Segmentation by Type (Private, Public, Consortium, Hybrid, and Others); by Component (Platform, and Services); by Application (Record Keeping, Payments & Settlement, Smart Contracts, Digital Currency, Compliance Management, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now
On the basis of geographical analysis, the blockchain in BFSI market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing number of government initiatives to promote the usage of blockchain technologies in countries, namely Japan, China and India, as a result of their high efficiency and transparency. Apart from this, growing bitcoin trade in China is another crucial factor expected to drive market growth in the region. Moreover, the market in North America is anticipated to acquire the largest market share during the forecast period owing to the growing implementation of blockchain technology by banks and robust presence of leading international market players in the region. For instance, more than 85% of American and European banks and financial institutions began exploring the implementation of blockchain technology since 2018.
Get more information on this report: Download Sample PDF
The blockchain in BFSI market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the blockchain in BFSI market includes the following segments:
By Type
By Component
By Application
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are increasing demand for enhanced transactions in the banking and finance sector and rising venture investments in blockchain technologies.
Ans: The market is anticipated to attain a CAGR of ~74% over the forecast period, i.e., 2022 – 2030.
Ans: Limited awareness about blockchain in BFSI sector is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing number of government initiatives to promote the usage of blockchain technologies in Japan, China and India.
Ans: The major players in the market are International Business Machine Corporation, Deloitte Touche Tohmatsu Limited, JPMorgan Chase & Co., Google LLC, Microsoft Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, component, application, and by region.
Ans: The private segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
