NEW YORK, Dec. 13, 2021 /PRNewswire/ — The blockchain technology market report of the BFSI sector offers information on several market vendors, including Accenture Plc, AlphaPoint Corp., Amazon.com Inc., Bitfury Group Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Microsoft Corp., Oracle Corp., and Tata Consultancy Services Ltd. among others. According to Technavio, the blockchain technology market in BFSI sector estimates a market value of USD 3.29 billion from 2020 to 2025. In addition, the report projects the market to progress at a CAGR of 36.41%.
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Blockchain Technology Market in BFSI Sector: Driver & Challenge
Increase in FinTech spending to drive growth
The key factor driving growth in the blockchain technology market in the BFSI sector is the increase in FinTech spending. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Many FinTech startup companies provide solutions, which are operated through smartphones or tablets, directly to the customers through licensing or by means of white label services. The global investment in the FinTech sector increased tremendously by about 200% in a year. The increase in global investments indicates that large corporates like JP Morgan, Morgan Stanley, Barclays, and Santander are changing their value chains and technologies to adopt FinTech.
Trust deficit in blockchain technology for financial transactions to impede growth
The trust deficit in blockchain technology for financial transactions will be a major challenge for the blockchain technology market in the BFSI sector during the forecast period. The technology is still in the nascent stage, and its vulnerabilities are yet to be explored. Many companies are also skeptical about the scalability of blockchain when it comes to handling large volumes of enterprise data. The time taken for transactions and the computing power required for performing a transaction is also major points of concern for some end-users.
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Blockchain Technology Market In BFSI Sector: Segmentation Analysis
This market research report segments the blockchain technology market in the BFSI sector by Type (public blockchain, private blockchain, and consortium blockchain) and Geography (North America, Europe, APAC, South America, and MEA).
48% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for blockchain technology in the BFSI sector in North America. However, the market growth rate in this region will be slower than the growth of the market in other regions.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Blockchain Technology Market In BFSI Sector Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 36.41% |
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Market growth 2021-2025 |
USD 3.29 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
23.70 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 48% |
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Key consumer countries |
US, China, UK, Germany, and Canada |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Accenture Plc, AlphaPoint Corp., Amazon.com Inc., Bitfury Group Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Microsoft Corp., Oracle Corp., and Tata Consultancy Services Ltd. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio