2024-2031). Blockchain-as-a-service, or BaaS, refers to using third parties to build and manage cloud-based networks for companies building blockchain applications. In the rapidly developing field of blockchain technology, third-party services are a relatively new concept. Blockchain technology is increasingly being used for secure transactions of various types, well beyond its best-known application in bitcoin transactions. Throughout the projection period, the increase in cyber threats following the COVID-19 pandemic contributed to the expansion of blockchain as a service (BaaS) solution worldwide.

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Browse the in-depth summary on “Blockchain Market as a Service”

• Pages – 207

• Tables – 93

• Figures – 76

Blockchain as a Service Market Overview:

Dominant platform component due to the rise of scalable BaaS-based infrastructure solution

Due to their critical role in enabling secure and effective blockchain operations, underlying platform components dominate the global blockchain as a service (BaaS) market. Included in these components are consensus algorithms and encryption protocols, which form the foundation of blockchain networks. The growing need for scalable infrastructure solutions and strong security measures is driving their dominance, pushing BaaS providers to prioritize the development and integration of cutting-edge components behind the platform to effectively meet market demands.

Supply Chain Management as the fastest growing sub-segment due to the development of sophisticated supply chain management solutions

Supply chain management applications are leading the way in the global blockchain as a service (BaaS) market due to their revolutionary effects on supply chain transparency and efficiency. These applications provide immutable record keeping and real-time visibility across complex supply networks using blockchain technology. The industry’s urgent need for better traceability, less fraud and expedited shipping supports this supremacy. As a result, BaaS providers give top priority to building complex supply chain management systems, solidifying their crucial position in the industry.

The story continues

North America is dominant due to the 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 progress made are credited with its dominant position. the notable adoption of emerging technologies in sectors such as finance, healthcare and supply chain. In the BaaS market, Asia-Pacific is expected to grow at the fastest pace. The region’s rapid economic growth, an increasingly tech-savvy population, and increasing industry-wide digitalization create an atmosphere conducive to blockchain adoption.

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Blockchain as a Service Market Insights

Drivers:

1. Growing adoption of Blockchain technology across all industries

2. The COVID-19 outbreak has increased the demand for Blockchain as a service

3. Emerging applications such as DeFi, NFT and Supply Chain Management

Restrictions:

1. High regulatory uncertainty about Blockchain technology

2. Uncertain regulatory status and standards

3. Security and privacy issues related to Blockchain technology

Prominent players in the global Blockchain as a Service market

• IBM (United States)

• Microsoft (United States)

• SAP (Germany)

• AWS (United States)

• Oracle (United States)

• Huawei (China)

• R3 (United States)

• HPE (United States)

• Accenture (Dublin)

• Wipro (India)

• Infosys (India)

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Key questions answered in the global Blockchain as a Service market report

• What are the elements contributing to the dominance of the underlying platform components of the global Blockchain as a Service (BaaS) market?

• What are the key benefits offered by supply chain management software and how are they driving the BaaS market?

• What elements are expected to drive North American dominance in the BaaS industry and why is this expected to happen?

This report provides the following information:

• Analysis of key drivers (increasing adoption of blockchain generation, improving transformation capacity, security and performance in various business procedures, simplified approach to implementation and reducing complexity with internal implementations), restrictions (regulatory uncertainty on the era of blockchain, variable governance and rigorous standard compliance), opportunities (secure and scalable framework, modern security protocols and automated microtransactions) and challenges (lack of technical understanding and nascent blockchain technology) that influence the growth of blockchain as a services market.

• Market Penetration: Comprehensive information on product portfolios offered by major players in the blockchain-as-a-service market.

• Product Development/Innovation: Detailed insights into upcoming trends, R&D activities, and product launches in the blockchain-as-a-service market.

• Market Development: Comprehensive information on profitable emerging regions.

• Market Diversification: Comprehensive information on new products, growing geographies and recent developments in the market

• Competitive Assessment: In-depth evaluation of market segments, growth strategies, revenue analysis and products of key market players.

Related reports:

Global blockchain market

Global blockchain IoT market

Global fintech blockchain market

Global Blockchain in Healthcare Market

Global decentralized finance (DeFi) market.

Who we are:

SkyQuest is an intellectual property-focused research and investment bank and a technology and resources accelerator. We provide access to technologies, markets and financing across all sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information and Communication Technologies.

We work closely with innovators, inventors, innovation researchers, entrepreneurs, companies and investors to leverage external sources of research and development. Furthermore, we help them optimize 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.

Contact:

Mr Jagraj Singh

Skyquest technology

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Westford,

Massachusetts 01886

United States (+1) 351-333-4748

E-mail: sales@skyquestt.com

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