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Blockchain in BFSI Market, By Type (Private, Public, Hybrid and Others), By Component (Platform and

Published Date: March 2021 | Report Code : IT2168976

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Blockchain in BFSI Market, By Type (Private, Public, Hybrid and Others), By Component (Platform and Services), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Application (Digital Currency, Record Keeping, Payments & Settlement, Smart Contracts, Compliance Management and Others), By End User (Banking, Insurance and NBFCs), By Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Market Size & Forecasting (2016-2028)

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Report Code : IT2168976

Status : Published March 2021

The Global Blockchain in BFSI Market was valued at USD 434.4 million in 2020 and is projected to grow at a CAGR of 58.4% during the forecast period till 2028. Without the COVID-19 impact, the global blockchain in BFSI market was valued at USD 442.3 million in 2020.

Blockchain is a secure decentralized technology for identity and payment methods. In the BFSI industry, blockchain is a digital ledger existing across multiple servers, not owned by a particular user or organization. It will transform the banking, finance and insurance industry in terms of exchanging values and transactions.

The blockchain network maintains identical transaction copies on various computer systems and allows distributed ledger transactions. The transaction may be checked by any individual in that network. Also, it cannot be deleted until the transaction is registered. However, blockchain can be modified with the consent of many of the participants.

The blockchain-based process involves less transaction costs and easy money transfer, and it does not involve any intermediaries. On the other hand, there are many problems involved with the conventional way of cross-border payments, including high transaction costs, multiple intermediaries, and a longer time for completion.

The increased need for transparency and accountability of transactions through GRC management solutions, digital ledger and consortium blockchain, rising adoption of cross-border payments, and increased bank investment in blockchain-based solutions will drive the growth of the blockchain in BFSI market. Also, growing demand for increased transaction speed, scalability, smart contracts, and reduced processing costs are anticipated to generate a range of opportunities in the BFSI blockchain industry.

An uncertain regulatory and compliance environment and limited availability of technical skillsets to implement the blockchain technology will, however, hamper the growth of the blockchain in BFSI industry.

Blockchain in BFSI Market

FIGURE 1: GLOBAL BLOCKCHAIN IN BFSI MARKET

Segmentation

The global blockchain in BFSI market report has been segmented by type, component, organization size, application, end user, and region. 

blockchain in bfsi market fig 2

FIGURE 2: GLOBAL BLOCKCHAIN IN BFSI MARKET SEGMENTATION

Global Blockchain in BFSI Market, by Type

Based on type, the blockchain in BFSI market is segmented into private, public, hybrid, and others. The private form of blockchain was estimated to capture the largest market size in 2020. The private blockchain helps protect public database by conventional security methods like restricted user rights. It is generally provided using private keys with encryption which is accessible only to the associated entity.

Global Blockchain in BFSI Market, by Component

Based on component, the market has been segmented into platform and services. The platform segment was estimated to hold the largest share in the blockchain in BFSI market in 2020, and it is also anticipated to hold the largest market share during the forecast period. The growth of the platform segment can be mainly attributed to the growth in enterprises’ adoption of blockchain software and cloud computing.

Global Blockchain in BFSI Market, by Organization Size

Based on the organization size, the market has been segmented into large enterprises and small & medium enterprises.  The small & medium enterprises segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing need to streamline business operations cost-effectively across SMEs. The adoption rate in the SMEs segment due to low infrastructure costs and transparency is anticipated to grow significantly in the near future.

Global Blockchain in BFSI Market, by Application

Based on application, the global blockchain in BFSI market is divided into digital currency, record keeping, payments & settlement, smart contracts, compliance management, and others. The digital currency segment is anticipated to grow at the highest CAGR during the forecast period. The increasing number of identity frauds and cyber-attacks around the world will eventually help the segment to grow.

The payments & settlement segment is anticipated to hold a higher market share during the forecast period. The rising adoption of payment and transaction procedures for cloud services is driving the growth of this segment.

Global Blockchain in BFSI Market, by End User

Based on the end user, the market has been segmented into banking, insurance, and NBFCs. The banking segment held the largest market share in 2020 and is expected to grow at a significant CAGR during the forecast period. The banking segment will eventually grow due to the increasing need for streamlining banking processes with the distributed ledger technology.

