Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. 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. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics.
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Thus, these potential advantages of blockchain for SMEs will provide a significant boost to the BaaS market growth in the coming years. 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. 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.
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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.
- 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.
- 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.
- Similar benefits can be reaped by SMEs in the context of supply chain processes.
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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. 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. 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.
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