Blockchain in BFSI Market Future Scenario on Growth Analysis – 2026 | At a CAGR of 73.8%

Blockchain in BFSI Market

Increasing need to simplify business processes and venture investments in blockchain technology are expected to offer lucrative opportunities to the future market

PORTLAND, PORTLAND, OR, USA, Sept. 14, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global blockchain BFSI market size was valued at $277.1 million in 2018 and is estimated to reach $22.46 billion by 2026, growing at a CAGR of 73.8% from 2019 to 2026.

Blockchain as a digital technology has developed a lot in recent years, causing the financial sector to experience a major transformation globally. Moreover, online payments, card-based payment methods and credit and debit cards have become dominant and gained enormous traction in recent times. And blockchain is expected to support all these changes by enabling increased speed of transactions and real-time processing.

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Moreover, cryptocurrencies are gradually becoming popular and distributed ledgers support the payment system of these currencies. Also, blockchain-based business models in payments for financial players and mobile banking can provide huge blockchain in BFSI market opportunities due to the increasing penetration of smartphones in countries such as China, Japan and India. Such factors are expected to drive the major growth of blockchain in the BFSI market in the coming years.

Some of the key blockchain in BFSI industry players profiled in the report include Alphapoint, Auxesis Group, Amazon Web Services, Inc. (AWS), Bitfury Group Limited., Hewlett Packard Enterprise Development LP (HPE), International Business Machines Corporation (IBM), Infosys Limited, Microsoft Corporation, Oracle Corporation and SAP SE.

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Based on component, the platform segment is expected to gain major blockchain in BFSI market revenue in 2018 and is expected to remain dominant during the forecast period. The growth in this segment is mainly attributed to the growth in the use of blockchain software and cloud computing across enterprises. On the contrary, the services segment is expected to show the highest growth throughout the forecast period due to increased demand for cloud services.

North America dominated the overall blockchain in BFSI market in 2018 and is expected to remain dominant during the forecast period owing to the presence of major market players and ongoing developments in blockchain technology in this region. Furthermore, Asia-Pacific is expected to show the highest growth rate throughout the forecast period.

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The main findings from the study:

• Based on application, the smart contracts segment dominated the overall market in 2018 and is expected to generate the highest revenue during the forecast period. The growth in this segment is mainly attributed to the growing need for self-executing contracts across banks.

• In terms of end user, the banking segment generated the highest revenue for blockchain in BFSI market share in 2018 and is expected to dominate throughout the forecast period. Increased need to streamline banking processes with distributed ledger technology is the most important factor driving growth in this segment.

• On the basis of organization size, the large enterprise segment dominated the overall blockchain BFSI market in 2018 and is expected to remain dominant throughout the forecast period.

• On the contrary, the segment for small and medium-sized enterprises is expected to show the highest growth throughout the entire forecast period. The growth in investments by start-ups to develop blockchain-based solutions is the key factor boosting the blockchain in BFSI market growth in this segment.

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