According to Goldstein Research, “Block chain technology is seeing a great boom in BFSI sector. Different banking and financial institutions are adopting block chain technologies globally. Block chain has helped bank to reduce infrastructure cost by 30% in 2016. Recently, European central bank and bank of Japan had adopted block chain technology for banking transaction. Also annual prospective saving of BFSI sector that uses block chain technology is USD 8.25-12.01 billion in 2016.
The Global block chain technology market in BFSI is segmented based on types, size, providers and application. Size is further bifurcated into small and medium enterprise and large enterprise. On the basis of size, large scale enterprise dominated the segment by more than 60% share in 2016 due to vast adoption of block chain technology in BFSI sector.
Global block chain technology market is expected to reach USD 430.2 billion by 2024 from USD 95.2 billion in 2016 at a CAGR of 25.01% over the forecast period in which the global block chain technology market in BFSI sector was valued USD 0.25 billion in 2016 and is anticipated to reach at USD 3.18 billion by 2024.
Geographically, adoption of block chain technology in BFSI sector has led North America to be the largest region in global block chain technology market followed by Europe and Asia Pacific where around 70% North American banks have recently adopted block chain technology.
Rising demand of block chain technology in BFSI sector: Major boost
Demand of block chain technology is rising in BFSI sector as block chain technology gives various benefits to BFSI sector such as elimination of third party intervention when two parties make an exchange, since all the database of transaction are recorded in ledger therefore accurate and consistent data is available, block chain technology is used in banks so that users can trust the transaction as the protocol command to eliminate third party in transaction.
Advancement in technology of various sectors in block chain technology market: Innovations
Several new advancements are made in various sectors of block chain technology market such as technological growth in application which include digital payment and clearing and settlement. Advancement and ease of regulatory framework by government is creating the space for block chain technology market to grow, for instance government of Japan has created regulation that would ease the process of block chain and bit coin technology in Japan.
“Global Block Chain Technology Market in BFSI Outlook 2024” contains detailed overview of the global block chain technology market in BFSI in terms of market segmentation by type, by size, by service providers and by applications
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Block Chain Technology in BFSI Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Telstra, Deutsche Bank, Citigroup, National bank of Canada, Goldman sache, Security and exchange commission, Bank of America, ICICI bank, Lehman Brothers and First Boston, R3, Ripple etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Global block chain technology market in BFSI that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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