Blockchain In Banking And Financial Services Market

The global Blockchain In Banking And Financial Services Market is valued at USD 3305.67 Million in 2022 and is projected to reach a value of USD 87470.03 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 50.60% between 2023 and 2030.

Market Synopsis:

Blockchain is a decentralized database that records transactions across multiple nodes. It was first developed in 2008 as a solution to address issues related to the security and integrity of online transactions. Since then, blockchain has gained traction among many industries due to its ability to provide secure and transparent transaction processing. The banking industry has been undergoing significant changes over the past few years. These changes have resulted from the introduction of new technologies that are reshaping the way people interact with banks. One such technology is blockchain, which is being used to create digital ledgers that can record transactions between two parties efficiently and securely.

The increasing adoption of distributed ledger technologies (DLT) in banking and financial services sector for transparency & accountability in financial transactions is driving the growth of the blockchain technology market. Moreover, growing demand for digitalization in the banking and financial services sector, rising number of mergers and acquisitions, and technological advancements are some of the major factors fueling the growth of the global blockchain technology market. However, high cost associated with implementation of DLTs and lack of standardization among different vendors are restraining the growth of the market.

Market Segmentation:

The Global Blockchain In Banking And Financial Services Market is segmented by type, application, and region. By type, the Global Blockchain In Banking And Financial Services Market is bifurcated as private blockchain, public blockchain, consortium blockchain, and hybrid blockchain. By application, the target market is segmented as fund transaction management, real time loan funding, liquidity management, KYC/identity management, real time asset tracking, and others.

Private Blockchain segments holds the largest market share in terms of revenue during the forecast period:

Private blockchain is permissionsed networks that allow access by authorized entities. Private Blockchain segment is the most dominant segment over the forecast time frame. This is due to its advantages in banking & financial applications such as high-security and reduction of fraud.

Public blockchains are decentralized networks, they use open protocols to record transactions between nodes without any central authorities. The public blockchain segment projects to witness fastest growth rate in the forecast period. This is mainly because of increased usage of public blockchain as it offers decentralization and becomes a big advantage for situations where a network needs to be decentralized and allows full transparency of the ledger.

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Fund Transaction Management segments holds the largest market share in terms of revenue during the forecast period:

Fund transaction management segment held the highest share in the Blockchain In Banking And Financial Services Market during the forecast period. Blockchain is becoming more popular in banking and financial services for fund transactions since it is more programmable and easier to handle.

North America region dominated the Blockchain In Banking And Financial Services Market during the forecast period:

North America is the biggest region leading the Blockchain In Banking And Financial Services Market with a revenue of USD 924.26 Mn and is expected to expand at a 42.10% during the projected period. This is mostly due to the presence of key market participants and ongoing blockchain technology developments in this region. Blockchain technology in banking and finance provides cryptographic security and transparency, which reduces fraud in banks and is supposed to propel market growth in this region. Furthermore, this region has the most banks and other financial organisations and also includes a enormous number of large firms that provide banking and financial services. These factors make them prime candidates for adopting blockchain technology in the banking industry.

Asia Pacific region is projected to grow at a rapid rate during the forecast period. China, India, Japan, South Korea, Singapore, and Malaysia are some of the major markets in this region. These countries have been actively adopting blockchain technology to streamline their current processes for better and transparent transaction in banking and financial sector.

Competitive Landscape:

Some of the major key players in the Blockchain In Banking And Financial Services Market are TE Connectivity, Amphenol, Prysmian Group, Fujitsu, Siemens, Mitsubishi Electric, Molex, Nexans, Huawei, Volex PLC and others.

The global Blockchain In Banking And Financial Services market can be categorized as Type, End-Use and Region.