The size of the global blockchain-as-a-service (BaaS) market is set to reach $ 24.94 billion by 2027, showing an impressive CAGR of 39.5% during the forecast period. The multiple benefits of BaaS for small and medium-sized enterprises (SMEs) will fuel market growth, says Fortune Business Insights ™ in its recent report, titled “Blockchain-as-a-Service (BaaS) Market size, share and sector analysis, by component (tool and service), by application (smart contracts, supply chain management, payments, governance, risk and compliance management and others (identity management)), By Sector (BFSI, Energy and Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecommunications, Media and Entertainment, Retail and Consumer Goods, Travel and Transportation, and Others ( education etc.)) and regional forecasts, 2020-2027“.
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Blockchain technology is emerging as an optimal solution to many of the challenges faced by SMEs such as accessing commercial finance, bank loans and cash flow difficulties, among other issues. SMEs wishing to expand their businesses into foreign lands can gain wider access to trade finance sources using BaaS as this technology is decentralized and excludes intermediaries from the process. The World Economic Forum (WEF) believes blockchain technology could be instrumental in bridging the gap in trade finance around the world. Similar benefits can be achieved by SMEs in the context of supply chain processes. Therefore, these potential benefits of blockchain for SMEs will provide a significant boost to the growth of the BaaS market in the coming years.
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Regional analysis
Increase investment in Blockchain technology to lead the market in North America
In 2019, the market size in North America stood at $ 1.01 billion due to the vast number of blockchain development projects being undertaken in the United States. One of the main reasons for the widespread development and adoption of BaaS tools in North America is the strong presence of small, medium and large technology companies operating in the United States. This, coupled with the growing integration of BaaS solutions with utilities, will enable the region to dominate the blockchain-as-a-service market share in the near future.
In Asia-Pacific, the market will be driven primarily by increasing investments in blockchain technology by the Chinese government and advances in complex information technologies in Japan and South Korea. The BaaS market report states that Asia-Pacific will register the CAGR highest during the forecast period. In Europe, the growing attention of established players on blockchain technology will propel the market in the near future.
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Industry developments:
- May 2019: Microsoft and JP Morgan have announced their partnership to promote the advancement and adoption of the enterprise blockchain. As part of the partnership, JP Morgan’s Quorum distributed ledger platform will be made accessible through Microsoft’s Azure Blockchain service to enable customers to build cloud-based blockchain networks.
April 2018: Huawei unveiled its new BaaS solution, called Blockchain Service, based on Hyperledge Fabric 1.0 from the Linux Foundation. The solution is designed to help companies design smart contracts by focusing on supply chain, securitized assets and utilities, as well as a network of distributed ledgers.
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