The global blockchain-as-a-service (BaaS) market size is set to reach $ 24.94 billion by 2027, showing an impressive 39.5% CAGR over 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 industry (BFSI, Energy and Utilities, Government, Health and Life Sciences, Manufacturing, Telecommunications, Media and Entertainment, Retail and Consumer Goods, Travel and Transportation, and others education etc.)) and regional forecasts, 2020-2027“.
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 looking 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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Market limitation
Increased vulnerability to cyber threats to hinder market growth
The security quotient of financial transactions has increased dramatically since the advent of blockchain technology. Given its complex architecture, hacking into a blockchain-based system requires sophisticated IT skills and tools. However, analysis by NASDAQ, one of three US equity indices, reveals that this technology is not without vulnerabilities, mainly originating from endpoints that use wallets to initiate transactions. These wallets become easy targets for hackers. For example, a cryptocurrency exchange platform, Ethereum Classic, was hacked in 2019, with the hacker rewriting the platform’s transaction history and stealing millions. In the same year, hackers stole around $ 40 million in Bitcoin transactions, exploiting the susceptibility of the same endpoint problem stated earlier. Therefore, the constantly looming threat of cyber attacks could prevent the blockchain-as-a-service market from growing during the forecast period.
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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 was $ 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 technology 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 into the near future.
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