PUBLISHER: IMARC | PRODUCT CODE: 1422952
PUBLISHER: IMARC | PRODUCT CODE: 1422952
Blockchain in BFSI Market by Type, Component, Application, End User (Banking, Insurance, Non-Banking Financial Companies ), and Region 2024-2032
Abstract
The global blockchain in BFSI market size reached US$ 1.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.4 Billion by 2032, exhibiting a growth rate (CAGR) of 44.66% during 2024-2032. The market is experiencing steady growth driven by the increasing demand for secure and efficient transactional processes, the rising need for regulatory compliance and operational efficiency in the heavily regulated financial sector, and the integration of blockchain with AI, IoT, and cloud computing.
Blockchain in BFSI Market Trends:
Increased Demand for Secure Transactions
In the Blockchain for Banking, Financial Services, and Insurance (BFSI) sector, there's a rising demand for secure, transparent, and efficient transactional processes. Blockchain technology offers an unparalleled level of security through its decentralized and immutable ledger system, which effectively minimizes the risks of fraud, data breaches, and cyber-attacks. This security aspect is pivotal, particularly in the context of increasing digital transactions and the need for robust cyber-security measures. Furthermore, blockchain's inherent characteristics, such as transparency and traceability, enhance trust among stakeholders, making it an attractive option for financial institutions. These institutions are increasingly adopting blockchain to streamline operations, reduce costs associated with traditional banking systems, and enhance customer trust and satisfaction.
Regulatory Compliance and Efficiency
The financial sector is heavily regulated, with stringent requirements for compliance, reporting, and data management. Blockchain technology offers an efficient solution to these regulatory challenges by providing a transparent and immutable record-keeping system. This feature significantly aids in adhering to regulatory standards and simplifies audit processes, making compliance more straightforward and less resource intensive. Moreover, blockchain's ability to automate various processes through smart contracts streamlines operations, reduces the likelihood of human error, and increases efficiency. This automation is particularly beneficial in complex transactions such as cross-border payments, where compliance with multiple regulatory jurisdictions is essential. As a result, blockchain is increasingly viewed as a strategic tool to ensure regulatory compliance while enhancing operational efficiency in the BFSI sector.
Technological Advancements and Integration
The continuous evolution and integration of blockchain technology with other cutting-edge technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud computing are significant drivers in the BFSI sector. This integration enhances blockchain's capabilities, making it more scalable, faster, and efficient, which is critical for handling the vast transaction volumes in financial services. AI and blockchain, for instance, can work together to enhance risk assessment, fraud detection, and customer service, while IoT integration can offer new avenues for asset management and insurance. The convergence of these technologies with blockchain opens up new possibilities for innovative financial products and services and ensures that the BFSI sector remains at the forefront of digital transformation, meeting the evolving needs of the global economy.
Blockchain in BFSI Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, component, application, and end user.
Breakup by Type:
Private
Public
Consortium
Hybrid
Public accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the blockchain in BFSI market based on the type. This includes private, public, consortium, and hybrid. According to the report, public represented the largest segment.
Breakup by Component:
Platform
Services
Platform holds the largest share in the industry
A detailed breakup and analysis of the blockchain in BFSI market based on the component has also been provided in the report. This includes platform and services. According to the report, platform accounted for the largest market share.
Breakup by Application:
Digital Currency
Record Keeping
Payments and Settlement
Smart Contracts
Compliance Management
Others
Smart Contracts represents the leading market segment
The report has provided a detailed breakup and analysis of the blockchain in BFSI market based on the application. This includes digital currency, record keeping, payments and settlement, smart contracts, compliance management, and others. According to the report, smart contracts accounted for the largest market share.
Breakup by End User:
Banking
Insurance
Non-Banking Financial Companies (NBFCs)
Banking exhibits a clear dominance in the market
A detailed breakup and analysis of the blockchain in BFSI market based on the end user has also been provided in the report. This includes banking, insurance, and non-banking financial companies (NBFCs). According to the report, banking accounted for the largest market share.
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
North America leads the market, accounting for the largest blockchain in BFSI market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
Accenture plc
AlphaPoint
Amazon Web Services Inc.
Auxesis Services & Technologies (P) Ltd.
Infosys Limited
International Business Machines Corporation
Oracle Corporation
Key Questions Answered in This Report
- 1. What was the size of the global blockchain in BFSI market in 2023?
- 2. What is the expected growth rate of the global blockchain in BFSI market during 2024-2032?
- 3. What are the key factors driving the global blockchain in BFSI market?
- 4. What has been the impact of COVID-19 on the global blockchain in BFSI market?
- 5. What is the breakup of the global blockchain in BFSI market based on the type?
- 6. What is the breakup of the global blockchain in BFSI market based on the component?
- 7. What is the breakup of the global blockchain in BFSI market based on the application?
- 8. What is the breakup of the global blockchain in BFSI market based on the end user?
- 9. What are the key regions in the global blockchain in BFSI market?
