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PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1237076
PUBLISHER: IMARC Services Private Limited | PRODUCT CODE: 1237076
Blockchain in BFSI Market by Type, Component, Application, End User (Banking, Insurance, Non-Banking Financial Companies ), and Region 2023-2028
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The global blockchain in BFSI market size reached US$ 0.94 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.79 Billion by 2028, exhibiting a growth rate (CAGR) of 57.55% during 2023-2028. Increasing automation in the BFSI sector, the rising use of online banking services, and the growing number of cyberattacks represent some of the key factors driving the market.
Blockchain in banking, financial services and insurance (BFSI) is a decentralized, distributed digital ledger used to record transactions across a network of computers. It assists in increasing efficiency, reducing costs, improving security, and enhancing transparency. It also helps in complying with regulatory requirements and building trust with customers. It streamlines trade finance processes by enabling the secure exchange of information and documents. It automates issuing and tracking of insurance policies and allows the settlement of claims. Blockchain in BFSI also tracks the ownership and movement of assets, including stocks, bonds, and other financial instruments. It facilitates cross-border payments by reducing the need for intermediaries and allows real time settlement of transactions. It is utilized to store and manage identified information securely and minimize the risk of fraud. As it uses decentralized, distributed databases, and cryptography to protect against tampering, the demand for blockchain in BFSI is rising across the globe.
Blockchain in BFSI Market Trends:
- At present, rapid digitization and increasing automation in the BFSI sector represent one of the major factors strengthening the market growth around the world. Moreover, the rising utilization of online banking services on account of a considerable reliance on smartphones and the growing penetration of high-speed internet connectivity is currently influencing the market positively. In addition, the increasing cyberattacks, money laundering, cyber frauds, and other financial scams over the internet is favoring the market growth. Apart from this, governing agencies of numerous countries are undertaking measures to promote the safety and privacy of user data. Furthermore, there is a rise in the integration of cryptocurrency with blockchain in BFSI to complete transactional security and smart contract facilities. This, coupled with the growing number of websites providing trading activities like cryptocurrencies and inflating income levels of individuals, is propelling the growth of the market. Besides this, the incorporation of connected devices with the internet of things (IoT), cloud computing, artificial intelligence (AI) solutions, and blockchain in BFSI that help minimize unauthorized access to sensitive data of the users is bolstering the market growth. Additionally, the increasing cross-border transactions are creating a positive outlook for the market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each segment of the global blockchain in BFSI market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, component, application, and end user.
Type Insights:
- Private
- Public
- Consortium
- Hybrid
- 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.
Component Insights:
- Platform
- Services
- 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.
Application Insights:
- Digital Currency
- Record Keeping
- Payments and Settlement
- Smart Contracts
- Compliance Management
- Others
- 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.
End User Insights:
- Banking
- Insurance
- Non-Banking Financial Companies (NBFCs)
- 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.
Regional Insights:
- 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
- The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for blockchain in BFSI. Some of the factors driving the North America blockchain in BFSI market included the growing automation, increasing reliance on online banking services, rising cross-border transactions, etc.
Competitive Landscape:
- The report has also provided a comprehensive analysis of the competitive landscape in the global blockchain in BFSI market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered Accenture plc, AlphaPoint, Amazon Web Services Inc., Auxesis Services & Technologies (P) Ltd., Infosys Limited, International Business Machines Corporation, Oracle Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global blockchain in BFSI market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global blockchain in BFSI market?
- What is the impact of each driver, restraint, and opportunity on the global blockchain in BFSI market?
- What are the key regional markets?
- Which countries represent the most attractive blockchain in BFSI markets?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the blockchain in BFSI market?
- What is the breakup of the market based on the component?
- Which is the most attractive component in the blockchain in BFSI market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the blockchain in BFSI market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the blockchain in BFSI market?
- What is the competitive structure of the global blockchain in BFSI market?
- Who are the key players/companies in the global blockchain in BFSI market?
Product Code: SR1523A341_Report
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
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Product Code: SR1523A341_Report
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$), 2017-2022
- Figure 3: Global: Blockchain in BFSI Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Blockchain in BFSI Market: Breakup by Type (in %), 2022
- Figure 5: Global: Blockchain in BFSI Market: Breakup by Component (in %), 2022
- Figure 6: Global: Blockchain in BFSI Market: Breakup by Application (in %), 2022
- Figure 7: Global: Blockchain in BFSI Market: Breakup by End User (in %), 2022
- Figure 8: Global: Blockchain in BFSI Market: Breakup by Region (in %), 2022
- Figure 9: Global: Blockchain in BFSI (Private) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Blockchain in BFSI (Private) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Blockchain in BFSI (Public) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Blockchain in BFSI (Public) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Blockchain in BFSI (Consortium) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Blockchain in BFSI (Consortium) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Blockchain in BFSI (Hybrid) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Blockchain in BFSI (Hybrid) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Blockchain in BFSI (Platform) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Blockchain in BFSI (Platform) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Blockchain in BFSI (Services) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Blockchain in BFSI (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: Global: Blockchain in BFSI (Digital Currency) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: Global: Blockchain in BFSI (Digital Currency) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: Global: Blockchain in BFSI (Record Keeping) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: Global: Blockchain in BFSI (Record Keeping) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Global: Blockchain in BFSI (Payments and Settlement) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Global: Blockchain in BFSI (Payments and Settlement) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: Global: Blockchain in BFSI (Smart Contracts) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: Global: Blockchain in BFSI (Smart Contracts) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: Global: Blockchain in BFSI (Compliance Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: Global: Blockchain in BFSI (Compliance Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: Global: Blockchain in BFSI (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: Global: Blockchain in BFSI (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: Global: Blockchain in BFSI (Banking) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: Global: Blockchain in BFSI (Banking) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: Global: Blockchain in BFSI (Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: Global: Blockchain in BFSI (Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: Global: Blockchain in BFSI (Non-Banking Financial Companies (NBFCs)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: Global: Blockchain in BFSI (Non-Banking Financial Companies (NBFCs)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: North America: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: North America: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: United States: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: United States: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: Canada: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: Canada: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: Asia-Pacific: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: Asia-Pacific: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: China: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: China: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Japan: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Japan: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: India: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: India: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: South Korea: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: South Korea: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: Australia: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: Australia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: Indonesia: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: Indonesia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Europe: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: Europe: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Germany: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Germany: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: France: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: France: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: United Kingdom: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: United Kingdom: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: Italy: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: Italy: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: Spain: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: Spain: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Russia: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Russia: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 75: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 76: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Latin America: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 78: Latin America: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 79: Brazil: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 80: Brazil: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 81: Mexico: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 82: Mexico: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 83: Others: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 84: Others: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 85: Middle East and Africa: Blockchain in BFSI Market: Sales Value (in Million US$), 2017 & 2022
- Figure 86: Middle East and Africa: Blockchain in BFSI Market: Breakup by Country (in %), 2022
- Figure 87: Middle East and Africa: Blockchain in BFSI Market Forecast: Sales Value (in Million US$), 2023-2028
- 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, 2022 & 2028
- Table 2: Global: Blockchain in BFSI Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Blockchain in BFSI Market Forecast: Breakup by Component (in Million US$), 2023-2028
- Table 4: Global: Blockchain in BFSI Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 5: Global: Blockchain in BFSI Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 6: Global: Blockchain in BFSI Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 7: Global: Blockchain in BFSI Market: Competitive Structure
- Table 8: Global: Blockchain in BFSI Market: Key Players
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