Blockchain In Banking And Financial Services Market Recent Development And Future Growth Forecast To 2033

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..

Market Overview -
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.

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The Surge Of Cryptocurrency Adoption Accelerates Growth In The Blockchain In Banking And Financial Services Market
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.

Competitive Landscape -
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.

Blockchain's Role In Reducing Fraud And Enhancing Security In The Banking And Financial Services Sector
The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market. Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won't be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3's new software technology Conclave. Conclave allows confidential computing, by which insurers can't share detailed information about claims without the other insurer seeing them.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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