Foreign Exchange Services Global Market Report 2023 – By Services (Currency Exchange, Remittance Services, Foreign Currency Accounts, Other Services), By Providers (Banks, Money Transfer Operators, Other Providers), By End-User (Individuals, Corporate Institutes, Government, Retailers, Other End Users) – Market Size, Trends, And Global Forecast 2023-2032

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network. The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others. Public blockchain doesn't require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger. The blockchain in banking and financial services are used by banking, insurance, and non-banking financial companies (NBFCs). The different applications include fund transaction management, real-time loan funding, liquidity management, and others. The global blockchain in banking and financial services market is segmented - 1) By Type: Public Blockchain, Private Blockchain, Other Types 2) By End-user: Banking, Insurance, Non-Banking Financial Companies (NBFCs) 3) By Application: Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Other Applications The global blockchain in banking and financial services market size will grow from $1.89 billion in 2022 to $3.07 billion in 2023 at a compound annual growth rate (CAGR) of 62.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global blockchain in banking and financial services is expected to grow to $19.27 billion in 2027 at a CAGR of 58.3%. 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. Major players in the blockchain in banking and financial services market are 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. The reduction in fraud through blockchain is shaping the blockchain in banking and financial services market. Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave. Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them. In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in, Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management. North America was the largest region in the blockchain in banking and financial services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global blockchain in banking and financial services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain in banking and financial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain in banking and financial services market includes revenues earned by entities by offering public blockchain, private blockchain, and other blockchain services for banking and financial services. Blockchain offers a form of digitalized, decentralized public record of all transactions. Blockchain was designed to record everything of value and not just transactions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The blockchain in banking and financial services market research report is one of a series of new reports from The Business Research Company that provides blockchain in banking and financial services market statistics, including blockchain in banking and financial services industry global market size, regional shares, competitors with a blockchain in banking and financial services market share, detailed blockchain in banking and financial services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in banking and financial services industry. This blockchain in banking and financial services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A digital banking platform refers to financial services that enable a bank to begin the transformational process of becoming a truly digital bank that is ecosystem-centric. The digital banking platform is used by the banks to adapt and optimize enhanced technologically advanced services delivered via mobile phones, laptops, smart TVs, desktop computers, and other devices. The main types of digital banking platforms are corporate and retail banking. Corporate banking refers to the aspect of banking that deals with corporate customers. The various components include platforms and services. The various banking modes include online banking and mobile banking, which are deployed through the cloud and on-premise. The global digital banking platform market is segmented - 1) By Type: Corporate Banking, Retail Banking 2) By Component: Platforms, Services 3) By Banking Mode: Online Banking, Mobile Banking 4) By Deployment: Cloud, On-Premise The global digital banking platform market size will grow from $6.09 billion in 2022 to $6.9 billion in 2023, at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the digital banking platform is expected to grow to $11.34 billion in 2027 at a CAGR of 13.2%. The shift in trend from traditional banking to online banking is expected to propel the growth of the digital banking platform market going forward. Online banking refers to an electronic payment system that enables customers to conduct a range of financial transactions through a website or payment app. Online banking helps improve services and increase profits, causing financial institutions to shift their focus to digital banking, resulting in the growth of the digital banking platform market. For instance, according to India Brand Equity Foundation, an Indian government export promotion agency, by 2025, India's fintech market is expected to reach Rs. 6.2 trillion (USD 83.42 billion). Fintech financial services are responsible for transforming the banking system into various digital channels, such as online channels and social channels. Therefore, the shift in trend from traditional banking to online banking is driving the digital banking platform market growth. Major players in the digital banking platforms market are Appway AG, Crealogix Holding AG, EdgeVerve Systems Limited, Fiserv Inc., Oracle Corporation, SAP SE, Sopra Steria, Temenos, Worldline SA, Cor Financial Solution Ltd., FIS Inc., Vsoft Corporation, Apiture, BNY Mellon, and CR2. Technological advancements are a key trend gaining popularity in the digital banking platform market. Major companies operating in the digital banking platform market are developing new technologies to reduce operating costs and enable faster and safer transactions. For instance, in June 2020, Fiserv, a US-based payment and financial services technology provider, unveiled Virtual Banking Assistant 2020, an interactive tool that uses AI-based natural language processing to assist banks and credit unions in managing virtual customer transactions more efficiently. With Fiserv's Virtual Banking Assistant, which incorporates Clinc's conversational AI technology, banks and credit unions can have more fruitful and effective online conversations with their customers as a complement to in-person interactions and as an essential part of a comprehensive customer experience. In March 2022, SoFi Technologies, Inc., a US-based online bank and online personal finance company, acquired Technisys S.