The Blockchain in BFSI Market size is forecast to reach $23 billion by 2025, growing at a CAGR of 74% from 2020 to 2025. The increased need for transparency & accountability of transactions through GRC Management Solutions, increased adoption of cross-border payments, digital ledger and consortium blockchain and increased investment by banks in blockchain-based solutions drive the growth of the global blockchain in the BFSI industry. In addition, increased demand from developing economies and increased demand for increased scalability, transaction speed, smart contracts and reduced processing costs are expected in the near future to create a number of opportunities in the Blockchain in BFSI Market.

Key Takeaways

The Blockchain in BFSI Market in APAC is highly dominated due to presence of major market players and on-going developments in blockchain technology in this region.

Financial institutions are vulnerable to financial crimes regularly, which is one of the major factors that banks and financial institutions are shifting towards blockchain solutions, hence driving the mrket growth during the forecast period.

The main challenge for blockchain in BFSI is market is the limited awareness about blockchain in banking vertical, further hindering the growth of the Blockchain in BFSI Market

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Geography – Segment Analysis

North America dominated the overall blockchain in BFSI market in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and on-going developments in blockchain technology in this region. The presence of major market players and growing concerns for forgery in the region has propelled the adoption of blockchain. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 79.3% during the estimated period. This is due to increase in collaborations, merger, and acquisitions activities among BFSI and IT organizations in this province.

Drivers – Blockchain in BFSI Market :

Growth in Demand for Increased Scalability, Transaction Speed, and Reduction In Processing Costs

Market Landscape : Blockchain in BFSI driver market is expected to be dominated by major companies such as Alphapoint, Auxesis Group, Amazon Web Services, Inc. (AWS), Bitfury Group Limited., Hewlett Packard Enterprise Development LP (HPE), International Business Machines Corporation (IBM), Infosys Limited, Microsoft Corporation, Oracle Corporation, and SAP SE. among others.

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