New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Blockchain In Banking And Financial Services Global Market Report 2023" - https://www.reportlinker.com/p06244972/?utm_source=GNW
, Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint.
The global blockchain in banking and financial services market grew from $1.89 billion in 2022 to $3.07 billion in 2023 at a compound annual growth rate (CAGR) of 62.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain in banking and financial services market is expected to grow to $19.27 billion in 2027 at a CAGR of 58.3%.
The blockchain in the banking and financial services market includes revenues earned by entities by offering public blockchain, private blockchain, and other blockchain services for banking and financial services.Blockchain offers a form of digitalized, decentralized public record of all transactions.
Blockchain was designed to record everything of value and not just transactions.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.
North America was the largest region in the blockchain in banking and financial services market in 2022.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 and Africa.
The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others.Public blockchain doesn’t require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger.
The blockchain in banking and financial services are used by banking, insurance, and non-banking financial companies (NBFCs). The different applications include fund transaction management, real-time loan funding, liquidity management, and others.
The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in the banking and financial services market during the forecast period.Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions.
Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records.For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world.
Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in the banking and financial services market.
The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market.Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely.
Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets.For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave.
Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them.
In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in, Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management.
The countries covered in the blockchain in banking and financial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The blockchain in banking and financial services market research report is one of a series of new reports that provides blockchain in banking and financial services market statistics, including blockchain in banking and financial services industry global market size, regional shares, competitors with a blockchain in banking and financial services market share, detailed blockchain in banking and financial services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in banking and financial services industry. This blockchain in banking and financial services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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