Strong Growth Ahead: Blockchain In Banking And Financial Services Market Size To Grow At Arecord 39.4% Cagr By 2029

The Blockchain In Banking And Financial Services Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Blockchain In Banking And Financial Services Market Size Expected to Be by 2034?
The market size for blockchain in banking and financial services has seen an exponential increase lately. Projections indicate that it will rise from $6.98 billion in 2024 to $10.85 billion in 2025, with a compound annual growth rate (CAGR) of 55.3%. This historical growth trend can be linked to factors like the growing demand for quick, real-time money transfers, increased adoption of digital banking services, robust economic development in burgeoning markets, and escalated government initiatives.

In the approaching years, the blockchain in banking and financial services market is predicted to witness an astronomical surge, reaching a worth of $40.9 billion in 2029 with a compound annual growth rate (CAGR) of 39.4%. The driving factors for this hopeful growth can be traced back to the sweeping adoption of blockchain technology within the banking sphere, the mounting use of cryptocurrency, and the increased employment of blockchain to cut down the incidence of fraudulent deals. Key trends predicted for the forecast period encompass a focus on leveraging blockchain solutions for insurance purposes, concentrating on incorporating blockchain for asset servicing, planning strategic alliances and buyouts, and emphasis on virtual currencies.

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What Are the Emerging Segments Within the Blockchain In Banking And Financial Services Market?
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 Long-Term Drivers Are Shaping Blockchain In Banking And Financial Services Market Trends?
The burgeoning popularity of cryptocurrency is fueling the expansion of blockchain within banking and financial services. Cryptocurrency is understood as a digital or virtual currency that employs cryptography for protection and operates devoid of a centralized regulatory body or government control. The increasing endorsement of cryptocurrencies by companies and financial organisations significantly contributes to their burgeoning popularity. Additionally, heightened awareness and comprehension of cryptocurrencies amongst the public and institutional investors are stimulating their uptake. The usefulness of blockchain for cryptocurrency users is seen in its secure, transparent, and decentralized platform, which facilitates purchasing, selling, and safekeeping of cryptocurrencies, enabling direct transactions without intermediaries. For example, as reported by Security.org, a US-based organization committed to providing unrestricted access to information and resources, cryptocurrency ownership amongst US adults was at 30% in 2023, rising to 40% in 2024. This illustrates an escalating acceptance and curiosity in digital assets. Consequently, the increasing utilization of cryptocurrency is expected to bolster the growth of the market.

Who Are the Top Competitors in Key Blockchain In Banking And Financial Services Market Segments?
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.

What Blockchain In Banking And Financial Services Market Trends Are Gaining Traction Across Different Segments?
In order to gain a competitive advantage and reduce fraud in transactions, key players in the banking and financial services sector are embracing blockchain technology. For instance, blockchain can be utilized for crypto storage services, which securely hold and manage digital assets, and can provide both accessible options like hot wallets and more secure alternatives like cold wallets to protect against cyber threats. In October 2024, Ripple, a US-based tech firm known for developing blockchain-based payment processing solutions, introduced a new suite of crypto custody services designed to assist banks and fintech firms in holding their clients' digital assets. This effort includes ready-to-use operational configurations and policy structures to simplify asset management. Crucial features include integration with the open-source XRP Ledger, advanced anti-money laundering monitoring capabilities, and a user-friendly design for simplicity. Through these services, Ripple aims to improve digital asset storage abilities for financial institutions, carving a niche for itself against contenders such as Coinbase and Gemini, and widening its reach beyond its customary payment settlement offerings.

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Which Regions Are Becoming Hubs for Blockchain In Banking And Financial Services Market Innovation?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blockchain In Banking And Financial Services Market?
2. What is the CAGR expected in the Blockchain In Banking And Financial Services Market?
3. What Are the Key Innovations Transforming the Blockchain In Banking And Financial Services Industry?
4. Which Region Is Leading the Blockchain In Banking And Financial Services Market?

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