Growing adoption of blockchain technology for faster cross-border payments
VANCOUVER, BC, CANADA, March 8, 2022 /EINPresswire.com/ — blockchain technology in the BFSI market is expected to reach a market size of USD 70,026.4 million by 2028 and register a rapid CAGR, according to the latest analysis from Emergen Research. The growth of the global blockchain technology in BFSI market is expected to significantly increase in terms of revenue over the forecast period owing to the growing demand for distributed ledger technology in banks. The growing adoption of blockchain technology for capital optimization is also a major factor that is expected to further boost the global blockchain technology in BFSI market growth during the forecast period. The increasing adoption of blockchain technology for cross-border payments is expected to further support the market size growth in the future.
However, the high investments to implement the blockchain technology are expected to limit the adoption and in turn impact the growth of the global blockchain technology in the BFSI market growth to some extent during of the forecast period.
The study makes a historical assessment of Blockchain technology in BFSI from 2021 to 2028, focusing on market trends, revenue share, growth rate, production capacity, price structure and others essential aspects during this period. The report emphasizes on-going demands and trends in the global Blockchain Technology on BFSI Market, most importantly, key regions of the market. Additionally, our analysts have included SWOT analysis and Porter’s Five Forces analysis in the report to offer a better understanding of the competitive spectrum of this ever-changing industry. Moreover, the report sheds light on the cutting-edge expansion strategies adopted by market competitors such as mergers and acquisitions, joint ventures, partnerships and collaborations, new product launches, and brand promotions.
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The global Blockchain Technology on BFSI market includes various segments including product type outlook, application spectrum, end-user overview, major regions, and competitive analysis. The report further provides insights into the value chain, emerging market sectors, and technological advancements in the industry for the benefit of readers and companies looking to invest in this industry.
Key Market Competitors Profiled in the Report: Microsoft Corporation, Amazon Web Services, Inc., International Business Machines Corporation, SAP SE, Oracle Corporation, Infosys Limited, Bitfury Group Limited, Auxesis Group, AlphaPoint Corporation, and Hewlett Packard Enterprise Development LP.
The significant driving forces shaping the future of Blockchain Technology in BFSI Market for the forecast period 2021-2028 find a special mention in the study and are supported by real-time statistics. In-depth industry segmentation by type, application, classification, and geography provides impetus for increasing sales figures and improving business prospects, alongside barriers that often limit industry growth. Furthermore, market bifurcation on the basis of consumption volume, customer preference, end-user, and production capacity is explained by substantial resources including graphs, graphic images, and tables.
Emergen Research has segmented the global blockchain technology in BFSI market on the basis of type, component, application, end-use, and region.
Type Outlook (Revenue, USD Million; 2021-2028)
Components Outlook (Revenue, USD Million; 2021-2028)
Application Outlook (Revenue, USD Million; 2021-2028)
End-Use Outlook (Revenue, USD Million; 2021-2028)
Non-bank financial corporation
The public blockchain segment is expected to lead in terms of revenue expansion with a CAGR of 75.3% during the forecast period. This high growth rate can be attributed to the increasing application of public blockchain applications such as Ethereum and Bitcoin.
The platform segment is expected to account for the largest market share over the forecast period owing to the growing adoption of cloud technology and blockchain software.
In terms of revenue contribution to the global blockchain technology in the BFSI market, the smart contracts segment is expected to lead during the forecast period owing to the growing demand for self-executing contracts in the banking sector.
The banking segment is expected to account for a relatively higher market share over the forecast period owing to the increasing use of blockchain technology to simplify banking operations.
The North America market is expected to account for the highest revenue share among other regional markets over the forecast period owing to the increasing application of blockchain technology by banks and insurance companies in the countries of the region to provide improved customer service and experience.
For more details on Blockchain Technology in BFSI Market Report visit @ https://www.emergenresearch.com/industry-report/blockchain-technology-in-bfsi-market
The research segments the market based on product type, applications, and end use. It features the company’s key players and their individual contribution to the global economy. The report focuses on significant investments, business ventures, mergers, acquisitions, collaborations as well as technological developments in the field. It also assesses upcoming areas and business niches. The researcher aims to offer expert information related to the industry and new opportunities available in the market.
Target audience of the report:
Large, medium and small businesses
Value Added Resellers (VAR)
Third-Party Knowledge Providers
The report considers the following timeline for market estimation:
Historical years: 2019-2020
Reference year: 2020
Estimated year: 2021
Forecast years: 2021-2028
Key Coverage of Blockchain Technology in BFSI Market:
Relevant information about the Global Blockchain Technology in BFSI Market
Identifying growth in various Blockchain Technology segments and sub-segments in BFSI Market
Strategic recommendations for investment opportunities
The report covers important industry related statistics along with products, applications, price analysis, demand and supply, and rate of production and consumption
Emerging trends and analysis of current market segments to help investors formulate new business strategies
Accelerates the decision-making process thanks to the availability of pilots and constraints
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The Global Blockchain Technology Market report in BFSI assesses the latest economic scenario in terms of both value and volume. It highlights key growth drivers, restraints, production capacity, demand/supply ratio, import/export status, growth rate and other critical aspects. In addition, the report also conducts SWOT analysis, Porter’s five forces analysis, speculation accessibility survey, and business return survey.
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