The global blockchain in banking and financial services market is estimated to surpass $xx xxxxxxx by 2025, growing at an estimated rate of more than xx% during 2018 to 2024, majorly driven by security feature of this technology. Moving forward, more investments are expected to flow towards the development of this technology, and wide acceptance is expected for this technology.
What is block chain technology in banking and financial services?
Blockchain technology has got widespread attention in recent times, receiving close review of broad and current interest in the technology discussion. Blockchain technology is a network of databases spread across multiple entities that are kept in synchronized state with each other, where there is no single owner or controller of data. The data within the network cannot be altered without broad agreement of the entire stakeholders of the network.
This approach is well suited for the banks and financial services businesses, which add more security, but still this technology is in the research and development phase. Once this is fully developed and the issues are resolved, it will enable banks to process payments more quickly and more accurately, while reducing transaction processing costs and the requirement for exceptions.
Regardless of progress, the most prevalent application areas of this technology in banking and financial services involve intra-bank cross-border transfers. Cross-border remittances, corporate payments, and inter-bank cross-border transfers are receiving comparatively less attention. But wherever they hope to deploy blockchain, executives expect a wide range of benefits, including lower costs, quicker settlement, fewer errors and exceptions, and new revenue opportunities.
This report incorporates an in-depth assessment of Blockchain in banking and financial services market by type, application and geography.
What are the major applications for Blockchain in banking and financial services market?
Major applications of blockchain technology in banking and financial services include fund transaction management, real time loan funding, liquidity management, KYC/identity management, real time asset tracking and more.
Market Research and Market Trends of Blockchain in banking and financial services market Ecosystem
- Growing number of researches will likely bring out better products, overcoming the current security and transparency issues.
- Mainly technology startups companies from the U.S and U.K have been working to subsume blockchain technology into banking and financial service institutions.
- According to the world economic forum, over 24 countries in the world are currently investing in blockchain. Already 2500 patents were filed and $1.4 billion has been invested through venture capital to explore the prospects in this technology. Also Governments, corporates , individual are pumping funds for further research into this technology.
Who are the Major Players in Blockchain in banking and financial services market?
Currently, established technology providers such as Microsoft, Intel, IBM, R3 and Chain are the dominant players in the global blockchain technology market.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this, the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present, and its impact during the forecast period 2018-2024.
All our reports are customizable as per your company needs to a certain extent. We do provide 20 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as per your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and make the processes efficient.
- Get a quick outlook on the market entropy – M&As, deals, partnerships, and product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.