According to IMARC Group’s latest research report, titled “Blockchain in BFSI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the blockchain in BFSI market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global blockchain in BFSI market size reached US$ 0.94 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.79 Billion by 2028, exhibiting a growth rate (CAGR) of 57.55% during 2023-2028.
Blockchain in BFSI Market Outlook:
Blockchain is a digital ledger technology that has recently gained significant attention in the Banking, Financial Services, and Insurance (BFSI) sector. Blockchain provides a decentralized, secure, and transparent system for storing and sharing information, making it an ideal solution for the BFSI industry, where security and transparency are crucial. Blockchain technology is used in various applications in BFSI, such as digital identity management, smart contracts, and secure data sharing. In digital identity management, blockchain provides a secure and decentralized system for storing and verifying identity information, which can help prevent fraud and enhance customer privacy. BFSI organizations have been exploring blockchain technology to improve operations, reduce costs, and enhance customer experience. The use of blockchain technology is expected to increase in BFSI in the coming years as more companies recognize the potential benefits of this technology in enhancing security and transparency while reducing costs.
Get Free Sample Copy of Report at – https://www.imarcgroup.com/blockchain-in-bfsi-market/requestsample
Blockchain in BFSI Market Trends:
The global market is primarily driven by the growing demand for secure and efficient financial transactions. In line with this, the rapid adoption of blockchain technology in banking and financial services is significantly contributing to market growth. Furthermore, the rising investments in blockchain startups are positively influencing the market. Apart from this, the key companies are investing in research and development to enhance their blockchain solutions and gain a competitive edge in the market. Moreover, blockchain implementation is anticipated to enable banks to process payments in less time and more accurately while lowering transaction processing costs. This is expected to offer numerous opportunities for market expansion. Besides, the rising need to streamline the banking processes with distributed ledger technology is projected to fuel the market. Additionally, the ongoing developments in blockchain technology are creating a positive outlook for the market.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Accenture plc
- AlphaPoint
- Amazon Web Services Inc.
- Auxesis Services & Technologies (P) Ltd.
- Infosys Limited
- International Business Machines Corporation
- Oracle Corporation
Type Insights:
- Private
- Public
- Consortium
- Hybrid
Component Insights:
- Platform
- Services
Application Insights:
- Digital Currency
- Record Keeping
- Payments and Settlement
- Smart Contracts
- Compliance Management
- Others
End User Insights:
- Banking
- Insurance
- Non-Banking Financial Companies (NBFCs)
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Read More: https://recifest.com/
