Blockchain in BFSI Market driven by enhanced security, reduced fraud, streamlined processes, and cost savings in the financial industry.
PORTLAND, ORIGON, UNITED STATES, September 26, 2023 /EINPresswire.com/: The rise in need for transaction transparency and accountability, greater adoption of cross-border payments, and a surge in investment by banks in blockchain-based solutions fuel the growth of the global blockchain in the BFSI market. On the other hand, a lack of skilled workers restrains growth to some extent. However, an increase in demand from developing economies and growth in demand for increased scalability, transaction speed, and reduction in processing costs are expected to create a number of opportunities in the near future.
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Based on component, the platform segment accounted for nearly three-fourths of the global blockchain in BFSI market share in 2018 and is expected to dominate throughout the forecast period. This is attributed to its ability to create new products and services, which helps generate new revenue opportunities for organizations. The services segment, on the other hand, is projected to grow at the fastest CAGR of 76.1% during 2019–2026. The rise in the need to deploy and integrate blockchain platforms and solutions in the BFSI ecosystem is one of the major factors accelerating market growth.
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Based on application, the small contracts segment held the major share in 2018, contributing to nearly two-fifths of the global blockchain in the BFSI market. The increase in demand from enterprises to fill the analogue gap between contracts is fueling the growth of the segment. The compliance management segment, on the other hand, is anticipated to have the fastest CAGR of 78.7% until 2026. The ability of compliance management to provide immutable records for regulators has been the major factor driving the growth of the segment.
Based on geography, North America contributed to nearly half of the global blockchain in BFSI market revenue in 2018 and is expected to retain its dominance by 2026. The presence of major market players and growing concerns for forgery in the region have 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 the increase in collaborations, mergers, and acquisitions activities among BFSI and IT organisations in this province.
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Leading market players:
► International Business Machines Corporation (IBM)
► Amazon Web Services, Inc. (AWS)
► Oracle Corporation
► Auxesis Group
► SAP SE
► Hewlett Packard Enterprise Development LP (HPE)
► Infosys Limited
► Bitfury Group Limited
► Microsoft Corporation
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