The 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 blockchain in BFSI market growth. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
How Big is the Blockchain in BFSI Market?
The global blockchain in BFSI market size reached USD 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 44.4 Billion by 2032, exhibiting a growth rate (CAGR) of 44.66% during 2024-2032.
Blockchain in BFSI Market Trends:
The global market is primarily driven by the rising demand for enhanced security and transparency in financial transactions. In line with this, the growing need for faster, cost-effective cross-border payment solutions is also fueling market growth. Similarly, increased regulatory pressure to prevent fraud and ensure compliance is securing record-keeping and audit trails, thereby providing an impetus to the market. Furthermore, the growing popularity of cryptocurrencies and digital assets is expanding the market reach.
Additionally, continual advancements in smart contracts streamlining operations such as insurance claims processing, reducing administrative costs and processing times, are enhancing the market appeal. Moreover, financial institutions increasingly adopting blockchain to enhance data integrity and reduce the risk of data breaches, are propelling the market expansion. Likewise, the technology’s ability to provide real-time settlements and improve liquidity management is also a major market driver.
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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
Blockchain in BFSI Market Scope & Growth Analysis:
The scope of the market covers a wide range of applications, including payments, lending, trade finance, insurance, and regulatory compliance. Market analysis indicates significant expansion as more financial institutions adopt blockchain to address inefficiencies in their existing processes. The increasing adoption of blockchain for Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures is a key growth driver in market scope, improving identity verification and reducing fraud.
Furthermore, the rise of consortium-based blockchain networks is enabling secure and scalable collaboration between multiple financial entities. With the development of advanced blockchain platforms offering improved scalability and lower energy consumption, the market scope is expected to experience accelerated growth. As digital transformation initiatives gain momentum across the BFSI sector, blockchain technology is anticipated to play a pivotal role in shaping the future of financial services, driving increased efficiency, security, and transparency across a wide range of applications.
Key Market Segmentation:
Type Insights:
Private
Public
Consortium
Hybrid
According to the report, public represented the largest segment.
Component Insights:
Platform
Services
According to the report, platform accounted for the largest market share.
Application Insights:
Digital Currency
Record Keeping
Payments and Settlement
Smart Contracts
Compliance Management
Others
According to the report, smart contracts accounted for the largest market share.
End User Insights:
Banking
Insurance
Non-Banking Financial Companies (NBFCs)
According to the report, banking accounted for the largest market share.
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)
According to the report, North America accounted for the largest market share.
Key Highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
Historical, Current and Future Market Trends
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
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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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