à.r.l. for an undisclosed amount. With the acquisition, Technisys brings a unique, strategic technology and company to the SoFi family, supporting SoFi in its goal of developing the AWS of fintech by offering best-of-breed products as a one-stop-shop financial services platform. Technisys' business also complements and strengthens SoFi's Galileo division. Technisys S.à.r.l. is a Canada-based digital banking company. North America was the largest region in the digital banking platforms market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this digital banking platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the digital banking platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The digital banking platform market consists of revenues earned by entities by providing digital investment banking platforms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The digital banking platforms market research report is one of a series of new reports from The Business Research Company that provides digital banking platforms market statistics, including digital banking platforms industry global market size, regional shares, competitors with a digital banking platforms market share, detailed digital banking platforms market segments, market trends and opportunities, and any further data you may need to thrive in the digital banking platforms industry. This digital banking platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

RegTech, or regulatory technology, is a set of enterprises that employ cloud computing technology and software-as-a-service (SaaS) to assist businesses in complying with regulations more efficiently and cost-effectively. RegTech's primary functions are regulatory surveillance, monitoring, and compliance. The RegTech IS engaged in providing regulatory processes within the financial industry via advanced technologies. The main types of components in RegTech are solutions and services. The RegTech services reduce the threats such as cyberattacks, security breaches, or money laundering by using regulatory-driven transformations. The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises, small and medium-sized enterprises (SMEs). It is used in risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, and is implemented in several verticals such as banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others. The global regtech market is segmented - 1) By Component: Solutions, Services 2) By Deployment Type: Cloud, On-Premises 3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs) 4) By Application: Risk And Compliance Management, Identity Management, Regulatory Reporting, Anti-Money laundering (AML) And Fraud Management, Regulatory Intelligence 5) By End User: Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities, Other End Users The global regtech market size will grow from $9.93 billion in 2022 to $12.37 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global regtech is expected to grow to $30.4 billion in 2027 at a CAGR of 25.2%. The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market in the forecast period. Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams manage the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully. For example, in 2022, according to a report published by LexisNexis Risk Solutions, a US-based global data and analytics company, the costs of fraud for U.S. and Canadian financial services companies are rising. U.S. financial services companies pay $4.23 instead of $3.64 for every $1 lost to fraud, a 16.2% increase. Canadian financial services companies' costs increased by 19.6%, from $3.16 in 2020 to $3.78 in 2022. Thus, the rising number of fraudulent activities increases the demand for the growth of the RegTech market. Major players in the regtech market are Abside RegTech, Accuity, ACTICO, Acuant Inc., Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc., BWise Beheer B.V., Compliance Solutions Strategies, Sysnet Global Solutions, Trulioo, ComplyAdvantage, Fenergo, IBM Corporation, Infrasoft Technologies, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Actimize, RIMES Technologies Corporation, and VERMEG. The application of AI, ML, and blockchain technologies has emerged as a key trend in the RegTech market. Major companies operating in the RegTech sector are increasingly adopting AI, ML, and blockchain technologies to automate processes such as data management analysis and due diligence. For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber Security Regulations adds to the long list of issues that security professionals face. In November 2022, Regnology, a Germany-based software provider specializing in regulatory reporting solutions, acquired b.fine for an undisclosed amount. This acquisition improves the integration of SupTech and RegTech and leverages powerful connections to provide more automated and standardized procedures to new clients throughout Europe and beyond. b.fine a Belgian RegTech company that helps financial institutions improve the reporting process. North America was the largest region in the regtech market in 2022. The regions covered in the global RegTech market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the regtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The RegTech market includes revenues earned by entities by client identification, monitoring, reporting, data protection, data warehousing and analytics, legal and regulatory analysis, training and general compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The RegTech market research report is one of a series of new reports from The Business Research Company that provides RegTech market statistics, including RegTech industry global market size, regional shares, competitors with a RegTech market share, detailed RegTech market segments, market trends and opportunities, and any further data you may need to thrive in the RegTech industry. This RegTech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Open banking is a banking practice in which third-party financial service providers can use application programming interfaces (APIs) to gain access to consumer banking, transactions, and other data from banks and NBFCs. These APIs deliver a secure way