Surge Of Cryptocurrency Adoption Accelerates Growth In The Blockchain In Banking And Financial Services Market: Powering Innovation and Expansion in the Blockchain In Banking And Financial Services Market by 2025

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What Is the Expected CAGR for the Blockchain In Banking And Financial Services Market Through 2025?
The size of the banking and financial services market for blockchain has seen rapid expansion lately. Its growth trajectory is slated to increase from $6.98 billion in 2024 to $10.65 billion in 2025 with a compound annual growth rate (CAGR) of 52.6%. The historic period's growth is due to factors such as burgeoning demand for swift, real-time fund transfers, growing preference for digital banking services, robust economic expansion in up-and-coming markets, and rising government initiatives.

What's the Projected Size of the Global Blockchain In Banking And Financial Services Market by 2029?
Expectations are high for significant expansion in the size of the blockchain in banking and financial services market in the coming years. Forecasts suggest it could reach a staggering $58.2 billion in 2029, boasting a compound annual growth rate (CAGR) of 52.9%. Several factors contribute to this expected growth, including increased uptake of blockchain technology in banking, a surge in cryptocurrency usage and the implementation of blockchain to minimize fraudulent transactions. Key trends to watch during this forecast period involve the application of blockchain technology in insurance, the integration of blockchain into asset servicing, strategic mergers and acquisitions, and the rising emphasis on digital currencies.

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Top Growth Drivers in the Blockchain In Banking And Financial Services Industry: What's Accelerating the Market?
The surge in cryptocurrency utilization propels the expansion of blockchain within the realm of banking and financial services. Cryptocurrency is a type of digital or virtual currency secured by cryptography and functioning independently of any central authority or government. The escalating endorsement from businesses and financial institutions has significantly contributed to the overwhelming popularity of cryptocurrencies. Furthermore, the enhanced comprehension and consciousness about cryptocurrencies in the wider public and amongst institutional investors amplify their acceptance. The blockchain is particularly beneficial to crypto enthusiasts as it provides a safe, transparent, and uncentralized platform for purchasing, trading, and preserving cryptocurrencies, facilitating direct transactions without the need for middlemen. For instance, in 2024, data from Security.org, a US-based firm dedicated to free and unrestricted information and resources availability, showed that cryptocurrency ownership rates among US adults increased from 30% in 2023 to 40% in 2024. This demonstrates a growing interest and acceptance in the realm of digital assets. Hence, the surge in cryptocurrency utilization is expected to stimulate market growth.

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What Are the Key Trends Driving Blockchain In Banking And Financial Services Market Growth?
Prominent businesses in the banking and financial services sector are exploiting the benefits of blockchain technology to diminish fraudulent transactions. This includes the use of crypto storage services for reliable management and preservation of digital assets. These services present options like hot wallets for easy access and cold wallets for increased protection against cyber-attacks. For example, in October 2024, Ripple, a firm based in the US that focuses on creating blockchain-based payment processing solutions, introduced an extensive assortment of new crypto custody services aiming to aid banks and fintech companies in preserving digital assets of their clients. This measure involves ready-made operational settings and strategy frameworks to simplify asset handling. This includes merging with the open-source XRP Ledger, high-tech supervision for Anti-Money Laundering Compliance, and an intuitive interface crafted for simplicity. Through these services, Ripple aims to boost the digital asset storage services for financial institutions. This positions Ripple competently against time-honored players like Coinbase and Gemini while extending its reach beyond its customary payment clearing solutions.

What Are the Main Segments in the Blockchain In Banking And Financial Services Market?
The blockchain in banking and financial servicesmarket 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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Which Top Companies are Driving Growth 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.

Which Regions Will Dominate the Blockchain In Banking And Financial Services Market Through 2029?
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.

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