Blockchain Technology in BFSI Market, Global Outlook and Forecast 2023-2032
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
This report contains market size and forecasts of Blockchain Technology in BFSI in Global, including the following market information:
Global Blockchain Technology in BFSI Market Size 2024-2032, ($ millions)
The global Blockchain Technology in BFSI market is projected to reach US$ million by 2029.
One driver in the market is increasing government investments in blockchain technology. The increasing investments in blockchain technology by various governments across the world is a major factor driving the growth of the global blockchain technology market in BFSI sector. Countries such as the UK, Canada, Russia, and China are experimenting by placing their national currencies on the blockchain. One of the major factors hindering the growth of the global blockchain technology market in BFSI sector is the lack of trust in the blockchain technology. The growing adoption of blockchain technology by the BFSI companies in Europe, will drive the growth prospects of the blockchain technology market in BFSI sector in EMEA. As a result, this region will be the major contributor to the blockchain market by the end of the forecast period.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the Blockchain Technology in BFSI companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Blockchain Technology in BFSI Market, by Type, 2024-2032 ($ millions)
Global Blockchain Technology in BFSI Market Segment Percentages, by Type
Public Blockchain
Consortium Blockchain
Private Blockchain
Global Blockchain Technology in BFSI Market, by Application, 2024-2032 ($ millions)
Global Blockchain Technology in BFSI Market Segment Percentages, by Application
Banking & Financial Services Industry
Others
Global Blockchain Technology in BFSI Market, By Region and Country, 2024-2032 ($ Millions)
Global Blockchain Technology in BFSI Market Segment Percentages, by region and country
United States
Europe
Asia
China
Rest of World
Competitor Analysis
The report also provides analysis of leading market participants including:
Further, the report presents profiles of competitors in the market, key players include:
IBM
Microsoft
Amazon
