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Blockchain as a Service Market Set to Surpass USD 120.70 Billion by 2031 | SkyQuest Technology
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Platforms are highly essential to the deployment of any blockchain as a service as they allow easy integration and development of different systems, solutions, and tools. Growing emphasis on Blockchain adoption to improve transparency and security is predicted to help promote blockchain as a service market growth through this sub-segment. High investments by blockchain as a service companies in the development of novel platforms will also help market growth going forward.
Blockchain is a very new technology and managing it can be a tedious task for many organizations implementing it, this is where the demand for services comes in. The services segment is slated to exhibit robust growth and is further categorized into managed services and professional services. Demand for managed services is slated to increase at a rapid CAGR over the coming years. Moreover, the increasing complexities of Blockchain technologies and blockchain as a service platforms will also help the services segment uplift market development in the future.
Like all Blockchain markets, blockchain as a service market is also highly dependent on the popularity of smart contracts as they gain traction all over the world. The high security and ease of business offered by smart contracts is what makes this application a highly lucrative one for anyone in the global blockchain as a service business. Enhanced transparency and minimal need for guidance in execution are key benefits of smart contracts that would help blockchain as a service adoption.
Supply chain management is estimated to account for a substantial share of the global blockchain as a service market. Improved traceability, better asset tracking and management, and low possibility of fraud are key benefits associated with blockchain as a service adoption for supply chain management. Risk and compliance management is another key application for blockchain as a service providers looking to maximize their revenue generation in the future.
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Low costs and easy implementation of cloud-based platforms and services have bolstered the importance of cloud service providers in the global blockchain as a service market. The availability of pay-as-you-go cloud-based BaaS platforms and the rising emphasis of organizations on resource optimization and profit maximization will also help this segment dominate the global market across the forecast period and beyond.
In conclusion, opportunities for blockchain as a service adoption are limitless as Blockchain technology is in its initial stages. Growing acceptance of Blockchain in all industry verticals has maximized its application scope and this is why blockchain as a service companies can invest in almost any segment to get good returns for their investments in the long run.
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