Research Nester published a report titled “Blockchain in BFSI Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global blockchain in BFSI market in terms of market segmentation by type, component, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The blockchain in BFSI market is estimated to occupy a large revenue by growing at a CAGR of ~74% during the forecast period, i.e., 2022 – 2030, owing to the rising demand for high transaction speed, scalability and reduced processing costs in the banking and finance sector. Apart from these, growing need to simplify business processes and increase venture investments in blockchain technology is also expected to drive market growth in the upcoming years.
The global blockchain in BFSI market is segmented by type, component and application. Based on type, the private segment is anticipated to grab the largest market share during the forecast period on the back of high number of opportunities offered to companies for business-to-business use cases. Furthermore, on the basis of application, the smart contracts segment is projected to occupy the largest market share, which can be credited to the growing demand for self-executing contracts around the world.
Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America region is evaluated to grab the largest share in the market during the forecast period attributing to the increasing adoption of blockchain technology and strong presence of market players in the region. Moreover, the market in Asia Pacific is assessed to grow by the highest rate in the future owing to the rising bitcoin trade and escalating government initiatives to promote the usage of blockchain in China, India and Japan.
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Growing Demand for Improved Financial Transactions to Drive Market Growth
More than 44% of financial institutions are susceptible to financial crimes, which is considered to be a crucial factor regarding the shift of banks and insurance companies towards blockchain technology. Blockchain transactions are able to eliminate third-party payment gateways and provide enhanced cryptographic security for its databases. This in turn is estimated to fuel the market growth in the near future.
However, limited awareness about blockchain use in BFSI sector is expected to operate as key restraint to the growth of the blockchain in BFSI market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global blockchain in BFSI market which includes company profiling of International Business Machine Corporation, Deloitte Touche Tohmatsu Limited, JPMorgan Chase & Co., Google LLC, Microsoft Corporation, Accenture PLC, Amazon.com, Inc., Goldman Sachs & Co. LLC, Hewlett Packard Enterprise Development LP, Oracle Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the blockchain in BFSI market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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