Global Blockchain in BFSI Market To Grow at a CAGR of 58.4% From 2020 to 2028; QMI

The Global Blockchain in BFSI Market was valued at USD 434.4 million in 2020 and is projected to grow at a CAGR of 58.4% during the forecast period till 2028. Before COVID-19 impact, the global block chain in BFSI market was valued at USD 442.3 million in 2020.

Pune, India, April 08, 2021 (GLOBE NEWSWIRE) — The Global Blockchain in BFSI Market was valued at USD 434.4 million in 2020 and is projected to grow at a CAGR of 58.4% during the forecast period till 2028. Before COVID-19 impact, the global block chain in BFSI market was valued at USD 442.3 million in 2020.

In a blockchain network that maintains identical transaction copies on many computer systems, blockchain allows distributed ledger transactions. The transaction may be checked by any individual involved in that network. In addition, it cannot be deleted until the transaction is registered. However, with the consent of many of these participants, blockchain can be modified.

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There are many problems involved with the conventional way of cross-border payments, including high transaction costs, multiple intermediaries, and a longer time for completion. On the other hand, the blockchain-based mechanism does not involve any intermediaries, involves less transaction costs, and allows money to be transferred easily.

The growth of the global blockchain in the BFSI industry is being driven by the increased need for transparency & accountability of transactions through GRC management solutions, digital ledger and consortium blockchain, rising adoption of cross-border payments, and increased bank investment in blockchain-based solutions. Moreover, in the near future, growing demands from emerging economies as well as the demand for increased transaction speed, scalability, smart contracts, and reduced processing costs are anticipated to generate a range of opportunities in the BFSI blockchain industry.

However, an uncertain regulatory and compliance environment and limited availability of technical skillsets to implement the blockchain technology have slowed down the adoption of blockchain in the BFSI industry.

Some Noted Developments Considered in the Report:

  • In May 2019, Deloitte tested Ethereum blockchain data management with three Irish banks, the Bank of Ireland, Institute of Banking (IoB), AIB, and Ulster Bank, for staff credential verification.

  • In July 2018, IBM introduced LedgerConnect, a blockchain network, in partnership with CLS, to target the financial services sector. Nine financial institutions, including Barclays and Citi banks, have linked themselves to this platform.

COVID-19 Impact on the Global Blockchain in BFSI Market

The QMI team has closely monitored the impact of COVID-19 on the global blockchain in BFSI market, and it has been observed that the demand for blockchain in BFSI has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021.

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Governments around the world announced coronavirus to be a global pandemic in March 2020, which had a significant impact on industries worldwide. Owing to the rapid spread of the virus around the world, precautionary measures have been taken by governments, such as orders for people to remain at home during the COVID-19 pandemic. In the short term, the emerging COVID-19 pandemic is threatening the blockchain in BFSI market. The blockchain market will decline significantly, according to the Organization for Economic Co-operation and Development (OECD), with technology investment falling by about 8% in 2020 compared to the previous year. In the midst of this crisis, blockchain in BFSI will play a key role in driving activities and initiatives for digital transformation.

In order to enhance customer service, government and other business organisations are focusing on adopting innovative solutions. For example, in March 2020, the World Health Organization (WHO) unveiled its distributed ledger technology (DLT)-‘MiPasa’-based blockchain program to help convey information about the COVID-19 outbreak. It aims to assist with early coronavirus identification and to identify hotspots and carriers. The blockchain in BFSI market is expected to be powered by such successful initiatives in the coming years.

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Global Blockchain in BFSI Market, by Type

Based on type, the blockchain in BFSI market is segmented into private, public, hybrid, and others. The private form of blockchain was estimated to have the largest market size in 2020. A public database or ledger that is protected by conventional security methods, such as restricted user rights, is a private blockchain. Generally, a private blockchain is provided with encryption using private keys that are accessible only to the associated entity.

A private blockchain is a technology where written permissions for a specific entity are kept centralized. Based on the usability of the company, read permissions may also be limited. In terms of using the blockchain technology for business-to-business use cases, a private blockchain provides companies with further opportunities.

Global Blockchain in BFSI Market, by Component

Based on component, the market has been segmented into platform and services. Among these, the platform segment was estimated to hold the largest share in the blockchain in BFSI market in 2020, and it is also anticipated to hold the largest market share during the forecast period. The growth of the platform segment can be mainly attributed to the growth in enterprises’ adoption of blockchain software as well as cloud computing.

Global Blockchain in BFSI Market, by Organization Size

Based on the organization size, the market has been segmented into large enterprises and small & medium enterprises. The small & medium enterprises segment is expected to grow with the highest CAGR during the forecast period, driven by the increasing need to streamline business operations cost-effectively across SMEs. The acceptance of blockchain technology is still in the testing phase in most SMEs; however, due to low infrastructure costs as well as transparency, the adoption rate in the SMEs segment is anticipated to grow significantly in the near future.

Global Blockchain in BFSI Market, by Application

Based on application, the global blockchain in BFSI market is divided into digital currency, record keeping, payments & settlement, smart contracts, compliance management, and others. During the forecast period, the digital currency segment is anticipated to register the highest CAGR. The growth of the segment can be mainly attributed to the increasing number of identity frauds and cyber-attacks taking place around the world.

During the forecast period, the payments & settlement segment is anticipated to hold a higher market share. The growth of the segment is being mainly driven by the rising adoption of payment and transaction procedures for cloud services. The technology enables transparency, cost-effectiveness, as well as payment systems’ operational efficiency.

Global Blockchain in BFSI Market, by End User

Based on the end user, the market has been segmented into banking, insurance, and NBFCs. Among these segments, the banking segment held the largest market share in 2020 and is also expected to grow at a significant CAGR during the forecast period. The major factor that is expected to promote the banking segment’s growth is the increasing need to streamline banking processes with the distributed ledger technology.

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Global Blockchain in BFSI Market, by Region

Based on region, the global blockchain in BFSI market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these regions, North America is anticipated to dominate the overall blockchain in BFSI market during the forecast period. This is mainly due to the presence of leading market players and on-going advances in blockchain technology in the region. Blockchain adoption has also been motivated by the involvement of major market players and increasing concerns about forgery in the region.

However, the Asia-Pacific region is projected to exhibit the highest CAGR during the projected timeframe. This is due to an increase in BFSI and IT organisations’ collaboration, and merger & acquisition activities in the region.

Some Major Findings of the Blockchain in BFSI Market Report Include:

  • Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries

  • An in-depth global blockchain in BFSI market analysis by the aforementioned segments along with an analysis of trend-based insights and factors

  • Profiles of the key market players operating in the global blockchain in BFSI market, which include Alphapoint, Amazon Web Services, Inc. (AWS), Auxesis Group, Bitfury Group Limited., International Business Machines Corporation (IBM), Hewlett Packard Enterprise Development LP (HPE), Infosys Limited, Oracle Corporation, Microsoft Corporation, and SAP SE., among others.

  • Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in the last five years

  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global blockchain in BFSI market

  • Impact of COVID-19 on the global blockchain in BFSI market

Browse key industry insights spread across 167 pages with 102 market data tables and 51 figures & charts from the report,Blockchain in BFSI Market, By Type (Private, Public, Hybrid, and Others), By Component (Platform And Services),By Application (Digital Currency, Record Keeping, Payments & Settlement, Smart Contracts, Compliance Management, And Others),By Organization Size (Small and Medium Sized Enterprises and Large Enterprises),By End User (Banking, Insurance, and NBFCs), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).

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