According to the report published by Allied Market Research, the global blockchain-as-a-service market generated $829 million in 2021 and is projected to reach $84.6 billion by 2031, growing at a CAGR of 59.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape.
A significant surge in internet penetration in various countries across the globe, an increase in the number of cyber threats, a rise in the complexity of the global financial sector, and extensive adoption of blockchain technologies in developing economies drive the growth of the global blockchain-as-a-service market. Growth in the trend of cryptocurrencies and blockchain networks among people during the pandemic had a positive impact on the growth of the market.
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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.
Based on the industry verticals, 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 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.
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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 region, 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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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.
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