Rise in need for transactions transparency &
accountability, greater adoption of cross-border payments
and surge in investment by banks in blockchain-based solutions fuel
the growth of the global blockchain in BFSI market
PORTLAND, Oregon, Sept. 23, 2019 /PRNewswire/ -- Allied Market
Research published a report, titled, "Blockchain in BFSI
Market by Component (Platform and Services), Application
(Digital Currency, Record Keeping, Payments & Settlement, Smart
Contracts, Compliance Management, and Others), Organization Size
(Large Enterprises and Small & Medium Enterprises), and
Industry Vertical (Banking, Insurance, and Non-Banking Financial
Companies (NBFCs)): Global Opportunity Analysis And Industry
Forecast, 2018–2026." According to the
report, the global blockchain in BFSI market garnered
$277.1 million in 2018, and is
estimated to reach $22.46
billion by 2026, growing at a CAGR of 73.8% from
2019 to 2026. The report also provides a detailed analysis of the
top investment pockets, top winning strategies, drivers &
opportunities, market size & estimations, competitive
landscape, and wavering market trends.
Rise in need for transactions transparency & accountability,
greater adoption of cross-border payments and surge in investment
by banks in blockchain-based solutions fuel the growth of the
global blockchain in BFSI market. On the other hand, lack of
skilled workforce restrains the growth to some extent. However,
increase in demand from developing economies and growth in demand
for increased scalability, transaction speed and reduction in
processing costs are expected to create a number of opportunities
in the near future.
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The platform segment to lead the trail by 2026
Based on component, the platform segment accounted for nearly
three-fourths of the global blockchain in BFSI market share in 2018
and is expected to dominate throughout the forecast period. This is
attributed to its quality to create new products and services which
helps in generating new revenue opportunities for organizations.
The services segment, on the other hand, is projected to grow at
the fastest CAGR of 76.1% during 2019–2026. Rise in need to deploy
and integrate blockchain platform and solutions in BFSI ecosystem
are the major factors accelerating the market growth.
The small contracts segment to dominate during the study
period
Based on application, the small contracts segment held the major
share in 2018, contributing to nearly two-fifths of the global
blockchain in BFSI market. Increase in demand from enterprises to
fill the analog gap between contracts is fueling the growth of the
segment. The compliance management segment, on the other hand, is
anticipated to cite the fastest CAGR of 78.7% till 2026. The
ability of compliance management to provide immutable records for
regulators has worked as the major factor driving the growth of the
segment.
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North America to rule the
roost in terms of revenue
Based on geography, North
America contributed to nearly half of the global
blockchain in BFSI market revenue in 2018 and is expected to
retain its dominance by 2026. The presence of major market players
and growing concerns for forgery in the region has propelled the
adoption of blockchain. Simultaneously, the Asia-Pacific region would showcase the fastest
CAGR of 79.3% during the estimated period. This is due to increase
in collaborations, merger, and acquisitions activities among BFSI
and IT organizations in this province.
Leading market players
- International Business Machines Corporation (IBM)
- Amazon Web Services, Inc. (AWS)
- Oracle Corporation
- Alphapointe
- Auxesis Group
- SAP SE
- Hewlett Packard Enterprise Development LP (HPE)
- Infosys Limited
- Bitfury Group Limited
- Microsoft Corporation
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