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Blockchain in Banking and Financial Services Market

Blockchain In Banking And Financial Services Market

Blockchain In Banking And Financial Services Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

147

Base Year:

2022

Date

Apr - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1460

Segments Covered
  • By Type By Type Private Blockchain, Public Blockchain, Consortium Blockchain, Hybrid Blockchain
  • By Application By Application Fund Transaction Management, Real Time Loan Funding, Liquidity Management , KYC/Identity Management, Real Time Asset Tracking, Others
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 3305.67 Million
Revenue 2030Revenue 2030: USD 87470.03 Million
Revenue CAGRRevenue CAGR (2023 - 2030): 50.60%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Blockchain In Banking And Financial Services Market Share

Market Synopsis:

Global Blockchain In Banking And Financial Services Market is valued at USD 3305.67 Million in the year 2022 and is projected to reach a value of USD 87470.03 Million by the year 2030. The Global Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 50.60% over the forecast period.

Blockchain is a decentralized database that records transactions across multiple nodes. It was first developed in 2008 as a solution to address issues related to the security and integrity of online transactions. Since then, blockchain has gained traction among many industries due to its ability to provide secure and transparent transaction processing. The banking industry has been undergoing significant changes over the past few years. These changes have resulted from the introduction of new technologies that are reshaping the way people interact with banks. One such technology is blockchain, which is being used to create digital ledgers that can record transactions between two parties efficiently and securely.

The increasing adoption of distributed ledger technologies (DLT) in banking and financial services sector for transparency & accountability in financial transactions is driving the growth of the blockchain technology market. Moreover, growing demand for digitalization in the banking and financial services sector, rising number of mergers and acquisitions, and technological advancements are some of the major factors fueling the growth of the global blockchain technology market. However, high cost associated with implementation of DLTs and lack of standardization among different vendors are restraining the growth of the market.

Blockchain In Banking And Financial Services Market Size, 2022 To 2030 (USD Million)

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Market Segmentation:

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The Global Blockchain In Banking And Financial Services Market is segmented by type, application, and region. By type, the Global Blockchain In Banking And Financial Services Market is bifurcated as private blockchain, public blockchain, consortium blockchain, and hybrid blockchain. By application, the target market is segmented as fund transaction management, real time loan funding, liquidity management, KYC/identity management, real time asset tracking, and others.

Below tree is interactive. You can click the nodes to get more information.

Private Blockchain segments holds the largest market share in terms of revenue during the forecast period:

Private blockchain is permissionsed networks that allow access by authorized entities. Private Blockchain segment is the most dominant segment over the forecast time frame. This is due to its advantages in banking & financial applications such as high-security and reduction of fraud.

Public blockchains are decentralized networks, they use open protocols to record transactions between nodes without any central authorities. The public blockchain segment projects to witness fastest growth rate in the forecast period. This is mainly because of increased usage of public blockchain as it offers decentralization and becomes a big advantage for situations where a network needs to be decentralized and allows full transparency of the ledger.

Fund Transaction Management segments holds the largest market share in terms of revenue during the forecast period:

Fund transaction management segment held the highest share in the Blockchain In Banking And Financial Services Market during the forecast period. Blockchain is becoming more popular in banking and financial services for fund transactions since it is more programmable and easier to handle.

North America region dominated the Blockchain In Banking And Financial Services Market during the forecast period:

North America is the biggest region leading the Blockchain In Banking And Financial Services Market with a revenue of USD 924.26 Mn and is expected to expand at a 42.10% during the projected period. This is mostly due to the presence of key market participants and ongoing blockchain technology developments in this region. Blockchain technology in banking and finance provides cryptographic security and transparency, which reduces fraud in banks and is supposed to propel market growth in this region. Furthermore, this region has the most banks and other financial organisations and also includes a enormous number of large firms that provide banking and financial services. These factors make them prime candidates for adopting blockchain technology in the banking industry.

Asia Pacific region is projected to grow at a rapid rate during the forecast period. China, India, Japan, South Korea, Singapore, and Malaysia are some of the major markets in this region. These countries have been actively adopting blockchain technology to streamline their current processes for better and transparent transaction in banking and financial sector.

Competitive Landscape:

Some of the major key players in the Blockchain In Banking And Financial Services Market are TE Connectivity, Amphenol, Prysmian Group, Fujitsu, Siemens, Mitsubishi Electric, Molex, Nexans, Huawei, Volex PLC and others.

Segmentation of Blockchain In Banking And Financial Services Market:

Parameter Details
Segments Covered

By Type

  • Private Blockchain
  • Public Blockchain
  • Consortium Blockchain
  • Hybrid Blockchain

By Application

  • Fund Transaction Management
  • Real Time Loan Funding
  • Liquidity Management
  • KYC/Identity Management
  • Real Time Asset Tracking
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • TE Connectivity
  • Amphenol
  • Prysmian Group
  • Fujitsu
  • Siemens
  • Mitsubishi Electric
  • Molex
  • Nexans
  • Huawei
  • Volex PLC
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Blockchain In Banking And Financial Services valued at USD 3305.67 Million in 2022 and is expected to reach USD 87470.03 Million in 2030 growing at a CAGR of 50.60%.

  • The prominent players in the market are TE Connectivity, Amphenol, Prysmian Group, Fujitsu, Siemens, Mitsubishi Electric, Molex, Nexans, Huawei, Volex PLC.

  • The market is project to grow at a CAGR of 50.60% between 2023 and 2030.

  • The driving factors of the Blockchain In Banking And Financial Services include

    • Increased in the cross border payments

  • North America was the leading regional segment of the Blockchain In Banking And Financial Services in 2022.