Faster Transaction & Reduce TCO are the Key Factors to boost the Blockchain In Banking And Financial Services Market
As stated in our extensive report, providing insights on Type and Application the Global Blockchain In Banking And Financial Services Market accounted for USD 2,195.4 Million in the year 2021.
Blockchain In Banking And Financial Services technology is one of the most widespread terms used for research in the finance industry at present time. Financial Technology and services are the use of modern innovative technology in the field of finance. It is basically used for innovative and disruptive technology for providing financial services. Fintech catered to the need for more security for the investors by providing innovative and secured financial services. The other reason for the emergence of Blockchain In Banking And Financial Services could be attributed to the need for financial services at a more affordable cost which provides mobility and a faster pace.
The market is mainly driven by rising compatibility with the financial services industry ecosystem and an increase in the Cryptocurrency market cap and ICO. This technology helps in generating faster transactions and reduces TCO. The major restraining factor for Blockchain In Banking And Financial Services Market is the uncertainty of regulatory standards and frameworks imposed by the system.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in Blockchain In Banking And Financial Services Market demand. The implementation of lockdown in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and limits the spread of COVID-19, led to a downfall in demand for fintech Blockchain technology
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years due to the high demand for blockchain in banking and finance technology in the commercial sector. Additionally, this region contains the world’s best financial institutions and needed professionals. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the finance and fintech blockchain in banking technology. North America held the largest share of the Blockchain In Banking And Financial Services Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of education, minimum availability of financial professionals, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Blockchain In Banking And Financial Services Market such as TE Connectivity, Amphenol, Prysmian Group, Fujitsu, Siemens, Mitsubishi Electric, Molex, Nexans, Huawei, Volex PLC.
Browse the full Report - Blockchain In Banking And Financial Services Market Size, Share & Trends Analysis Report by Type (Private Blockchain, Public Blockchain, Consortium Blockchain, Hybrid Blockchain), by Application (Fund Transaction Management, Real Time Loan Funding, Liquidity Management , KYC/Identity Management), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)