Exploring the Future: Uncovering Trends and Analysis of Blockchain in Banking and Financial Services Market || SAP SE, Amazon Web Services, IBM, Oracle Corporation

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Blockchain In Banking And Financial Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The blockchain in banking and financial services market size has grown exponentially in recent years. It will grow from $4.61 billion in 2023 to $7.12 billion in 2024 at a compound annual growth rate (CAGR) of 54.6%. The growth in the historic period can be attributed to the increasing demand for fast and real-time fund transfers, the rising use of digital banking services, strong economic growth in emerging markets, and increased government initiatives. .

The blockchain in banking and financial services market size is expected to see exponential growth in the next few years. It will grow to $27.69 billion in 2028 at a compound annual growth rate (CAGR) of 40.4%. The growth in the forecast period can be attributed to the rise in adoption of blockchain technology in the banking sector, rising use of cryptocurrency, and the increased use of blockchain to reduce fraudulent transactions. Major trends in the forecast period include focus on blockchain technology for insurance, focus on blockchain integration into asset servicing, focus on strategic mergers and acquisitions and focus on digital currencies..

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Key Market Players:

Major companies operating in the blockchain in banking and financial services market report are SAP SE, Amazon Web Services, IBM, Oracle Corporation, ConsenSys, Hewlett Packard Enterprise, Bitfury Group Limited, Infosys, Auxesis Services & Technologies (P) Ltd, DigitalX, Power Ledger, Data61ANZ, Westpac, Lapits, Indra Capital, Hashcash Consultants, L&T Infotech, Hyperlink InfoSystem, Moontek, EvaCodes, Innowise Group, Infograins, Trust Alliance Information Development Inc., Ltd, Shangha, Tech Exactly, Chimpare, SoluLab, Blockchain.com, Elliptic, Zamna, Adhara, Argo Blockchain, Everledger, Travala.com, Coinfirm, Unicsoft, Aspired, ELEKS, Labrys, NaNLABS, Amaris, Say Digital I/O, Artezio, CodeInside, Crypton Studio, IT Test, EVEN Lab, Evrone, Around25, Pixelette Technologies Ltd, RebelDot, Zitec, Agile Freaks, Altasoft Software Solutions, WebitFactory, Microsoft Corporation, Intel, JPMorgan Chase & Co, Akamai Technologies Inc, AlphaPoint, BitOasis, Pyypl, Zone, Gath3r, MidChains, HAYVN, DEFiYIELD, MenaPay, Light Protocol, Afriex, BitPesa, Bitsoko, BTCGhana, Luno, Ice3X, GeoPay, Dash, BitSure, Sava, Standard Bank, Chankura, PayFast.

Market Drivers:

The rising use of cryptocurrency drives the growth of blockchain in banking and financial services market. Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments. Cryptocurrency received its name because it uses encryption to verify transactions. Encryption aims to provide security and safety. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets. Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, and then store and spend them using cryptographic wallets. For example, according to Pew Research, a nonpartisan think tank company in November 2021, the vast majority of U.S. adults have heard at least a little about cryptocurrencies like Bitcoin or Ether, and 16% say they have invested in, traded, or otherwise used one, according to a new Pew Research Center survey. Men aged 18 to 29 are particularly likely to say they have used cryptocurrencies. Overall, 86% of Americans say they have heard at least a little about cryptocurrencies, including 24% who say they have heard a lot about them, according to the survey of U.S. adults, conducted September 13-19, 2021. Some 13% say they have heard nothing at all. Thus, the rising use of cryptocurrency will drive the growth of the market.

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The blockchain in banking and financial services market covered in this report is segmented -

1) By Type: Public Blockchain, Private Blockchain, Others
2) By Application: Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Others

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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