At Massive CAGR of 73.8%, Blockchain in BFSI Market Value to Exceed USD 22.46 Billion by 2026
Global market is expanding as a result of rising demand for accountability & transparency in transactions and increased use of cross-border payments.
PORTLAND, PORTLAND, OR, UNITED STATES, March 9, 2023 /EINPresswire.com/ — The analysis estimates that the global blockchain in BFSI market generated $277.1 million in revenue in 2018 and would increase at a CAGR of 73.8% from 2019 to 2026 to reach $22.46 billion.
The demand for transaction transparency and accountability is increasing, cross-border payments are becoming more popular, and banks are investing more heavily in blockchain-based solutions, which is driving the growth of the worldwide blockchain in BFSI market. On the other hand, a shortage of skilled labourers partially inhibits expansion. Nonetheless, it is anticipated that a lot of possibilities may arise in the near future due to growth in demand from developing economies and development in demand for improved scalability, transaction speed, and reduction in processing costs.
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The demand for blockchain in BFSI market is growing due to several factors, including:
1. Transparency and Security: Blockchain offers a high level of transparency and security to the BFSI industry by allowing secure and tamper-proof transactions. This makes blockchain technology particularly useful for financial institutions where security and transparency are critical.
2. Cost Reduction: Implementing blockchain technology can significantly reduce costs for financial institutions by eliminating intermediaries and reducing paperwork. This can lead to cost savings in areas such as transaction processing, compliance, and auditing.
3. Improved Efficiency: Blockchain can help financial institutions streamline their operations and reduce processing times. This can result in faster settlement times, quicker loan approvals, and improved customer service.
4. Fraud Prevention: Blockchain technology can help financial institutions prevent fraud by creating an immutable and transparent record of all transactions. This can help identify fraudulent activities and prevent them from occurring in the first place.
5. Regulatory Compliance: Blockchain technology can help financial institutions comply with regulations by providing an auditable and tamper-proof record of all transactions.
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Some of the latest trends in blockchain in BFSI industry include:
1. Increased Adoption of Blockchain Technology: Many BFSI institutions are now adopting blockchain technology to improve their operations, reduce costs, and enhance customer experiences. This trend is expected to continue as more institutions recognize the potential benefits of blockchain technology.
2. Emergence of Permissioned Blockchains: Permissioned blockchains are private blockchains that restrict access to participants with permission. This type of blockchain is becoming increasingly popular in the BFSI industry because it offers more control over transactions, better security, and greater privacy.
3. Rise of Decentralized Finance (DeFi): DeFi is a new type of financial system that uses blockchain technology to offer financial services without intermediaries. It allows for more transparent and efficient financial services, and it is gaining popularity among younger generations.
4. Integration of Blockchain with other Technologies: Blockchain is being integrated with other technologies such as AI, IoT, and cloud computing to create more powerful and efficient financial systems. This integration can offer better security, faster processing times, and more advanced analytics.
5. Emergence of Central Bank Digital Currencies (CBDCs): Several central banks are now exploring the idea of creating their own digital currencies using blockchain technology. CBDCs could offer many benefits, including faster and cheaper transactions, increased financial inclusion, and better monetary policy.
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Geographically, North America accounted for about half of the global blockchain BFSI market’s revenue in 2018 and is predicted to continue to hold the top spot by 2026. The adoption of blockchain has been accelerated by the region’s rising forgery worries and the existence of significant market actors. During the anticipated timeframe, the Asia-Pacific area will also exhibit the fastest CAGR, at 79.3%. This is a result of an increase in partnerships, mergers, and acquisitions between BFSI and IT businesses in this province.
Leading market players –
• International Business Machines Corporation (IBM)
• Amazon Web Services, Inc. (AWS)
• Oracle Corporation
• Alphapointe
• Auxesis Group
• SAP SE
• Hewlett Packard Enterprise Development LP (HPE)
• Infosys Limited
• Bitfury Group Limited
• Microsoft Corporation
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David Correa
Allied Analytics LLP
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