Blockchain Technology Market in BFSI Sector to grow by USD 4.02 billion between 2021-2026 | Growth Driven by Increase in FinTech Spending - Technavio

NEW YORK, Sept. 15, 2023 /PRNewswire/ -- The Blockchain Technology Market in BFSI Sector report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the blockchain technology market in the BFSI sector market between 2021 and 2026 is USD 4.02 billion. A key factor driving growth in the blockchain technology market in the BFSI sector is the increase in FinTech spending. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Many FinTech startup companies provide solutions, which are operated through smartphones or tablets, directly to the customers through licensing or by means of white label services. The global investment in the FinTech sector increased tremendously by about 200% in a year. The rise in global investments indicates that large corporates like JP Morgan, Morgan Stanley, Barclays, and Santander are changing their value chains and technologies to adopt FinTech. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - The trust deficit in blockchain technology for financial transactions is a challenge for the blockchain technology market in the BFSI sector during the forecast period. The technology is still nascent, and its vulnerabilities are yet to be explored. Many companies are also skeptical about the scalability of blockchain when it comes to handling large volumes of enterprise data. The time taken for transactions and the computing power required for performing a transaction are also major points of concern for some end-users. Learn about additional key drivers, trends, and challenges available with Technavio. Read a Free Sample PDF Report Now

The blockchain technology market in the BFSI sector is segmented by Type (public blockchain, private blockchain, and consortium blockchain) and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The public blockchain segment is significant during the forecast period. The introduction of this blockchain has centralized the workflow process in financial institutions. Hence, such developments fuel the growth of the public blockchain segment of the blockchain technology market in the BFSI sector during the forecast period.
• North America contributes to 47% of the global market growth during the forecast period. View a Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Blockchain technology market in the BFSI sector:

Accenture Plc, aelf, AlphaPoint Corp., Amazon.com Inc., Auxesis Services & Technologies International Ltd., Bitfury Group Ltd., Coinbase Global Inc., ConsenSys Software Inc., Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings LLC, Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Inveniam Capital Partners, Marco Polo Network Operations (Ireland) Ltd., Microsoft Corp, NTT DATA Corp., Oracle Corp., Ripple Labs Inc., Tata Consultancy Services Ltd.

Related Reports:

The Web 3.0 blockchain market is estimated to grow at a CAGR of 47.85% between 2022 and 2027. The market size is forecast to increase by USD 27,422.25 million.

Blockchain technology in healthcare market is estimated to grow at a CAGR of 32.79% between 2022 and 2027. The market size is forecasted to increase by USD 1,939.31 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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