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.
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 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.
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.