to share financial information between two parties and makes it easier for consumers to compare the details of current accounts and other banking services. The open banking unites banks, third parties, and technology providers, allowing them to exchange data easily and securely for the benefit of their consumers. The main types of services in open banking are transactional services, communicative services, and information services. Trade finance and cash management services are provided by transaction banking to businesses, government agencies, and other financial organizations. The different financial services include bank and capital markets, payments, digital currencies, and value-added services and are deployed in various modes such as cloud, on-premises, and hybrid. The various distribution channels include bank channels, app markets, distributors, and aggregators. The global open banking market is segmented - 1) By Service Type: Transactional Services, Communicative Services, Information Services 2) By Financial Services: Bank And Capital Markets, Payments, Digital Currencies, Value Added Services 3) By Deployment Type: Cloud, On-Premises, Hybrid 4) By Distribution Channel: Bank Channels, App Market, Distributors, Aggregators The global open banking market size will grow from $19.24 billion in 2022 to $24.26 billion in 2023 at a compound annual growth rate (CAGR) of 26.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global open banking is expected to grow to $62.37 billion in 2027 at a CAGR of 26.6%. The surge in the use of online platforms for making payments is contributing to the growth of the open banking market. The digital payment system is rapidly expanding with developing payment methods, increased e-commerce use, improved broadband access, and the advent of new technologies. Payment gateway APIs are used by online platforms such as phone pay, Paytm, and Google Pay to manage recurring billing, and these APIs are often used in open banking. For instance, in August 2021, Google Pay, a US-based digital wallet platform crossed 1 billion transactions. Additionally, in July 2021, PhonePe, a digital payments network, set a new milestone by processing 1.5 billion transactions through the unified payments interface (UPI). Therefore, the rise in the use of online platforms for making payments is expected to propel the growth of the open banking market going forward. Major players in the open banking market are Capital One, HSBC Bank plc, Banco Bilbao Vizcaya Argentaria S.A, NatWest Group plc, DBS Bank, Barclays, Lloyds Banking Group, Citigroup, Banco Santander S.A., Credit Agricole, NCR Corporation, DemystData, Figo GmbH, Finastra, Jack Henry & Associates Inc., and MineralTree Inc. Big data analytics is a key trend gaining popularity in the open banking market. Big data analytics collects, processes, and analyzes structured, and unstructured data. The major use of big data analytics is to get business insights into the data. In the open banking market, big data analytics is used to personalize the services for improving the customer experience. For instance, in 2020, HSBC Bank plc, a UK-based investment banking company increased its investment in the use of artificial intelligence (AI) and big data analytics techniques to manage financial crime risk. In June 2021, Visa Inc., a US-based financial services company acquired Tink for $2.15 billion. The acquisition is expected to accelerate European open banking adoption by providing a secure and dependable platform for innovation. As a result, customers will have more control over their financial experiences, including financial objectives, managing their funds, and financial data. Tink is a Sweden-based open banking company that helps banks, fintech, and start-ups across Europe develop database financial services. North America was the largest region in the open banking market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global open banking market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the cryptocurrency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The open banking market includes revenues earned by entities by account information service providers (AISPs) and payment initiation service providers (PISPs). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The open banking market research report is one of a series of new reports from The Business Research Company that provides open banking market statistics, including open banking industry global market size, regional shares, competitors with a open banking market share, detailed open banking market segments, market trends and opportunities, and any further data you may need to thrive in the open banking industry. This open banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Cryptocurrencies are digital currencies that are protected by encryption, making counterfeiting or double-spending practically impossible. These are built on decentralized networks like blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies, as compared to traditional currency, are not issued by any central authority, making them potentially impervious to government meddling or manipulation. The cryptocurrency operates independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments. The main types of cryptocurrencies are bitcoin, ethereum, bitcoin cash, ripple, dash coin, litecoin, and others. Bitcoin is a digital currency that uses peer-to-peer technology to facilitate instant payments. The different processes comprise mining, transactions, and offerings include hardware, software. Cryptocurrencies are used in trading, retail and e-commerce, banking, and others. The global cryptocurrency market is segmented - 1) By Type: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Other Types 2) By Process: Mining, Transaction 3) By Offering: Hardware, Software 4) By End User: Trading, Retail And E-commerce, Banking, Other End Users The global cryptocurrency market size will grow from $1.86 billion in 2022 to $2.13 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global cryptocurrency is expected to grow to $3.78 billion in 2027 at a CAGR of 15.4%. Transparency in financial payment is expected to propel the growth of the cryptocurrency market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source. The centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users' direct control over their money. There are no middlemen in digital currency transactions and consumers have the authority to stop or pause transactions and record