Blockchain as a Service Market Set to Surpass USD 120.70 Billion by 2031 | SkyQuest Technology

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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Blockchain as a Service Market Overview: 

Segments covered in Blockchain as a Service Market are as follows:

• Component
  • Tools, and Services
• 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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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.

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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.

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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 has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

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SOURCE SkyQuest Technology