NEW YORK, Dec. 19, 2023 /PRNewswire/ — The Blockchain Technology in BFSI Market is set to grow by USD 48.21 billion between 2023 and 2028, and register a CAGR of 67.84%, according Technavio’s latest market research report estimates. The primary driver behind market growth is the disintermediation of banking services. Mobile trends have reshaped online information search methods, contributing to the increasing adoption of FinTech solutions that disrupt traditional banking services. Peer-to-peer lending is challenging the conventional credit provision process, while the quest for equity investments has shifted online, attracting significant venture capitalist interest. Payments are transitioning from regular bank accounts to virtual currencies like bitcoin, corporate credit cards, and Amazon coins. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Buy the full report
Blockchain Technology in BFSI Market 2024-2028: Segmentation
There will be a notable market share expansion in the banks segment during the forecast period. Blockchain technology enables swifter and more cost-efficient cross-border payments and remittances. Banks can decrease transaction fees and settlement durations by bypassing intermediaries and employing cryptocurrencies or stablecoins. Additionally, blockchain simplifies and enhances trade finance operations by offering a clear and unchangeable ledger for trade transactions.
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Blockchain Technology in BFSI Market 2024-2028: Company Analysis and Scope
Some of the major companies of the blockchain technology in BFSI market include Accenture Plc, Amazon.com Inc., Bitfury Group Ltd., Cegeka, ConsenSys Software Inc., Dragonchain, Factom, GuardTime OU, Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., SAP SE, SpinSys, Stratis Group Ltd., Tata Consultancy Services Ltd., Wipro Ltd., and WonderFi Technologies Inc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 companies operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the blockchain technology in BFSI market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
The report also covers the following areas:
Market trends such as the advent of artificial intelligence (AI) are likely to emerge as one of the primary drivers of the market. However, factors such as the trust deficit in blockchain technology for financial transactions may threaten the growth of the market.
Blockchain Technology in BFSI Market 2024 – 2028: Market dynamics
Leading trends influencing the market
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The primary market-shaping trend is the emergence of artificial intelligence (AI), notably in AI-powered blockchain technology, revolutionizing the blockchain and cryptocurrency sector.
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AI functionalities facilitate decentralized currency management, aiding in predicting bitcoin values for traders and driving FinTech exploration into AI implementation in financial transactions.
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Robotics serves as consultants, automating FinTech processes, enhancing transparency in financial transactions, providing comparative information for customers, and empowering informed investment decisions, consequently boosting market growth during the forecast period.
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Blockchain Technology in BFSI Market 2024-2028: Key Highlights
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CAGR of the market during the forecast period 2024-2028
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Detailed information on factors that will assist blockchain technology in BFSI market growth during the next five years
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Estimation of the blockchain technology in BFSI market size and its contribution to the parent market
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Predictions on upcoming trends and changes in consumer behavior
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The growth of the blockchain technology in BFSI market
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Analysis of the market’s competitive landscape and detailed information on vendors
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Comprehensive details of factors that will challenge the growth of blockchain technology in BFSI market vendors
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Related Reports:
Blockchain Technology in Healthcare Market: Blockchain technology in healthcare market is estimated to grow at a CAGR of 32.79% between 2022 and 2027. The market size is forecasted to increase by USD 1,939.31 million.
Blockchain Technology Market in Transportation and Logistics Industry: The blockchain technology market in the transportation and logistics industry is estimated to grow at a CAGR of 39.78% between 2022 and 2027. The size of the market is forecast to increase by USD 2,230.89 million.
TOC
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Executive Summary
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Market Landscape
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Market Sizing
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Historic Market Size
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Five Forces Analysis
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Market Segmentation by End-User
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Market Segmentation by Type
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Customer Landscape
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Geographic Landscape
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Drivers, Challenges, and Trends
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Company Landscape
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Company Analysis
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Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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