them in their private ledger. For instance, in July 2021, Tesla, a US-based electric car manufacturer has started accepting bitcoin as a mode of payment because of its transparency and unique value. Therefore, the transparency in financial payment drives the growth of the cryptocurrency market Major players in the cryptocurrency market are Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, Nvidia Corporation, Ripple, Xilinx Inc., Xapo, BitGo, Binance, Coinbase Global Inc., CoinDesk, and Bitmain Technologies Ltd. Stable coins are gaining significant popularity in the cryptocurrency market. Stable coins are cryptocurrencies that are linked to a physical asset, such as government-issued currency or a commodity to reduce cryptocurrency fluctuation. For instance, in 2020, the circulation volume of stable coins increased by 500%. Additionally, in March 2021, Techemynt, an India-based financial service provider, introduced stable coins supported by the New Zealand dollar to combine the flexibility of cryptocurrency with the stability of the New Zealand dollar. In March 2021, PayPal Holdings Inc., a US-based financial technology company acquired Curv for an undisclosed amount. With this acquisition, PayPal Holdings, Inc strengthens and develops its initiatives to support cryptocurrencies and digital assets. Curv is an Israel-based cryptocurrency security company. Asia-Pacific was the largest region in the cryptocurrency market in 2022. The regions covered in the global cryptocurrency market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the cryptocurrency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The cryptocurrency market consists of sales of tether, USD coin, BNB, binance USD, XRP, dogecoin, cardano and polygon. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The cryptocurrency market research report is one of a series of new reports from The Business Research Company that provides cryptocurrency market statistics, including cryptocurrency industry global market size, regional shares, competitors with a cryptocurrency market share, detailed cryptocurrency market segments, market trends and opportunities, and any further data you may need to thrive in the cryptocurrency industry. This cryptocurrency market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The non-fungible tokens (NFTs) are cryptographic assets on the blockchain with unique authentication codes and metadata that differentiate them from one another. The non-fungible tokens (NFT) are engaged in providing digital assets. The main types of non-fungible tokens are art, collectibles, gaming, metaverses, sport, utilities, and others. Paintings, sculptures, and other pictures of things that are made for people to enjoy or think deeply about are referred to as art. Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. The different market types include primary market and secondary market and are used in various cryptocurrencies such as ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, others. The global non fungible token market is segmented - 1) By Type: Art, Collectibles, Gaming, Metaverses, Sports, Utilities, Other Types 2) By Market Type: Primary, Secondary 3) By Cryptocurrency Usage: ETH, DAI, MANA, SAND, REVV, MATIC, CUBE, FOAM, Other Cryptocurrencies The global non fungible token market size will grow from $21.48 billion in 2022 to $32.89 billion in 2023 at a compound annual growth rate (CAGR) of 53.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global non fungible token is expected to grow from $0.7 billion in 2027 at a CAGR of -61.9%. The increasing demand for digital artwork is expected to propel the growth of the non fungible token market in the coming years. The word digital art refers to art that is created or displayed using digital technology. Artists value non-fungible tokens because they ensure the validity and uniqueness of the blockchain representation of their work. For instance, in 2021, Grimes is the most recent artist to profit in on the NFT gold rush, with digital artworks valued at about $6 million sold. Additionally, in 2021, digital artist Pak's collection was sold for about $17 million and in 2020, the digital artist Beeple sold $3.5 million in artwork through Nifty Gateway. Therefore, the increasing demand for digital artwork drives the growth of the non fungible token market. Major players in the non fungible token market are SemiDot Infotech, Blockchain App Factory, Cinedigm, Funko, Takung Art, WISeKey, Oriental Culture Holding, and Liquid Media. The development of new platforms for a non-fungible token is shaping the non fungible token market. Major companies operating in the non-fungible token sector are concentrating on creating new platforms for non-fungible tokens to provide customizable exposure through a unique premium casting program. For instance, in March 2021, Tapinator, Inc., a US-based mobile game and app developer announced that the company is developing NFT500, a premium casting service and collection platform based on blue-chip NFTs. The word casting refers to the process of viewing digital art on a physical display in the form of NFTs. The service is set to debut this summer, with a demo companion mobile version to follow later this year. In April 2021, Hall of Fame Resort & Entertainment Company, a US-based entertainment, and media company announced its first non-fungible tokens (NFTs) offering in partnership with Dolphin Entertainment, Inc and Elite Holdings LLC. Through this partnership, the companies will develop, market, promote and sell NFTs associated with the H2H Legends. Dolphin Entertainment, Inc., is a US-based entertainment marketing and premium content development company and Elite Team Holdings LLC is a US-based brand management company. North America was the largest region in the non fungible token market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global non fungible token market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the non fungible token market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The non fungible token market includes revenues earned by entities by event tickets, music and media, virtual items, real-world assets, identity, memes and domain names. