Major players in the blockchain in banking and financial services market are Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc. and AlphaPoint.
The global blockchain in the banking and financial services market is expected to grow from $1.17 billion in 2021 to $1.89 billion in 2022 at a compound annual growth rate (CAGR) of 61.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.
Blockchain in the banking and financial services market consists of sales of blockchain for banking and financial services by entities (organization, sole-trader, and partnership) that are engaged in providing blockchain technology for banking and financial services.Blockchain offers a form of digitalized, de-centralized public record of all transactions.
Blockchain was designed to record everything of value and not just transactions.
The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others.Public blockchain doesn’t require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger.
The different applications include fund transaction management, real-time loan funding, liquidity management, and others.
North America was the largest region in the blockchain in banking and financial services market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in the banking and financial services market during the forecast period.Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions.
Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records.For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world.
Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in the banking and financial services market.
The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market.Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely.
Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets.For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave.
Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them.
In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in, Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management.
The countries covered in the Blockchain In Banking And Financial Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Our reports have been used by over 10K customers, including:
The decentralized identity market size is projected to grow from USD 285 million in 2022 to USD 6,822 million by 2027, at a Compound Annual Growth Rate (CAGR) of 88.7% during the forecast period. The major factor that has driven demand for this market is Inefficiency of existing identity management practices and rising instances of security...
175 pages •
By The Business Research Company
• Jun 2022
Major players in the robo advisory market are Betterment LLC, Charles Schwab & Co. Inc., Wealthfront Corporation, Personal Capital Corporation, Bambu, Blooom Inc., Ellevest, FutureAdvisor, Nutmeg Saving and Investment Limited, SigFig Wealth Management, The Vanguard Group Inc., SoFi Wealth, Hedgeable Inc., WiseBanyan Inc., AssetBuilder Inc.,...
175 pages •
By The Business Research Company
• May 2022
Major players in the tokenization market are Fiserv, Inc., Visa, American Express Company, CipherCloud, Inc., TokenEx, Futurex, Symantec, AsiaPay Limited, MeaWallet, Thales Trusted Cyber Technologies, Mastercard Inc., Entrust Corporation, Bluefin Payment Systems, Sygnum Bank AG and HST The global tokenization market is expected to grow...
The eDiscovery market is projected to grow from USD 11.2 Billion in 2022 to USD 17.1 Billion by 2027, at a compound annual growth rate (CAGR) of 8.7% during the forecast period. eDiscovery market is rapidly gaining acceptance worldwide by enterprises and corporates. Training and consulting services include industry experts, domain experts,...
This IDC Market Perspective analyzes vertical market indicators in Europe to understand the structure, size, and economic importance of industry sectors on the continent. The study focuses on the economic contribution of verticals to national and regional GDP and includes employment numbers by vertical. The study examines IT spending as a...
The Global Enterprise Information Archiving Market size is expected to reach $17.1 billion by 2028, rising at a market growth of 15.1% CAGR during the forecast period. Enterprise information archiving refers to the application of new ways for storing both structured and unstructured business data, in contrast to prior methods that solely...
The Global E-Signature Platform market was valued at USD 2.28 million in 2021 and is expected to reach USD 10.94 million by 2027, registering a CAGR of 29.08% during the forecast period of 2022-2027. Key Highlights Various enterprises are shifting from traditional signatures to electronic signatures because it...
Report Description According to Q1 2022 Global Loyalty Programs Survey, Loyalty Programs Market in Europe is expected to grow by 12.4% on annual basis to reach US$ 41410.1 million in 2022. In value terms, the Loyalty Programs Market in Europe has recorded a CAGR of 12.9% during 2017–2021. The Loyalty Programs Market...
The global virtual events market reached a value of US$ 114.1 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 385.1 Billion by 2027, exhibiting a CAGR of 22.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence...
250 pages •
By The Business Research Company
• Mar 2022
Major players in the dashboard camera market are Panasonic Corporation, ABEO Technology, DOD Tech, Pittasoft Co. Ltd., HP Development Company LP, Cobra Electronics Co., Hewlett-Packard, Harman International Industries Inc., Falcon Zero LLC, 360 (QIHU), and Thinkware. The global dashboard camera market is expected to grow from $2.59...
Light Commercial Vehicle
Driver Assistance System
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.