Blockchain-as-a-Service Market to Reach $84.6 Billion by 2031: Allied Market Research
Significant increase in internet penetration in various countries across the globe, increase in number of cyber threats, increase in complexity in the global financial sector, and widespread adoption of blockchain technologies in the developing economies are driving 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.
Portland, OR, Nov. 02, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the 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, developing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders to introduce necessary strategies for the future and take essential steps to significantly strengthen and raise their position in the market.
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Report coverage and details:
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Report coverage |
Details |
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Forecast period |
2022–2031 |
|
Foundation year |
2021 |
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Market size in 2021 |
829 million dollars |
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Market size in 2031 |
84.6 billion dollars |
|
CAGR |
59.3% |
|
Number of pages in the report |
345 |
|
Segments covered |
Offerings, Company Size, Application, Industry Vertical and Region. |
|
Drivers |
Significant increase in internet penetration in various countries worldwide |
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Increase in the number of cyber threats |
|
|
Possibilities |
Increasing complexity in the global financial sector |
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Widespread use of blockchain technologies in developing economies |
|
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Limitations |
Initial development and implementation costs for blockchain services |
COVID-19 scenario:
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The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global blockchain-as-a-service market, due to the presence of shutdowns in various countries across the globe.
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Lockdowns resulted in increased internet penetration during the pandemic, and therefore blockchain technology was increasingly used, which increased the growth of the market.
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In addition, the growth in popularity and use of cryptocurrency and non-fungible tokens (NFT) and the increasing popularity of metaverse and virtual marketplaces influenced the growth of the market.
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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, company size, application, industry vertical, and region. The report provides a comprehensive analysis of each segment and their respective sub-segments using graphical and tabular form. This analysis can essentially help market players, investors and new entrants to decide and devise strategies based on fastest growing segments and highest revenue generation mentioned in the report.
Based on supply, the tools segment held the dominant market share in 2021, accounting for 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 quote the fastest CAGR of 61.1% during the forecast period.
Based on industry vertical, the BFSI segment held the dominant market share in 2021, accounting for 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 enterprise segment held the dominant market share in 2021, accounting for three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The SME segment, on the other hand, is expected to quote the fastest CAGR of 61.0% during the forecast period.
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Based on application, the payments segment held the lion’s share in 2021, accounting for nearly a quarter 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 region, the market across North America held the dominant market share in 2021, accounting for 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.
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 useful for analyzing recent developments, product portfolio, business performance and operating segments of prominent players in the market.
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About us
Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded approach to providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relationships with various companies and this helps us to dig out market data which helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top executives from leading companies in the concerned domain. Our secondary data sourcing methodology includes deep online and offline research and discussion with knowledgeable industry professionals and analysts.
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