Blockchain as a Service Market: Exponential Forecasted to Reach $29.20B by 2028 with Smart Contracts Driving Transformation

The blockchain as a service market size has grown exponentially in recent years. It will grow from $4.82 billion in 2023 to $6.91 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to cost efficiency initiatives, regulatory compliance requirements, demand for streamlined development processes, globalization and cross-border transactions, integration with existing enterprise systems.

The blockchain as a service market size is expected to see exponential growth in the next few years. It will grow to $29.20 billion in 2028 at a compound annual growth rate (CAGR) of 43.4%. The growth in the forecast period can be attributed to increasing adoption of decentralized finance (DeFi), rising emphasis on supply chain traceability, expansion of digital identity solutions, integration with internet of things (IoT) networks, growing demand for cross-industry applications. Major trends in the forecast period include increased adoption in emerging markets, expansion of use cases, rise of hybrid and multi-cloud deployments, integration with emerging technologies, focus on regulatory compliance and security.

Market Overview -
Blockchain as a service refers to a cloud-based service model designed to provide blockchain infrastructure, development tools, and management services by third-party cloud service providers. These enable businesses to leverage blockchain technology without the need to build and maintain their infrastructure, resulting in efficient and scalable blockchain solutions.

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Rising Adoption Of Smart Contracts Fuels Growth In The Blockchain As A Service Market
Increasing adoption of smart contracts is expected to propel the growth of the blockchain as a service market going forward. Smart contracts refer to a type of contract in which the terms and conditions are encoded directly into code, enabling them to execute autonomously when specific predefined conditions are satisfied. The adoption of smart contracts is rising due to their ability to automate and self-execute contractual agreements, improving efficiency, transparency, and trust in various industries. BaaS solutions support the execution of smart contracts, allowing users to create, deploy, and interact with programmable contracts that automatically enforce predefined rules and conditions. For instance, in June 2022, according to Alchemy Insights Inc., a US-based software development company, the number of Ethereum smart contracts created increased by 24.7% in the first quarter of 2022, totaling 1.45 million. This represents an increase over the 1.16 million smart contracts generated in the previous quarter of 2021. Therefore, the increasing adoption of smart contracts is driving the growth of the blockchain as a service market.

Competitive Landscape -
Major companies operating in the blockchain as a service market are Amazon.com Inc., Microsoft Corporation, Alibaba Group Holding Limited, Nippon Telegraph and Telephone Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, KPMG LLP, SAP SE, Hewlett Packard Enterprise, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Baidu Inc., VMware Inc., Wipro Limited, Altoros, Factom Inc., PayStand Inc., LeewayHertz, Stratis Group Ltd.

Blockchain Powered Data Marketplace Transforming The Blockchain As A Service Market
Major companies operating in the blockchain as a service market are developing new products, such as blockchain-powered data marketplaces, to gain a competitive edge in the market. A blockchain-powered data marketplace is a platform that utilizes blockchain technology to facilitate the secure and transparent exchange of data between multiple parties. For instance, in May 2021, Nokia Corporation, a Finland-based telecommunications company, launched a blockchain-powered data marketplace to facilitate the secure sharing of data and AI models. This marketplace aims to enable enterprises and communication service providers to access trusted datasets for data trading and AI applications. The platform is designed to drive digital transformation, data monetization, and the secure exchange of information. The platform's ability to handle safe data exchanges and AI models trained across distributed data sets positions it as a useful BaaS solution for enterprises looking to utilize blockchain technology for data-driven insights and transactions.

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Key Segments -
The blockchain as a service market covered in this report is segmented -
1) By Offering: Tools, Services
2) By Enterprise Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
3) By Application: Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance, Other Applications
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Government And Public Sector, Manufacturing, Retail And E-commerce, Media And Entertainment, Transportation And Logistics, Healthcare, Energy And Utilities, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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