The global blockchain in banking and financial services market size is expected to grow from $1.17 billion in 2021 to $1.89 billion in 2022 at a compound annual growth rate (CAGR) of 61.9%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The blockchain in banking and financial services market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.
What is the Global Blockchain In Banking And Financial Services Market?
The blockchain in banking and financial services market consists of sales of blockchain for banking and financial services by entities (organization, sole-trader, and partnership) that are engaged in providing blockchain technology for banking and financial services. Blockchain offers a form of digitalized, de-centralized public record of all transactions. Blockchain was designed to record everything of value and not just transactions.
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What drives the Global Blockchain In Banking And Financial Services Market?
The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in banking and financial services market during the forecast period. Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions. Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records. For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world. Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in banking and financial services market.
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Global Blockchain In Banking And Financial Services Market Segments
The global blockchain in banking and financial services market is segmented:
By Type: Public Blockchain, Private Blockchain, Others
By Application: Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Others
By Geography: The regions covered in the blockchain in banking and financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Blockchain In Banking And Financial Services Global Market Report 2022provides market size and growth forecasts for the global blockchain in banking and financial services market, global blockchain in banking and financial services market share, blockchain in banking and financial services market segments and geographies, blockchain in banking and financial services market competitive landscape including leading competitors’ revenues, profiles and market shares. The blockchain in banking and financial services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Blockchain In Banking And Financial Services Industry Playersinclude Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
