Blockchain Technology in BFSI Market
Insights
The global blockchain technology in the banking, financial
services, and insurance (BFSI) industry is expected to grow at a tremendous
rate over the coming years. Major factors positively influencing the growth of
this market include increased operational efficiency; reduced cost and time of
the transaction and transparency are expected to positively influence the
growth of the blockchain market in the BFSI sector.
Request a free sample copy of this report @: https://www.globalmarketestimates.com/blockchain-technology-bfsi-market
Blockchain Technology in BFSI Market: Type Insights
The blockchain
technology market for the energy sector is segmented on the basis of type into
public, private, and hybrid. Private blockchain improves operational efficiency
to a large extent, however it limits decentralization. Public blockchains are
expected to grow at a high rate as it allows interoperability,
decentralization, and transparency of operations along with security. The
demand for hybrid blockchain solutions is also expected to grow at a
significant CAGR over the coming years.
Blockchain
Technology in BFSI Market: Application Insights
Blockchain technology
on the basis of the application is segmented into smart contracts, smart
assets, clearing and settlement, payments, and digital identity among others.
The payment segment is expected to grow at the highest CAGR over the coming
years on account of the growing number of partnerships between banks and
blockchain technology providers in order to reduce cost & time in
processing transactions.
Blockchain
Technology in BFSI Market: End-use Insights
Blockchain technology
on the basis of end-use is segmented into banks, insurance providers, and other
financial service providers. The demand for blockchain solutions in the banking
sector is projected to occupy a large share in the market. Blockchain solution
in the banking sector is expected to enable efficient management and
collaboration across regulatory enterprises and businesses.
Blockchain
Technology in BFSI Market: Regional Insights
The North American and European region is anticipated to witness large
investments in blockchain technology as companies in these regions are more
open to experimenting with upcoming IT solutions. Blockchain technology
developers in the North American and European region have also experienced
considerable investments by financial companies in blockchain projects. The
Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR
over the forecast period on account of rising transactions in short-term bank
lending.
Blockchain Technology in BFSI Market: Vendor Landscape
Blockchain Technology in BFSI Market: Vendor Landscape
The report contains a
chapter dedicated to vendors operating in the market, covering raw material
manufactures, equipment developers, manufacturers, and distributors. The report
provides these insights on a regional level. This section of the report entails
contact details, experience, products manufactured/supplied, and geographical
presence of companies.
Blockchain
Technology in BFSI Market: End-Use Landscape
The end-use landscape
includes a list of current and prospective consumers existing across the
regions. This section provides company addresses, contact details, products,
and regional presence of companies who are purchasing or are likely to invest
in blockchain solutions such as Santander Bank, Canadian Imperial Bank of
Commerce, Banco Santander, J.P. Morgan Chase, and Citigroup.
Blockchain
Technology in BFSI Market: Competitive Landscape
The global blockchain
industry is evolving at a rapid pace on account of its increased preference
across various industry verticals. Some of the companies that have taken up
projects to provide blockchain technology to the BFSI sector include IBM Corporation,
AWS, Microsoft Corporation, Chain, Inc., Coinbase, Digital Asset Holdings,
Ripple, R3, Ledger Holdings Inc., and Olympus Labs among others. In September
2017, Microsoft Corporation tied-up with Bank Hapoalim from Israel to develop a
system that uses blockchain technology to manage digital bank guarantees.
The stakeholders to
the report include government institutions, banks, financial repositories,
insurance providers, exchange market, research organizations, and educational
institutes among others.
Browse this report @: https://www.globalmarketestimates.com/blockchain-technology-bfsi-market
No comments:
Post a Comment