- 10. Who are the key players/companies in the global blockchain in BFSI market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Blockchain in BFSI Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Private
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Public
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Consortium
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Hybrid
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Component
- 7.1 Platform
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Services
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 Digital Currency
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Record Keeping
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Payments and Settlement
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Smart Contracts
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Compliance Management
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by End User
- 9.1 Banking
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Insurance
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Non-Banking Financial Companies (NBFCs)
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
- 11.1 Overview
- 11.2 Drivers
- 11.3 Restraints
- 11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 Accenture plc
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.1.3 Financials
- 15.3.1.4 SWOT Analysis
- 15.3.2 AlphaPoint
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Amazon Web Services Inc.
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.3.4 SWOT Analysis
- 15.3.4 Auxesis Services & Technologies (P) Ltd.
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.5 Infosys Limited
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.5.3 Financials
- 15.3.5.4 SWOT Analysis
- 15.3.6 International Business Machines Corporation
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.6.4 SWOT Analysis
- 15.3.7 Oracle Corporation
- 15.3.7.1 Company Overview
- 15.3.7.2 Product Portfolio
- 15.3.7.3 Financials
- 15.3.7.4 SWOT Analysis
- 15.3.1 Accenture plc
List of Figures
- Figure 1: Global: Blockchain in BFSI Market: Major Drivers and Challenges
- Figure 2: Global: Blockchain in BFSI Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Blockchain in BFSI Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Blockchain in BFSI Market: Breakup by Type (in %), 2023
- Figure 5: Global: Blockchain in BFSI Market: Breakup by Component (in %), 2023
- Figure 6: Global: Blockchain in BFSI Market: Breakup by Application (in %), 2023
- Figure 7: Global: Blockchain in BFSI Market: Breakup by End User (in %), 2023
- Figure 8: Global: Blockchain in BFSI Market: Breakup by Region (in %), 2023
- Figure 9: Global: Blockchain in BFSI (Private) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 10: Global: Blockchain in BFSI (Private) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: Blockchain in BFSI (Public) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: Blockchain in BFSI (Public) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 13: Global: Blockchain in BFSI (Consortium) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 14: Global: Blockchain in BFSI (Consortium) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 15: Global: Blockchain in BFSI (Hybrid) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 16: Global: Blockchain in BFSI (Hybrid) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: Blockchain in BFSI (Platform) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: Blockchain in BFSI (Platform) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: Blockchain in BFSI (Services) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 20: Global: Blockchain in BFSI (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 21: Global: Blockchain in BFSI (Digital Currency) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 22: Global: Blockchain in BFSI (Digital Currency) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 23: Global: Blockchain in BFSI (Record Keeping) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 24: Global: Blockchain in BFSI (Record Keeping) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 25: Global: Blockchain in BFSI (Payments and Settlement) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 26: Global: Blockchain in BFSI (Payments and Settlement) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 27: Global: Blockchain in BFSI (Smart Contracts) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 28: Global: Blockchain in BFSI (Smart Contracts) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 29: Global: Blockchain in BFSI (Compliance Management) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 30: Global: Blockchain in BFSI (Compliance Management) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 31: Global: Blockchain in BFSI (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 32: Global: Blockchain in BFSI (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 33: Global: Blockchain in BFSI (Banking) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: Global: Blockchain in BFSI (Banking) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: Global: Blockchain in BFSI (Insurance) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: Global: Blockchain in BFSI (Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: Global: Blockchain in BFSI (Non-Banking Financial Companies (NBFCs)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: Global: Blockchain in BFSI (Non-Banking Financial Companies (NBFCs)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: North America: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: North America: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: United States: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: United States: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: Canada: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: Canada: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: Asia-Pacific: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: Asia-Pacific: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: China: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: China: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: Japan: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: Japan: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: India: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: India: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: South Korea: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: South Korea: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Australia: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Australia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: Indonesia: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: Indonesia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: Europe: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: Europe: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: Germany: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: Germany: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: France: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: France: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: United Kingdom: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: United Kingdom: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Italy: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Italy: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Spain: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Spain: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 73: Russia: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 74: Russia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 76: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Latin America: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 78: Latin America: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 79: Brazil: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 80: Brazil: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 81: Mexico: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 82: Mexico: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 83: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 84: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 85: Middle East and Africa: Blockchain in BFSI Market: Sales Value (in Million US$), 2018 & 2023
- Figure 86: Middle East and Africa: Blockchain in BFSI Market: Breakup by Country (in %), 2023
- Figure 87: Middle East and Africa: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 88: Global: Blockchain in BFSI Industry: Drivers, Restraints, and Opportunities
- Figure 89: Global: Blockchain in BFSI Industry: Value Chain Analysis
- Figure 90: Global: Blockchain in BFSI Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Blockchain in BFSI Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Blockchain in BFSI Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Blockchain in BFSI Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 4: Global: Blockchain in BFSI Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 5: Global: Blockchain in BFSI Market Forecast: Breakup by End User (in Million US$), 2024-2032
- Table 6: Global: Blockchain in BFSI Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 7: Global: Blockchain in BFSI Market: Competitive Structure
- Table 8: Global: Blockchain in BFSI Market: Key Players
