Global Blockchain In Banking And Financial Services Market to Reach $40.9 Billion by 2029, Growing at 39.4% CAGR

How Are the key drivers contributing to the expansion of the blockchain in banking and financial services market?
The increase in cryptocurrency usage propels the expansion of blockchain in the banking and financial services sector. Cryptocurrency is a digital or virtual currency that employs cryptography for safety and it functions independently of any central authority or government. The enhanced acceptance of cryptocurrencies by businesses and financial institutions is a key factor contributing to their increasing popularity. An elevated level of awareness and understanding of cryptocurrencies amongst the common public and institutional investors is also prompting their adoption. Blockchain is beneficial for crypto users as it offers a secure, transparent, and decentralized platform for conducting transactions involving buying, selling, and storing of cryptocurrencies, allowing for peer-to-peer exchanges without the need for intermediaries. For instance, in September 2024, Security.org, a US-based firm committed to offering unrestricted and free access to data and resources, reported that cryptocurrency ownership rates among American adults was 30% in 2023, which rose to 40% in 2024. This indicates a heightened acceptance and curiosity in digital assets. Therefore, the surge in cryptocurrency usage will stimulate the growth of the market.

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What growth opportunities are expected to drive the blockchain in banking and financial services market's CAGR through 2034?
The banking and financial services sector has seen a significant boom in the blockchain market size in the past few years. The market which was valued at $6.98 billion in 2024 is expected to witness a surge to a staggering $10.85 billion in 2025. This expansion represents a compound annual growth rate (CAGR) of 55.3%. Factors contributing to this upward trajectory in the historical timeframe include heightened demand for rapid, real-time fund transfers, expanded usage of online banking services, robust economic progress in growing markets, and the implementation of supportive government policies.

The banking and financial services sector is set to witness a significant surge in the implementation of blockchain technology, resulting in a projected market size of $40.9 billion by 2029, with a compound annual growth rate (CAGR) of 39.4%. This projected growth trajectory can be pinned on the escalating preference for blockchain technology in the banking industry, the growing trend of using cryptocurrencies, and the rising utilization of blockchain to minimize fraudulent transactions. The forecast period will watch out for several key trends such as the emphasis on leveraging blockchain technology for insurance, incorporating blockchain into asset servicing, strategic merger and acquisition strategies, and a marked focus on digital currencies.

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What are the emerging trends shaping the future of the blockchain in banking and financial services market?
Renowned businesses in the banking and financial arena exploiting blockchain technology are incorporating its usage to curtail fraudulent transactions. This includes the use of crypto storage services that serve the dual purpose of gaining an edge in the intensely competitive market and secure management, and the safekeeping of digital assets. These services offer variants like hot wallets for ease of use and cold wallets to boost security against potential hacking. As an example, Ripple, an American tech firm known for blockchain-based payment solutions, introduced an array of new crypto custody services in October 2024. These services are geared to assist banks and fintech entities manage their clients' digital assets more effectively. They include out-of-the-box operational configurations and policy framework, designed to simplify asset handling. The primary features include integration with the open-source XRP Ledger, enhanced monitoring to ensure anti-money laundering compliance, and a user-friendly interface tailored for ease-of-use. Through these services, Ripple strives to improve digital asset storage options for financial establishments. This positions the firm as a significant competitor against pioneers like Coinbase and Gemini, while also broadening its horizons beyond its usual payment settlement solutions.

Which growth-oriented segments of the blockchain in banking and financial services market are leading the industry's development?
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

Subsegments:
1) By Public Blockchain: Open And Permissionless Blockchains, Decentralized Finance (DeFi) Platforms, Cryptocurrencies And Tokens
2) By Private Blockchain: Consortium Blockchains, Permissioned Blockchains, Enterprise Blockchain Solutions
3) By Others: Hybrid Blockchains, Sidechains, Federated Blockchains

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What regions are leading the charge in the blockchain in banking and financial services market?
North America was the largest region in the blockchain in banking and financial services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in banking and financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the blockchain in banking and financial services market?
Major companies operating in the blockchain in banking and financial services market include SAP SE, Amazon Web Services, IBM, accenture* plc, 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.

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What Is Covered In The Blockchain In Banking And Financial Services Global Market Report?

•Market Size Forecast: Examine the blockchain in banking and financial services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blockchain in banking and financial services market for a structured understanding.
•Key Players Overview: Analyze major players in the blockchain in banking and financial services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blockchain in banking and financial services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blockchain in banking and financial services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blockchain in banking and financial services market.
•Industry Challenges: Identify potential risks and obstacles affecting the blockchain in banking and financial services market.
•Competitive Landscape: Review strategic developments in the blockchain in banking and financial services market, including expansions, agreements, and new product launches.

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