According to IMARC Group’s latest research report, titled “Blockchain in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the blockchain in BFSI market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global blockchain in BFSI market size reached US$ 0.94 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.79 Billion by 2028, exhibiting a growth rate (CAGR) of 57.55% during 2023-2028.
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Blockchain in BFSI Market Outlook:
Blockchain is a digital ledger technology that has recently gained significant attention in the Banking, Financial Services, and Insurance (BFSI) sector. Blockchain provides a decentralized, secure, and transparent system for storing and sharing information, making it an ideal solution for the BFSI industry, where security and transparency are crucial. Blockchain technology is used in various applications in BFSI, such as digital identity management, smart contracts, and secure data sharing. In digital identity management, blockchain provides a secure and decentralized system for storing and verifying identity information, which can help prevent fraud and enhance customer privacy. BFSI organizations have been exploring blockchain technology to improve operations, reduce costs, and enhance customer experience. The use of blockchain technology is expected to increase in BFSI in the coming years as more companies recognize the potential benefits of this technology in enhancing security and transparency while reducing costs.
Blockchain in BFSI Market Trends:
The global market is primarily driven by the growing demand for secure and efficient financial transactions. In line with this, the rapid adoption of blockchain technology in banking and financial services is significantly contributing to market growth. Furthermore, the rising investments in blockchain startups are positively influencing the market. Apart from this, the key companies are investing in research and development to enhance their blockchain solutions and gain a competitive edge in the market. Moreover, blockchain implementation is anticipated to enable banks to process payments in less time and more accurately while lowering transaction processing costs. This is expected to offer numerous opportunities for market expansion. Besides, the rising need to streamline the banking processes with distributed ledger technology is projected to fuel the market. Additionally, the ongoing developments in blockchain technology are creating a positive outlook for the market.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Accenture plc
- Amazon Web Services Inc.
- Auxesis Services & Technologies (P) Ltd.
- Infosys Limited
- International Business Machines Corporation
- Oracle Corporation
- Digital Currency
- Record Keeping
- Payments and Settlement
- Smart Contracts
- Compliance Management
End User Insights:
- Non-Banking Financial Companies (NBFCs)
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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