Market Size of Blockchain-as-a-Service Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.50 Billion |
| Market Size (2029) | USD 3.37 Billion |
| CAGR (2024 - 2029) | 17.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Blockchain as a Service Market Analysis
The Blockchain-as-a-Service Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 3.37 billion by 2029, growing at a CAGR of 17.5% during the forecast period (2024-2029).
- With the expansion of the cryptocurrency market, in December 2017, many new users have gained knowledge about blockchain and cryptocurrency, and started exploring the same. Thus, there has been a rapid rise of blockchain and cryptocurrency users. The bitcoin blockchain market has witnessed a steep rise over the past few years.
- Blockchain is often called the technology of trust, as they do not have a single point of failure and cannot be changed from a single computer. Furthermore, blockchain allows for the use of tools, like 'smart contracts,' which may potentially automate manual processes, from compliance and claims processing, to distributing the contents of a will. These are some of the desirable features, which are encouraging the BFSI industry to leverage blockchain.
- Blockchain requires huge investment when it comes to setting up infrastructure and maintaining it. It is much more resource intensive, as compared to traditional databases. It also consumes a huge amount of energy and requires huge bandwidth, which the developing countries are struggling for.
