The global technology blockchain in the BFSI market is expected to reach a market size of USD 70,026.4 million by 2028 and register a rapid CAGR, according to the latest analysis from Emergen Research. The growth of the global blockchain technology in BFSI market is expected to significantly increase in terms of revenue over the forecast period owing to the growing demand for distributed ledger technology in banks. The growing adoption of blockchain technology for capital optimization is also a major factor that is expected to further boost the global blockchain technology in BFSI market growth during the forecast period. The increasing adoption of blockchain technology for cross-border payments is expected to further support the market size growth in the future.
However, the high investments to implement blockchain technology are expected to limit adoption and in turn impact the growth of the global blockchain technology. blockchain in BFSI market growth to some extent during the forecast period.
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The major companies covered in the report are:
Microsoft Corporation, Amazon Web Services, Inc., International Business Machines Corporation, SAP SE, Oracle Corporation, Infosys Limited, Bitfury Group Limited, Auxesis Group, AlphaPoint Corporation, Hewlett Packard Enterprise Development, LP
Main highlights of the report
- The public blockchain segment is expected to lead in terms of revenue expansion at a CAGR of 75.3% during the forecast period. This high growth rate can be attributed to the increasing application of public blockchain applications such as Ethereum and Bitcoin.
- The platform segment is expected to account for the largest market share over the forecast period owing to the growing adoption of cloud technology and blockchain software.
- In terms of revenue contribution to the global blockchain technology in the BFSI market, the smart contracts segment is expected to lead during the forecast period owing to the growing demand for self-executing contracts in the banking sector.
- The banking segment is expected to account for a relatively higher market share over the forecast period owing to the increasing use of blockchain technology to simplify banking operations.
- The North America market is expected to account for the highest revenue share among other regional markets over the forecast period owing to the increasing application of blockchain technology by banks and insurance companies in the countries of the region to provide improved customer service and experience.
- In October 2020, AlphaPoint Corporation launched the Yield Platform. With this platform, AlphaPoint will supercharge digital currency lending.
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Emergen Research has segmented the global blockchain technology in BFSI market on the basis of type, component, application, end-use, and region.
Type Outlook (Revenue, USD Million; 2021–2028)
- Blockchain Consortium
- Private Blockchain
- Public blockchain
Component Outlook (Revenue, USD Million; 2021–2028)
Outlook Application (Revenue, USD Million; 2021–2028) Held
- Compliance Management
- Smart contract
- digital currency
End-Use Outlook (Revenue, USD Million; 2021-2028)
- Non-bank financial corporation
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Regional Outlook (Revenue, USD Million; 2021-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America America
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
Overview of Blockchain Technology in BFSI Market Report:
- Introduction, Product Scope, Market Overview and Opportunities
- Manufacturers Analysis with Sales, Revenue and Price Analysis
- Complete analysis of the competitive landscape
- Detailed profiling of key competitors along with their business strategies and market size
- Regional analysis of the market as well as sales, revenue, market share and global position
- Market analysis by countries with types, applications and manufacturing
- Strategic recommendations to established players as well as new entrants
- An in-depth analysis of the risks, restraints and limitations of Blockchain technology in the BFSI industry
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