Projections point out that the blockchain-as-a-service (BaaS) market will be experiencing tremendous growth over the coming years. Surging demand for cloud-based blockchain services among large enterprises has created lucrative opportunities across the market. BaaS promotes higher security throughout the operations on the cloud, assistance in expanding the applications viz security management systems, enterprise resource management (ERP), etc.
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In contrast to conventional databases that can be manipulated by rogue administrators or hackers, the blockchain provides greater immutability, reducing the chances of data tampering within the network. The establishment and maintenance of blockchain infrastructure require huge investments, bandwidth, and amount of energy. To this end, the major players are opting for strategic partnerships and mergers to ramp up the development of BaaS services and tools based on cloud platforms. Going forward, the assurance of a scalable and secure framework for communication between IoT devices and higher resistance to cyberattacks are propelling the demand for blockchain-as-a-service in the coming years
BFSI Industry Expected to Garner the Largest Share in the Blockchain-as-a-service Market
Being a technology of trust, blockchain exhibits strong security, better immutability, and does not have a single point of failure. The reliability quotient of BaaS, automation of manual processes, and usage of smart tools have paved the way for its application across the operations of the Banking, financial services, and insurance (BFSI) industry. Tangible investments in blockchain technology to incorporate BaaS offerings across the silos of banks and financial service organizations is on an upward trend. The increased adoption of cross-border payments, investment by banks in blockchain-based solutions, digital ledger and consortium blockchain, and the need for transparency and accountability of transactions through GRC management tools have opened the doors for blockchain in the BFSI industry. Additionally, the soaring demand for improved transaction speed and reduced cost of processing, greater scalability, and smart contracts are envisaged to fuel the worldwide demand for the BaaS.
North America to Grow at a Robust Pace with Widespread Application of Blockchain-as-a-Service; Asia Pacific Shows High Growth Potential
As per the report, North America is anticipated to grow at a promising pace during the forecast period at the solid turf of rising implementation of blockchain technology across the spectrum of industries viz BFSI, healthcare, manufacturing, and others. In order to implement innovative use cases throughout the economy, the Federal Government of Canada is exploring blockchain technology. This has created a pool of opportunities and growth for the players operating in the blockchain-as-a-service market. As the BaaS market in the region begins to scale up further, the focus on enhancing the efficacy of supply chain functions such as production, warehousing, transportation management, and logistics has surged
On the flip side, Asia Pacific is beginning to explore and adopt the blockchain-as-a-service, creating rewarding opportunities for key players and advancements in technology. Establishment of startups in cryptocurrency and blockchain technology in the regional countries has proved to be a bane for Asia Pacific. The complexity of supply chains, quest for new opportunities and challenges, and growing penetration of smartphones & internet have boosted the applications and market growth of BaaS in the Asia Pacific.
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