According to IMARC Group’s latest research report, titled “Blockchain in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the blockchain in BFSI market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global blockchain in BFSI market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.4 Billion by 2032, exhibiting a growth rate (CAGR) of 44.66% during 2024-2032.
Blockchain in BFSI Market Overview:
Blockchain technology has emerged as a revolutionary concept in the BFSI (Banking, Financial Services, and Insurance) sector. At its core, blockchain is a decentralized and distributed digital ledger that records transactions across multiple computers or nodes in a secure and transparent manner. Unlike traditional centralized systems, blockchain enables participants to maintain a shared and immutable record of transactions, eliminating the need for intermediaries and enhancing trust, security, and efficiency within the BFSI industry. This technology has the potential to transform various processes, including payments, identity verification, smart contracts, and data sharing, thereby reshaping the way financial services are delivered and managed.
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Blockchain in BFSI Market Trends:
The global market is primarily driven by the increasing need for enhanced security and data integrity. In line with this, the quest for operational efficiency and cost reduction is propelling the adoption of blockchain in BFSI. Additionally, the growing demand for improved customer experiences in the BFSI sector such as faster and more secure transactions, real-time settlements and reduced time taken for cross-border transactions is creating lucrative opportunities in the market. In line with this, the rise of digital identity management for providing a secure and decentralized identity verification system to combat identity theft and fraud, is influencing the market favorably. Moreover, the increasing focus on regulatory compliance in the reporting and auditing processes is creating a positive market outlook.
Competitive Landscape with Key Players:
- Accenture plc
- AlphaPoint
- Amazon Web Services Inc.
- Auxesis Services & Technologies (P) Ltd.
- Infosys Limited
- International Business Machines Corporation
- Oracle Corporation
Key Market Segmentation:
Type Insights:
- Private
- Public
- Consortium
- Hybrid
Component Insights:
- Platform
- Services
Application Insights:
- Digital Currency
- Record Keeping
- Payments and Settlement
- Smart Contracts
- Compliance Management
- Others
End User Insights:
- Banking
- Insurance
- 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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