The growing need to simplify business processes and venture capital investments in blockchain technology is expected to provide lucrative opportunities in the future market
PORTLAND, PORTLAND, OR, USA, September 14, 2022 /EINPresswire.com/ — According to a recent report by Allied Market Research, the global blockchain market size in BFSI was valued at $277.1 million in 2018 and is expected to reach $22.46 billion by 2026, with growing at a CAGR of 73.8% from 2019 to 2026.
Blockchain as a digital technology has advanced a lot in recent years, due to which the financial industry is experiencing a major transformation globally. Additionally, online payments, card payment methods, and credit and debit cards have become dominant and have grown in popularity in recent years. And the blockchain should support all of these changes by enabling increased real-time transaction and processing speed.
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Moreover, cryptocurrencies are gradually becoming popular and distributed ledgers support the payment system for these currencies. Additionally, blockchain-based business models in payments for financial players and mobile banking could provide major blockchain opportunities in the BFSI market due to the growing penetration of smartphones in countries such as China, the Japan and India. These factors are expected to fuel the major growth of blockchain in the BFSI market in the coming years.
Some of the Key Blockchain Players in BFSI Industry profiled in the report include 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.
On the basis of components, the platform segment is expected to generate major revenue from blockchain in the BFSI market revenue in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the growth in the adoption of blockchain software and cloud computing in enterprises. On the contrary, the services segment is expected to show the highest growth throughout the forecast period owing to an increase in the demand for cloud services.
North America dominated the overall blockchain in the BFSI market in 2018 and is expected to remain dominant over the forecast period owing to the presence of major market players and ongoing developments in blockchain technology in this region . Also, Asia-Pacific is expected to show the highest growth rate throughout the forecast period.
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Main conclusions of the study:
• Based on applications, the smart contracts segment dominated the overall market in 2018 and is expected to generate the highest revenue over the forecast period. The growth of this segment is mainly attributed to the increase in the need for self-executing contracts in banks.
• In terms of end user, the banking segment generated the highest revenue for blockchain in BFSI market share in 2018 and is expected to dominate throughout the forecast period. Rising need to streamline banking processes with distributed ledger technology is the major factor fueling the growth of this segment.
• Based on organization size, the large enterprise segment dominated the overall blockchain in the BFSI market in 2018 and it is expected to remain dominant throughout the forecast period.
• On the contrary, the small and medium business segment is expected to show the highest growth throughout the forecast period. Growth in investments by start-ups to develop blockchain-based solutions is the key factor driving blockchain in the growth of the BFSI market in this segment.
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