Steady Expansion Forecast for Blockchain as a Service Market, Projected to Reach $41.49 Billion by 2029

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How Large Will the Blockchain as a Service Market Size By 2025?
The market size of blockchain as a service has seen a significant increase in the past few years. The growth forecast predicts an expansion from $6.91 billion in 2024 to $9.88 billion in 2025, marking a compound annual growth rate (CAGR) of 42.9%. The augmentation during the historic period can be credited to factors such as cost-effective initiatives, regulatory alignment necessities, the need for simplified development procedures, the effects of globalization and cross-border deals, and assimilation with prevailing corporate systems.

How Big Is the Blockchain as a Service Market Size Expected to Grow by 2029?
In the coming years, the market size for Blockchain as a Service is predicted to witness a skyrocketing rise, reaching a significant $41.49 billion by 2029, with a substantial compound annual growth rate (CAGR) of 43.2%. The projected growth for this period is fueled largely by the accelerating acceptance of decentralized finance (DeFi), an increased focus on traceability in supply chains, a surge in digital identity solutions, integration with Internet of Things (IoT) infrastructures, and burgeoning demand for cross-industry apps. The aforementioned period will also witness certain trends such as, high adoption in burgeoning markets, an expansion in use-cases, the emergence of hybrid and multi-cloud arrangements, incorporation of budding technologies, and an emphasis on conforming to regulatory norms and boosting security.

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Which Key Market Drivers Powering Blockchain as a Service Market Expansion and Growth?
The increasing number of businesses using smart contracts is anticipated to significantly influence the growth trajectory of the blockchain as a service market. A smart contract is a type of digital contract that embeds the agreed-upon terms and conditions directly in the code, triggering automatic execution once certain predetermined conditions are met. The use of such contracts is being adopted more widely due to their ability to streamline and automate the enforcement of agreements, thereby heightening efficiency, transparency, and trust across numerous sectors. BaaS platforms facilitate smart contract execution by empowering users to devise, implement, and engage with programmable contracts that automatically enforce predetermined criteria and conditions. In June 2022, for example, Alchemy Insights Inc., a software development company based in the US, reported that the quantity of Ethereum smart contracts devised rose by 24.7% in the first quarter of 2022, reaching a height of 1.45 million. This figure surpasses the 1.16 million smart contracts crafted in the last quarter of 2021. Thus, the growing use of smart contracts is propelling the expansion of the blockchain as a service market.

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Which Fast-Growing Trends Are Poised to Disrupt the Blockchain as a Service Market?
Key players in the blockchain-as-a-service market are innovating and releasing new products like blockchain-enabled data marketplaces to secure a competitive advantage. A blockchain-backed data marketplace employs blockchain technology to conduct transparent and secure data exchanges between different parties. For example, in May 2021, Fujitsu Limited, an Information and Communications Technology company in Japan, unveiled the Fujitsu Web3 Acceleration Platform. The main goal of this platform is promoting collaboration across borders and boosting the efficacy of transactions globally using blockchain technology. The platform seeks to cut down on the processing time for cross-border securities settlements, which currently may take as long as 48 hours. Utilizing Extended Smart Contracts allows for secure, independent operations, eliminating the requirement for third-party intervention. Fujitsu is also considering wider applications in several sectors, encouraging the public to adopt Web3 technologies, and augmenting the interoperability of blockchain network to create a more interconnected society.

What Are the Emerging Segments in the Blockchain as a Service Market?
The blockchain as a servicemarket 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

Subsegments:
1) By Tools: Blockchain Development Tools, Smart Contract Development Tools, Blockchain Analytics Tools, Blockchain Integration Tools, Blockchain Security Tools, Blockchain Testing Tools
2) By Services: Blockchain Consulting, Blockchain Hosting, Blockchain Application Development, Smart Contract Development And Management, Blockchain Platform Management, Blockchain Security And Compliance Services, Blockchain Integration And Deployment Services

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Who Are the Global Leaders in the Blockchain as a Service Market?
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., accenture* PLC, 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.

Which are the Top Profitable Regional Markets for the Blockchain as a Service Industry?
North America was the largest region in the blockchain as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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