Blockchain in BFSI Market Registering a CAGR of 13.4% from 2018-2026
Blockchain in BFSI Market
The platform segment is expected to achieve major market revenue in 2018 and is expected to remain dominant under blockchain during the BFSI market forecast period.
PORTLAND , PORTLAND, OR, USA, Aug. 02, 2022 /EINPresswire.com/ — Increased need for transparency and accountability in transactions, greater use of cross-border payments, and increase in banks’ investments in blockchain-based solutions are driving the growth of the global blockchain in BFSI- the market. On the other hand, a lack of qualified labor limits growth to some extent.
However, increased demand from developing economies and growth in demand for increased scalability, transaction speed and reduction in processing costs are expected to create a number of opportunities in the near future.
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According to the report, the global blockchain in BFSI market earned USD 277.1 million in 2018 and is projected to reach USD 22.46 billion by 2026, growing at a CAGR of 73.8% from 2019 to 2026. The report also provides a detailed analysis of the top investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and fluctuating market trends.
Based on component, the platform segment accounted for nearly three-fourths of the global blockchain in BFSI market share in 2018 and is expected to dominate throughout the forecast period. This is attributed to the quality of creating new products and services that help generate new revenue opportunities for organizations.
The services segment, on the other hand, is projected to grow at the fastest CAGR of 76.1% during 2019-2026. Increasing need to deploy and integrate blockchain platforms and solutions in the BFSI ecosystem are the major factors accelerating the market growth.
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Based on application, the small contracts segment held the major share in 2018, contributing to nearly two-fifths of the global blockchain in the BFSI market. Increase in demand from companies to fill the analogue gap between contracts is fueling growth in the segment.
The compliance management segment, on the other hand, is expected to cite the fastest CAGR of 78.7% till 2026. The ability of compliance management to provide immutable records for regulators has acted as the major factor driving the growth of the segment.
Based on geography, North America contributed nearly half of the global blockchain in BFSI market revenue in 2018 and is expected to retain its dominance by 2026. The presence of major market players and growing concerns about counterfeiting in the region have driven the adoption of blockchain.
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At the same time, the Asia-Pacific region will showcase the fastest CAGR of 79.3% during the estimated period. This is due to increase in collaboration, merger and acquisition activities among BFSI and IT organizations in this province.
Key Benefits of Blockchain in BFSI Market:
• This study presents the analytical presentation of the global blockchain in BFSI market trends and future estimations to determine the imminent investment pockets.
• A detailed analysis of the blockchain in the BFSI market segment gauges the potential of the market. These segments outline the favorable conditions for the market.
• The report presents information related to key drivers, constraints and opportunities.
• The current blockchain in the BFSI market is quantitatively analyzed from 2018 to 2026 to highlight the financial expertise of the industry.
• Porter’s five forces analysis illustrates the power of buyers and suppliers in the industry.
The global blockchain in BFSI market is dominated by the global blockchain in BFSI players such as 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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Finally, this report provides market intelligence most comprehensively. The report structure has been kept so that it provides maximum business value. It provides critical insight into market dynamics and will enable strategic decisions for existing market players as well as those willing to enter the market.
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