Revolutionizing Finance: Global Blockchain in Banking and Financial Services Market Insights

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Blockchain In Banking And Financial Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company’s Blockchain In Banking And Financial Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The market size of global blockchain in banking and financial services is expected to grow to $19.27 billion in 2027 at a CAGR of 58.3%.”— The Business Research Company

LONDON, GREATER LONDON, UK, December 25, 2023 /EINPresswire.com/ — Business Research Company’s Year-End Special: Get a 33% discount on Opportunities and Strategies Reports and a 25% discount on Global Market Reports.

Market Overview: Surging from $1.89 Billion to $3.07 Billion in 2023
The global blockchain in banking and financial services market is experiencing robust growth, transitioning from $1.89 billion in 2022 to $3.07 billion in 2023, showcasing an impressive Compound Annual Growth Rate (CAGR) of 62.1%. The market is poised for substantial expansion, with an anticipated market size of $19.27 billion by 2027, featuring a CAGR of 58.3%.

The global blockchain in banking and financial services market is undergoing a transformative journey, defined by various types, end-users, and applications:

1. By Type:

  • Public Blockchain
  • Private Blockchain
  • Other Types

2. By End-user:

  • Banking
  • Insurance
  • Non-Banking Financial Companies (NBFCs)

3. By Application:

  • Fund Transaction Management
  • Real-Time Loan Funding
  • Liquidity Management
  • Other Applications

Explore the market with a detailed sample report: https://www.thebusinessresearchcompany.com/sample_request?id=5609&type=smp

Driving Force

Increasing Adoption of Blockchain and Cryptocurrency The market’s growth is propelled by the escalating adoption of blockchain in banking and the surging use of cryptocurrency. Blockchain in banking and financial services delivers a spectrum of advantages, including capital optimization, operational cost reduction for banks, enhanced transparency, and the facilitation of advanced financial solutions. The use of cryptocurrency, backed by blockchain technology, eliminates the need for central authorities to maintain transaction records. JPMorgan Chase’s cryptocurrency, JPM Coin, has been commercially used for global payments, reflecting the rising prominence of blockchain in the financial sector.

Key Players Shaping the Future Major players shaping the blockchain in banking and financial services market include Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint. These industry leaders contribute to market dynamics and drive innovation in the blockchain landscape.

Innovation Trends

Fraud Reduction through Blockchain The reduction in fraud through blockchain is emerging as a pivotal trend in the blockchain in banking and financial services market. Leading companies in the sector are leveraging blockchain to mitigate fraudulent transactions, employing smart contracts to create secure, step-by-step processes. The use of blockchain enhances the security of the supply chain process through non-repudiation and disintermediation of data storage, preventing the misappropriation of company assets. IntellectEU’s collaboration with KPMG, resulting in the development of the ClaimShare solution, exemplifies this trend. The solution utilizes enterprise blockchain, R3 Corda, and R3’s Conclave software technology to ensure confidential computing, preventing unauthorized access to detailed claims information.

Dive into detailed insights on market trends, innovations, and growth opportunities with the complete report:
https://www.thebusinessresearchcompany.com/report/blockchain-in-banking-and-financial-services-global-market-report

Regional Dynamics: North America Takes the Lead in 2022

In 2022, North America emerged as the largest region in the blockchain in banking and financial services market. As the market evolves, Asia-Pacific is expected to be the fastest-growing region, presenting significant opportunities for market players. The regions covered in the blockchain in banking and financial services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Blockchain In Banking And Financial Services Global Market Report 2023 from TBRC covers the following information:

  • Market size date for the forecast period: Historical and Future
  • Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
  • Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Blockchain In Banking And Financial Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on blockchain in banking and financial services market size, blockchain in banking and financial services market drivers and trends, blockchain in banking and financial services market major players, competitors’ revenues, market positioning, and market growth across geographies. The blockchain in banking and financial services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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