Global Blockchain in BFSI Market, by Region

Based on region, the global blockchain in BFSI market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these regions, North America is anticipated to dominate the overall blockchain in BFSI market during the forecast period. The presence of leading market players and on-going advances in blockchain technology are the driving factors in the region. Blockchain adoption has also been motivated by the involvement of major market players and increasing concerns about forgery in the region.

Due to an increase in BFSI and IT organizations, collaboration, and merger & acquisition activities in the Asia Pacific region, this region will exhibit the highest CAGR during the projected timeframe.

Some Recent Developments in the Global Blockchain in BFSI Market

  • In March 2021 – VoloFin, a specialty finance firm, is going to launch a block financing platform for small and medium size firms in the U.S., Singapore, and India on April 1.
  • Orbs Blockchain is going to introduce Liquidity Nexus in order to bridge centralized and decentralized finance, updated in March 2021. The protocol will help to improve access to DeFi interest bearing accounts for individuals, businesses, corporations, and investors.
  • In mid-March 2021, Boston-based Fintech Company, Paymynt Financial Group announced multicurrency hardware wallet, MYNT PayCard. The smartcard will use advanced microchip technology, which allow users to spend and store multiple cryptocurrencies.

blockchain in bfsi market  fig 3

FIGURE 3: GLOBAL BLOCKCHAIN IN BFSI MARKET (USD MILLION), PRE-COVID AND POST-COVID MARKET ESTIMATION AND FORECAST 2020-2028

What does this Report Provide?

This report provides a detailed understanding of the global blockchain in BFSI market demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global blockchain in BFSI market.

The major market drivers, challenges, and opportunities for the global blockchain in BFSI market have also been covered in the report. This report further includes the market share of the leading companies operating in the blockchain in BFSI market, along with their production capacities and the growth strategies adopted by them.

Market Segmentation:

By Type:

  • Private
  • Public
  • Hybrid
  • Others

By Component:

  • Platform
  • Services

By Organization Size:

  • Large enterprise
  • Small & Medium enterprises

By Application:

  • Currency
  • Record keeping
  • Payments & Settlement
  • Smart contracts
  • Compliance Management
  • Others

By End User:

  • Banking
  • Insurance
  • NBFCs

By Region:

North America Blockchain in BFSI Market

  • North America, by Country
    • U.S.
    • Canada
    • Mexico
  • North America, by Type
  • North America, by Component
  • North America, by Organization Size
  • North America, by Application
  • North America, by End User 

Europe Blockchain in BFSI Market

  • Europe, by Country
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe 
  • Europe, by Type
  • Europe, by Component
  • Europe, by Organization Size
  • Europe, by Application
  • Europe, by End User 

Asia Pacific Blockchain in BFSI Market

  • Asia Pacific, by Country
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Asia Pacific, by Type
  • Asia Pacific, by Component
  • Asia Pacific, by Organization Size
  • Asia Pacific, by Application
  • Asia Pacific, by End User 

Middle East & Africa Blockchain in BFSI Market

  • Middle East & Africa, by Country 
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East  & Africa
  • Middle East & Africa, by Type
  • Middle East & Africa, by Component
  • Middle East & Africa, by Organization Size
  • Middle East & Africa, by Application
  • Middle East & Africa, by End User 

South America Blockchain in BFSI Market

  • South America, by Country 
    • Brazil
    • Argentina
    • Rest of South America
  • South America, by Type
  • South America, by Component
  • South America, by Organization Size
  • South America, by Application
  • South America, by End User 

Major Companies: In this report, the following major companies are studied: Google, Accenture, Deloitte, IBM, R3, JP Morgan Chase, Amazon, Aelf, SAP, BBVA, Intesa Sanpaolo, Barclays, HSBC, Visa, AIA Group, MetLife, Prudential Financial, AIG, Aegon, and others.

Objectives of this Report:

  • Market size estimation of the blockchain in BFSI market on a regional and global basis
  • Unique research usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

This study is customized to meet your specific requirements:

  • By sub-segment
  • By client specific country, type, and application market analysis
  • Pricing analysis along with the potential list of customers
  • Product specific competitive analysis

For more information, contact: [email protected]

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