The blockchain services market consists of sales of blockchain services and related products. For companies engaged in building blockchain applications blockchain-as-a-service acts as a third-party service that creates and manages cloud-based networks which is a growing field for blockchain technology.
The global blockchain services market is expected to decline from $1.26 billion in 2019 to $1.06 billion in 2020 at a compound annual growth rate (CAGR) of -15.8%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it, which impacted industries negatively and resulted in low investments on technology. The market is then expected to recover and reach $4.36 billion in 2023 at a CAGR of 60.01%.