About Blockchain in BFSI
Blockchain is being widely debated and has become the new buzz word for multiple industries, especially banking. Blockchain enables the near real-time and settlement of recorded transactions, reducing risk, and providing an enhanced customer experience. Smart contracts allow business validations and automated reconciliation for straight-through processing. Blockchain maintains an automated audit trail of transactions, thereby reducing manual processing for data validations and reconciliations. The increased need for transparency & accountability of transactions through GRC Management Solutions, increased adoption of cross-border payments, digital ledger, and consortium blockchain, and increased investment by banks in blockchain-based solutions drive the growth of the global blockchain in the BFSI industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 73.9% |
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Blockchain in BFSI Market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain in BFSI market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alphapoint (United States), Auxesis Group (India), Amazon Web Services, Inc. (AWS) (United States), Bitfury Group Limited. (Netherlands), Hewlett Packard Enterprise Development LP (HPE) (United States), International Business Machines Corporation (IBM) (United States), Infosys Limited (India) and Microsoft Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Oracle Corporation (United States) and SAP SE (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain in BFSI market by , Application (Digital Currency, Record Keeping, Payments & Settlement, Smart Contracts, Compliance Management and Others) and Region.
On the basis of geography, the market of Blockchain in BFSI has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by End User Industry, the sub-segment i.e. Banking will boost the Blockchain in BFSI market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size , the sub-segment i.e. Large Enterprises will boost the Blockchain in BFSI market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Platform will boost the Blockchain in BFSI market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Upsurging in need of transactions transparency and accountability and High adoption in cross-border payments
Market Growth Drivers:
Growth in Demand for Increased Scalability, Transaction Speed, and Reduction In Processing Costs
Challenges:
The concern related to privacy and data securty
Restraints:
Limited Awareness about blockchain
Opportunities:
The Increasing demand from trade finance and The growth in demand for increased scalability, transaction speed and reduction in processing costs
Market Leaders and their expansionary development strategies
In March 2020, Alphapoint has successfully raised USD 5.6 million in additional funding round, taking its total capital raised to date to USD 23.9 million. The latest investment will go towards developing new trading features including improved margin trading and liquidity solutions and advanced brokerage capabilities.
In November 2017,India’s third-largest private sector bank Axis Bank has launched instant international payment services using the enterprise blockchain technology solution from Ripple. The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE while its corporate customers in India can receive payments from Standard Chartered Bank in Singapore.
Key Target Audience
Service Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.