WASHINGTON, April21, 2022(GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Blockchain In Banking And Financial Services Market finds that the increase in use of crypto currency in most well- developed sports is expediting market growth. Primarily driven by rising fraud cases, the total Global Blockchain In Banking and Financial Services Market is estimated to reach USD 2,5817.9 Million by the year 2028.
The Global Market revenue for the year 2021 stood at a value of USD 2,195.4 Million in the year 2021, and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 50.80%.
Furthermore, the increase in technological investments is also anticipated to augment the growth of the Global Blockchain In Banking and Financial Services Market, states Vantage Market Research, in a report, titled “Blockchain In Banking And Financial Services Market Size, Share & Trends Analysis Report by Type (Private Blockchain, Public Blockchain, Consortium Blockchain, Hybrid Blockchain), by Application (Fund Transaction Management, Real Time Loan Funding, Liquidity Management , KYC/Identity Management), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increase in Use of Crypto Currency to Fuel Global Blockchain In Banking and Financial Services Market
The increase use of crypto currency is expected to fuel the growth of the Blockchain In Banking and Financial Services Market during the forecast period. This is attributable to the rising inflation and the potential for even more stimulus continues to push people to safe-haven assets along with growing acceptance of payment applications such as PayPal that gives easy access to crypto currency. Blockchain when integrated with crypto currency helps to record each transaction and also works as a distributed ledger and removes the need for any central authority to maintain these types of records. For instance, in October 2020, JPMorgan Chase shared that its crypto currency, JPM Coin, is being used commercially for the first time by a large technology client to send payments around the world. Also, they announced to launch new business to house its blockchain and digital currency efforts called Onyx. Therefore, the increasing adoption of blockchain in banking and the rising use of crypto currency will drive the growth of the blockchain in banking and financial services market. Further, blockchain in banking and financial services offers benefits such as reduction in operational costs for banks, capital optimization, increased transparency, and helps to increase financial solutions.
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Segmentation of Blockchain In Banking and Financial Services Market:
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Rising Fraud Cases to Augment Market Growth
The rising fraud cases are anticipated to augment the growth of the Blockchain In Banking and Financial Services Market within the estimated period. Blockchain is smoothly shaping the banking and financial services by reducing the fraud taking places in the finance industry. Since blockchain technology uses a shared digital ledger it can help reduce fraud because this distributed ledger increases the visibility and transparency of the transactions made throughout a supply chain and between members of a business network. All the participants can see and get the history and transfer of assets, which helps to identify the fraudulent transactions easily and quickly. Blockchain also helps prevent misappropriating company assets. Most of the major players in the banking and finance sector are incorporating blockchain technology to help reduce fraudulent transactions. For instance, in March 2021, Intellect EU, collaborated with KPMG to develop the Claim Share solution which uses enterprise blockchain. Claim Share combines R3’s blockchain platform, Corda, and its confidential computing platform, Conclave, which uses Intel ® SGX. Insurers can't transmit comprehensive information about claims without the other insurer seeing it, thanks to Conclave's confidential computing.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT & communication industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Blockchain In Banking and Financial Services Market highlights:
North America to Dominate the Global Blockchain In Banking and Financial Services Market
North America has dominated the Global Blockchain In Banking and Financial Services Market in 2021 and is likely to continue the same trend during the forecast period. The United States projected to dominate the North America in 2021. This is attributable to the presence of major market players in the region along with on-going research and development in blockchain technology from major vendors. Furthermore, the growing investments in blockchain technology and early adoption of these technologies in the region are also anticipated to fuel the growth of the market in the region. Asia-Pacific is expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increasing technological investments and rising adoption of advanced technologies such as digital technologies.
List of Prominent Players in the Blockchain In Banking and Financial Services Market:
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Blockchain In Banking And Financial Services Market Size, Share & Trends Analysis Report by Type (Private Blockchain, Public Blockchain, Consortium Blockchain, Hybrid Blockchain), by Application (Fund Transaction Management, Real Time Loan Funding, Liquidity Management , KYC/Identity Management), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/blockchain-in-banking-and-financial-services-market-621967
October, 2016: Infosys Finacle announced the partnership with Emirates NBD and ICICI Bank to launch first Blockchain Pilot Network. Both, Emirates NBD and ICICI Bank run Finacle solutions suite and have leveraged the blockchain framework to route business transaction between the two entities for remittances and trade finance business.
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This market titled “Blockchain In Banking and Financial Services Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered|| • Type|
• Private Blockchain
• Public Blockchain
• Consortium Blockchain
• Hybrid Blockchain
• Fund Transaction Management
• Real Time Loan Funding
• Liquidity Management
• KYC/Identity Management
• Real Time Asset Tracking
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
|Region & Counties Covered|| • North America|
• Rest Of Europe
• Asia Pacific
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
|Companies Covered|| • TE Connectivity|
• Prysmian Group
• Mitsubishi Electric
• Volex PLC
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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