Industry Background:
Blockchain has the potential to allow banks to settle transactions directly and keep better track of them. Blockchain provides banks the opportunity to streamline complex workflows and optimize internal processes. Blockchain provides transaction immutability and a distributed ledger architecture. Blockchain technology will significantly increase transparency between market participants. Also, it maintains an immutable record of transactions and therefore asset ownership since the time the asset first appears in a transaction on the blockchain.This growth is primarily driven by Increasing Usage of Blockchain for Payments and Transactions
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Internet Software & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Unicsoft (United Kingdom), SoluLab (United States), Eleks (Ukraine), Labrys (Australia), Idealogic (Ukraine), ConsenSys (United States), Altoros (United States), Quytech (India), Coinbase (United States) and Talentica Software (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 22nd April 2021, ConsenSys and Klaytn announced the strategic partnership. The combination will work to advance the performance of the Klaytn, an Ethereum-forked public network, and develop a private version of it with specific features such as privacy to reflect the rising concern around data protection among the financial sector, scalability layer 2 solutions to serve a large number of users without compromising speed, and interoperability to bridge multiple blockchains.
On 16th December 2021, ConsenSys has launched ConsenSys Rollups. The new launch provides enterprise-grade scalability to leading financial organizations and others as well as addresses the key challenge of scalable applications on the Quorum tech stack.Global Blockchain In Banking is a fragmented market due to the presence of various players. The players are investing more in mergers and acquisitions to enhance their market presence. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Influencing Trend:
Rising Need to focus on Collaboration with the Ecosystem among Financial Institutions
Market Growth Drivers:
Increasing Usage of Blockchain for Payments and Transactions and Increase Transparency between the Market Players
Challenges:
Lack of Regulatory Standards for Blockchain Applications
Restraints:
High Cost Associated with the Implementation of Blockchain in the Banking Sector
Opportunities:
Financial Institutions are encouraged to implement an Interruption Mindset for the adoption of blockchain and Focus on creating new Business Models in Favour of the Customers and Financial Industry is trying to Experiment with Blockchain by Replicating Existing Asset Transactions on the Blockchain
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Blockchain in Banking Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Blockchain in Banking Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Blockchain in Banking players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Blockchain in Banking Study Sheds Light on
The Blockchain in Banking Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Blockchain in Banking industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Blockchain in Banking industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.