DUBLIN, January 16, 2023 /PRNewswire/ — The report “Blockchain In Banking and Financial Services Global Market Opportunities and Strategies To 2031” has been added to researchandmarkets.com offering.
This report describes and explains blockchain in the banking and financial services market and covers 2016-2021, called the historical period, and 2021-2026, called the forecast period, along with additional forecasts for the period 2026-2031. The report assesses the market in each region and for the major economies within each region.
The global blockchain in the banking and financial services market reached a value of almost $2,034.1 million in 2021, having increased at a compound annual growth rate (CAGR) of 62.7% since 2016. The market is expected to grow from $2,034.1 million in 2021 to $17,583.4 million in 2026 at a rate of 53.9%. Then, the market is expected to grow at a CAGR of 27.9% from 2026 and reach $60,270.6 million in 2031.
Growth in the historical period was the result of increasing demand for fast, real-time funds transfers, increasing use of digital banking services, strong economic growth in emerging markets, and increased government initiatives. Factors that negatively affected growth in the historical period were the increased risk of cybercrime and skills shortages.
In the future, the increase in the adoption of blockchain technology in the banking sector, the increase in the use of cryptocurrency, and the increased use of blockchain to reduce fraudulent transactions will fuel market growth. Factors that could hamper blockchain growth in the banking and financial services market in the future include blockchain scalability and data localization.
Blockchain in Banking and Financial Services Market is segmented by type into Public Blockchain, Private Blockchain, and Others. The public blockchain market was the largest blockchain segment in the banking and financial services market by type, accounting for 62.0% of the total market in 2021. The public blockchain market is expected to be the largest blockchain segment rapid growth in the banking sector. and financial services market rate, advancing at a CAGR of 55.6% over the 2021-2026 period.
Blockchain in banking and financial services market is segmented by application into fund transaction management, real-time loan financing, liquidity management, and others. The fund transaction management market was the largest blockchain segment in the banking and financial services market by application, accounting for 53.5% of the total market in 2021. The fund transaction management market is expected to be the fastest growing blockchain segment in the banking and financial services market by application, advancing at a CAGR of 58.1% over the period 2021-2026.
North America was the largest region in blockchain in the banking and financial services market, accounting for 37.5% of the global market in 2021. It was followed by Eastern Europe, Pacific Asia and the other regions. In the future, the fastest growing regions in blockchain in the banking and financial services market will be South America and the middle Eastwhere growth will be at a CAGR of 71.5% and 67.1%, respectively, between 2021 and 2026.
The global blockchain in the banking and financial services market is moderately fragmented, with a large number of regional players operating in the market. The top ten market competitors accounted for up to 53.35% of the total market in 2021. Major market players include SAP SE, Amazon Web Services, IBM, Accenture plc, Oracle Corporation, ConsenSys, Hewlett Packard Enterprise, Bitfury Group Limited, Infosys and Auxesis Services & Technologies (P) Ltd.
The top blockchain opportunities in the banking and financial services market segmented by type will emerge in the public blockchain market, which will gain $10,245.8 million of global annual sales by 2026. The main opportunities in blockchain in the banking and financial services market segmented by application will arise in the fund transaction management market, which will gain $9,678.1 million of global annual sales by 2026. Blockchain in banking and financial services market will gain more in the USA a $6,209.2 million.
Strategies based on market trends for blockchain in the banking and financial services market include a focus on blockchain technology for insurance, a focus on blockchain integration in asset servicing, a focus on strategic mergers and acquisitions, and the focus on digital currencies.
Strategies adopted by blockchain players in the banking and financial services market include expanding the product portfolio with new and advanced technology through new product launches, focusing on driving a new wave of digital transformation through the financing of projects and focusing on expanding the commercial presence through strategies. collaborations.
1) By type: public blockchain; private blockchain; Others
2) By Application: Management of Funds Transactions; Loan financing in real time; Liquidity management; Others
Key topics covered:
1. Executive Summary
3. List of Figures
4. List of tables
5. Structure of the report
6. Introduction and Characteristics of the Market
7. Main market trends
7.1. Blockchain Technology in the Insurance Industry
7.2. Blockchain integration in asset servicing
7.3. Strategic Mergers and Acquisitions
7.4. Issuance of Central Bank Digital Currencies (CBDCS)
8. Global market size and growth
9. Global Blockchain in Banking and Financial Services Market Segmentation
10. Blockchain in the banking and financial services market, regional and country analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern European Market
14. North America market
15. South America market
16. Middle East Market
17. Africa Market
18. Competitive landscape and company profiles
19. Key mergers and acquisitions
20. Blockchain in banking and financial services market opportunities and strategies
21. Blockchain in the Banking and Financial Services Market, Conclusions and Recommendations
23. Copyright and disclaimer
SE from SAP
Amazon Web Services
For more information on this report, please visit https://www.researchandmarkets.com/r/ph2jzq
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