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The non fungible token market research report is one of a series of new reports from The Business Research Company that provides non fungible token market statistics, including non fungible tokens industry global market size, regional shares, competitors with a non fungible token market share, detailed non fungible token market segments, market trends and opportunities, and any further data you may need to thrive in the non-fungible tokens (NFT) industry. This non fungible token market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business's creation, distribution, and management. The main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others. The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan. The different technologies include blockchain, cloud computing, IoT, machine learning, Robo advisory, and others and are deployed on-premises, in the cloud. It offers solutions, and services and is used by various sectors such as the automotive industry, banking, and financial services, government sector, healthcare industry, manufacturing industry, retail industry, and others. The global insurtech market is segmented - 1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products 2) By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Other Technologies 3) By Offering: Solutions, Services 4) By Deployment: On-Premise, Cloud 5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Other Applications The global insurtech market size will grow from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurtech is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%. Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the the growth of the insurtech market. Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited. In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech market acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services. North America was the largest region in the insurtech market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global insurtech market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The insurtech market includes revenues earned by entities by providing solutions that integrate the traditional insurance industry with modern technologies. The term insurtech refers to applying technological innovations to extract cost and efficiency from the current insurance industry model. Insurtech market intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches. The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the insurtech market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy. For instance, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adopt digital ecosystems as it is having a major impact on the insurance industry. The insurtech market research report is one of a series of new reports from The Business Research Company that provides insurtech market statistics, including insurtech industry global market size, regional shares, competitors with an insurtech market share, detailed insurtech market segments, market trends, and opportunities, and any further data you may need to thrive in the insurtech industry. This insurtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Financial services are products and services provided by financial institutions that facilitate various financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management. The main types of financial services are lending and payments; insurance; reinsurance; insurance brokerage; investments; and foreign exchange services. The lending and payments market refers to the lender's making funds and making them available to a person. The services are offered to small- and medium-sized businesses as well as large businesses. The services are used by individuals, corporations, governments, and investment institutions. The global financial services market is segmented - 1) By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services 2) By Size Of Business: Small And Medium Business, Large Business 3) By End User: Individuals, Corporates, Government, Investment Institution Subsegments Covered: Lending, Cards & Payments, Insurance, Insurance Brokers & Agents, Reinsurance, Wealth Management, Securities Brokerage And Stock Exchange Services, Investment Banking The global financial services market size grew from $25848.74 billion in 2022 to $28115.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global financial services market is expected to grow to $37484.37 billion in 2027 at a CAGR of 7.5%. The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. Major companies in the financial services market include Allianz Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co., Ping An Insurance, Axa Group, Anthem, Inc., Agricultural Bank Of China, China Life Insurance, China Construction Bank, and Centene. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached 10.8 billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in the Asia-Pacific region. Banks and financial institutions are adopting digitization to modernise their commercial lending business. This move is mainly a result of increased competition among banks and growing demand for a simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks that have incorporated digitization into lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank. Many wealth management companies are investing in big data analytics capabilities to generate insights about clients. Big data solutions are being implemented to deliver insights around client segments, product penetration, and training programme effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers. Western Europe was the largest region in the financial services market share in 2022. North America was the second-largest region in the financial services market. The regions covered in the global financial services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa The countries covered in the financial services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The financial services market includes revenues earned by entities by providing financial or money related services such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry, and most firms offer multiple services. Revenues include fees, interest payments, commissions, or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The financial services research report is one of a series of new reports from The Business Research Company that provides financial services statistics, including financial services industry global market size, regional shares, competitors with financial services share, detailed financial services segments, market trends and opportunities, and any further data you may need to thrive in the financial services industry. This financial services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.