Authored By: Sarah
09 Feb 2024

Blockchain in BFSI: USD 48.2B Growth, Led by Accenture Plc, Inc, and Bitfury Group Ltd Revolutionizing Finance 

The global Blockchain Technology in BFSI Market is poised for staggering market growth at a CAGR of 67.84% between 2024 and 2028. This rise is expected to propel the market size up by an impressive USD 48.21 billion. The driving forces behind this exponential growth include a substantial increase in Fintech spending, heightened accessibility to technology, and the transformative disintermediation of traditional banking services.

Download Now: Blockchain Technology in BFSI Market Sample Report

Pioneering Companies at the Helm Leading the Charge in Blockchain Innovation

Blockchain technology in the Banking, Financial Services, and Insurance (BFSI) sector is led by a consortium of industry leaders. Renowned companies spearheading this transformation include Cegeka, ConsenSys Software Inc., Dragonchain, Factom, GuardTime OU, Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., SAP SE, SpinSys and many more.

The major key players encapsulate fundamental offerings.

  • Accenture Plc offers blockchain technology which allows multiple organizations and individuals to confidently share and access data in real time.
  • Inc offers blockchain technology via AWS, which provides a multi-party, fully managed blockchain network that aids in the elimination of middlemen and a centralized ledger database that keeps an immutable and cryptographically verifiable record of transactions.
  • Bitfury Group Ltd offers blockchain technology, namely Bitfury Exonum which is designed to help governments and companies to bring efficiency and security into their operation.

Disintermediation of Banking Services

The paramount catalyst propelling this market spike is the relentless disintermediation of traditional banking services. The advent of mobile trends has disrupted information retrieval methods, with Fintech solutions gaining widespread popularity. Traditional banking processes, such as credit provision, are being revolutionized by peer-to-peer lending, while equity investment searches have transitioned online, attracting venture capitalists.

Payments are undergoing a paradigm shift from standard bank accounts to virtual currencies, corporate credit cards, and even the likes of Amazon coins. Bitcoin, operating through peer-to-peer technology with no centralized authority, has become a focal point, with major companies like Microsoft investing in virtual currencies. This accelerated disintermediation promises a robust market growth trajectory during the forecast period.

AI and Robotics Reshaping the Landscape

When it comes to the trends, AI and robotics integrate into blockchain tech, advancing decentralized currency systems. Predictive algorithms in AI-powered blockchain gain trader traction, enhancing transactions.

Simultaneously, the adoption of robotics is transforming FinTech processes, automating functions, and ensuring seamless operations. This not only reduces financial transaction complexities but also enhances transparency, providing customers with comparative information for informed decision-making.

The future scope of blockchain technology in BFSI holds immense potential, offering untapped opportunities for visionary businesses and investors. As innovations continue, the sector is poised for transformative growth and success.

Blockchain Technology Market In BFSI Sector Market: Market Highlights

  • The Blockchain technology market in the BFSI sector market is segmented by End-user (Banks, Insurance, and Non-banking financial companies), Type (Public blockchain, Private blockchain, and Consortium blockchain), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
  • North America led the market with 46% of the market growth set to originate from this region during the forecast period.
  • Increase in fintech spending is one of the primary factors driving the growth of the blockchain technology market in the BFSI sector market. The report provides a detailed study of this and all the other drivers that will boost market growth. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals. Download Blockchain Technology in BFSI Market Sample Report  Now
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