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Global Blockchain in Banking and Financial Services Market Report 2023: Growing Use of Digital Banking Services is Fueling the Industry

DUBLIN, January 16, 2023 /PRNewswire/ — The “Blockchain in the Global Banking and Financial Services Market Opportunities and Strategies to 2031” report has been added to from ResearchAndMarkets.com offer.

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This report describes and explains Blockchain in Banking & Financial Services Market and covers 2016-2021 called the historical period and 2021-2026 called the forecast period along with other forecasts for the period 2026-2031. The report assesses the market in each region and for the major economies in each region.

The global blockchain in the banking and financial services market has reached a value of almost $2,034.1 million in 2021, after growing 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 for $17,583.4 million in 2026 at a rate of 53.9%. The market is then expected to grow at a CAGR of 27.9% from 2026 and reach $60,270.6 million in 2031.

Growth over the historical period has resulted from growing demand for fast and real-time remittances, increasing use of digital banking services, strong economic growth in emerging markets, and increased government initiatives . Factors that negatively impacted growth during the historical period were increased cybercrime risk and skills shortage.

Going forward, the increasing adoption of blockchain technology in the banking industry, the growing use of cryptocurrency, and the increased use of blockchain to reduce fraudulent transactions will drive the market growth. Factors that may hinder the growth of blockchain 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 blockchain segment to the fastest growing in banking. and the type of financial services market, with a CAGR of 55.6% during the period 2021-2026.

Blockchain in banking and financial services market is segmented by application into fund transaction management, real-time loan funding, 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, growing at a CAGR of 58.1% during the period 2021-2026.

North America was the largest blockchain region in the banking and financial services market, accounting for 37.5% of the global market in 2021. It was followed by Western Europe, Asia Pacific and other regions. Going forward, the fastest growing regions of blockchain in the banking and financial services market will be South America and the Middle Eastwhere growth will be at CAGRs of 71.5% and 67.1% respectively from 2021 to 2026.

The global blockchain in 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 are 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 major opportunities for blockchain in banking and financial services market segmented by type will arise in the public blockchain market, which will gain $10,245.8 million of global annual sales by 2026. The main blockchain opportunities in the banking and financial services market segmented by application will arise in the funds transaction management market, which will gain $9,678.1 million in global annual sales by 2026. Blockchain in banking and financial services market will gain the most in the UNITED STATES at $6,209.2 million.

Market trend based strategies for blockchain in banking and financial services market include focus on blockchain technology for insurance, focus on integration of blockchain in asset management , a focus on strategic mergers and acquisitions, and a focus on digital currencies.

Strategies adopted by players in the blockchain in banking and financial services market include expanding the product portfolio with new and advanced technology by launching new products, focusing on driving a new wave of digital transformation through project financing and focusing on expanding commercial presence through collaborative strategies.

Scope
Covered markets:

  • 1) By type: Public Blockchain; Private Blockchain; Others

  • 2) By application: Funds transaction management; Real-time loan funding; cash management; Others

Main topics covered:

1. Summary

2. Table of Contents

3. List of Figures

4. List of tables

5. Structure of the report

6. Introduction and characteristics of the market

7. Key Market Trends
7.1. Blockchain technology in the insurance industry
7.2. Integration of blockchain in asset management
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 Banking and Financial Services Market, Regional and Country Analysis

11. Asia-Pacific Market

12. Western Europe Market

13. Eastern Europe Market

14. North American market

15. South American market

16. Middle East market

17. African market

18. Competitive Landscape and Company Profiles

19. Main mergers and acquisitions

20. Blockchain in Banking and Financial Services Market Opportunities and Strategies

21. Blockchain in Banking and Financial Services Market, Findings and Recommendations

22. Appendix

23. Copyright and Disclaimer

VSCompanies cited

  • SAP SE

  • Amazon Web Services

  • IBM

  • Accenture plc

  • Oracle Corporation

For more information on this report, visit https://www.researchandmarkets.com/r/ph2jzq

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