Key Companies Covered in BaaS Market Research Report are Huawei Service (Hong Kong) Co., Limited, Stratis Group Ltd., NTT Data Corporation, Baidu, Inc., Oracle Corporation, Microsoft Corporation, VMware, Inc., Infosys Limited, Accenture Plc, SAP SE
PUNE, India, May 6, 2020 /PRNewswire/ -- The global blockchain-as-a-service (BaaS) market size is set to reach USD 24.94 billion by 2027, exhibiting an impressive CAGR of 39.5% during the forecast period. Multiple advantages of BaaS for small and medium enterprises (SMEs) will fuel the market growth, states Fortune Business Insights™ in its recent report, titled "Blockchain-as-a-Service (BaaS) Market Size, Share & Industry 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 & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation and Others (Education etc.)), and Regional Forecast, 2020-2027".
Blockchain technology is emerging as an optimal solution to many of the challenges faced by SMEs such as access to trade financing, bank loans, and cash flow difficulties, among other issues. SMEs looking to expand their businesses in foreign lands can gain wider access to trade financing sources using BaaS as this technology is decentralized and cuts out middlemen from the process. The World Economic Forum (WEF) opines that blockchain technology could be instrumental in bridging the gap in trade financing around the world. Similar benefits can be reaped by SMEs in the context of supply chain processes. Thus, these potential advantages of blockchain for SMEs will provide a significant boost to the BaaS market growth in the coming years.
According to the blockchain-as-a-service market report, the value of this market stood at USD 1.90 billion in 2019. The report further provides the following information:
Detailed segmentation of the market and piece-meal study of each segment;
Comprehensive analysis of the regional developments occurring in the market;
In-depth research into the market drivers, trends, and challenges; and
Exhaustive assessment of the competitive landscape of the market.
An Overview of the Impact of COVID-19 on this Market:
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Heightened Vulnerability to Cyber Threats to Hamper Market Growth
The safety quotient of financial transactions has gotten considerably elevated since the advent of blockchain technology. Given its complex architecture, hacking into a blockchain-based system requires sophisticated computer skills and tools. Nonetheless, analysis by NASDAQ, one of the three stock indexes in the US, reveals that this technology is not bereft of vulnerabilities, originating primarily from the endpoints that use wallets to initiate transactions. These wallets become easy targets for hackers. For instance, a crypocurrency exchange platform, Ethereum Classic, was hacked in 2019, with the hacker rewriting the transaction history of the platform and stealing millions. During the same year, hackers stole around $40 million in Bitcoin transactions, exploiting the susceptibility of the same endpoint issue stated earlier. Thus, the constantly looming threat of cyber-attacks may prohibit the blockchain-as-a-service market growth during the forecast period.
Increasing Investment in Blockchain Technology to Drive the Market in North America
In 2019, the market size in North America stood at USD 1.01 billion owing to the vast number of blockchain development projects being undertaken in the US. One of the major reasons for the widespread development and adoption of BaaS tools in North America is the strong presence of small, medium, and large tech companies operating in the US. This, along with rising integration of BaaS solutions with public utilities services, will enable the region to dominate the blockchain-as-a-service market share in the foreseeable future.
In Asia-Pacific, the market will be mainly driven by the rising investment in blockchain technology by the Chinese government and advancements in complex computer technologies in Japan and South Korea. The BaaS market report states that Asia-Pacific will register the highest CAGR during the forecast period. In Europe, increasing focus of well-established players on blockchain technology will propel the market in the near future.
Collaborations between Financial Institutions and Tech Companies to Intensify Competition
As per the blockchain-as-a-service market analysis, an increasing number of collaborations between financial bigwigs and tech giants are being witnessed in this market. These partnerships are playing a major role in broadening the application areas of BaaS tools and enhancing the potential of the market.
May 2019: Microsoft and JP Morgan announced their partnership to further the advancement and adoption of enterprise blockchain. Under the partnership, JP Morgan's distributed ledger platform Quorum will be made accessible via Microsoft's Azure Blockchain Service to enable customers to build cloud-based blockchain networks.
April 2018: Huawei unveiled its novel BaaS solution, called Blockchain Service, based on Linux Foundation's Hyperledge Fabric 1.0. The solution is devised to aid companies design smart contracts focusing on supply chain, securitized assets, and public services, on top of a distributed ledger network.
List of Key Companies Operating in the Blockchain-as-a-Service (BaaS) Market are:
Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025
Cloud Computing Market Size, Share & Industry Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, Others (Energy and Utilities, Education), and Regional Forecast, 2020-2027
Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 – 2026
Artificial Intelligence (AI) Market Size, Share and Industry Analysis By Component (Hardware, Software, Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, Others), By Industry Vertical (BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Government, Others) and Regional Forecast, 2019-2026
Cloud Analytics Market Size, Share & Industry Analysis, By Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Organization Size (Small And Medium-Sized Enterprises (SMEs) and Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Education, and Others) and Regional Forecast, 2019-2026
Big Data Technology Market Size, Share & Industry Analysis, By Offering (Solution, Services), By Deployment (On-Premise, Cloud, Hybrid), By Application (Customer Analytics, Operational Analytics, Fraud Detection and Compliance, Enterprise Data Warehouse Optimization, Others), By End Use Industry (BFSI, Retail, Manufacturing, IT and Telecom, Government, Healthcare, Utility, Others) and Regional Forecast, 2019-2026
Digital Signature Market Size, Share And Industry Analysis By Component (Software, Hardware, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT And Telecommunication, Government, HealthCare And Life Science, Education, Retail, Real Estate, And Others) And Regional Forecast 2019-2026
Identity And Access Management Market Size, Share and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Regional Forecast 2019-2026
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