Blockchain Technology in BFSI Market size to grow by USD 48.21 billion between 2023 - 2028 | Disintermediation of banking services to drive the market growth

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

End-user

Banks
Insurance
Non-banking Financial Companies

Type

Public Blockchain
Private Blockchain
Consortium Blockchain

Geography

North America
Europe
APAC
South America
Middle East And Africa

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

The primary market-shaping trend is the emergence of artificial intelligence (AI), notably in AI-powered blockchain technology, revolutionizing the blockchain and cryptocurrency sector.
AI functionalities facilitate decentralized currency management, aiding in predicting bitcoin values for traders and driving FinTech exploration into AI implementation in financial transactions.
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

CAGR of the market during the forecast period 2024-2028
Detailed information on factors that will assist blockchain technology in BFSI market growth during the next five years
Estimation of the blockchain technology in BFSI market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the blockchain technology in BFSI market
Analysis of the market’s competitive landscape and detailed information on vendors
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

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

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