The latest market report published by Credence Research, Inc. “Global Blockchain in BFSI Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Blockchain in the BFSI market has witnessed steady growth in recent years and is expected to grow at a CAGR of 55.50% between 2023 and 2030. The market was valued at USD 0.8 billion in 2022 and is expected to reach USD 17.587 billion in 2030.
Blockchain technology, which enables the creation and management of a distributed ledger of transactions across multiple computer systems, is rapidly being adopted within the BFSI sector. With the blockchain, all participants in a network can review transactions, which once recorded, cannot be erased but only updated with the consensus of the majority.
The adoption of blockchain technology has had transformative impacts, particularly in cross-border payments. Traditional cross-border payment processes, often characterized by high transaction costs, multiple intermediaries, and extended completion times, are being revolutionized by blockchain. With this technology, transactions incur less cost, are completed faster, and require no intermediaries.
The report identifies the platform segment as generating the most revenue in 2018, a trend expected to continue due to growing adoption of blockchain software and cloud computing. In the same vein, the banking segment was the most dominant within the BFSI sector due to an increasing need to streamline banking processes with distributed ledger technology.
Geographically, North America emerged as the market leader in 2018, a trend projected to persist due to the presence of significant market players and continuous advancements in blockchain technology in the region.
Blockchain in BFSI Market Recommendations refer to the strategic suggestions put forth for the implementation and utilization of blockchain technology within the banking, financial services, and insurance sectors. This transformative technology has shown immense potential to revolutionize various aspects of these industries. Firstly, it is recommended that organizations thoroughly analyze their existing processes and identify areas where blockchain can bring significant improvements in terms of efficiency, security, transparency, and cost reduction. Secondly, it is advisable to build strong partnerships with blockchain solution providers or consortia to ensure access to cutting-edge technologies and expertise. Thirdly, companies should prioritize regulatory compliance by closely working with regulators and policymakers to address any legal concerns surrounding the use of blockchain.
Browse 250 pages report Blockchain in BFSI Market By Type (Private Blockchain, Public Blockchain, Consortium Blockchain) By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management and Fraud Detection) -Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/blockchain-in-bfsi-market
Blockchain technology is providing increased transparency, security, and accountability in transactions. In addition, its adoption in the global payments system, and ability to reduce processing costs and increase transaction speed are pivotal factors fueling the market growth.
The report provides crucial insights into the trends, restraints, and growth prospects of the blockchain in BFSI market, offering a comprehensive Porter’s five forces analysis to understand the impact of various factors on the global market.
The study represents the contributions of leading 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.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Blockchain in BFSI Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Blockchain in BFSI Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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