This growth rate is attributed to the increasing adoption of blockchain technology by various industries, such as financial services, healthcare, and government, to streamline their operations. Additionally, the surge in the demand for cryptocurrencies and the increasing investments in blockchain technology have further driven the growth of the market.
This market research report identifies Microsoft, IBM, Fujitsu, JP Morgan, and Ripple as the major vendors operating in the global blockchain in banking industry market. This report also provides a detailed analysis of the market by blockchain types (Public blockchain, Private blockchain, and Hybrid blockchain), application (Clearance and settlement systems, Trading platforms, Fraud detection, e-KYC, Smart contracts, and Regulatory reporting & compliance), sub verticals (Inter-bank transfers, Cross-border transfers & remittances, Retail and P2P payments, and Corporate payments), and region (Americas, Europe, Asia Pacific, and Middle East and Africa).
Get Access to sample Report Pages @ https://marketreporthub.com/sample.php?id=03158
Overview of the Global Blockchain Market in Banking Industry
Blockchain technology is currently at nascent stage in the banking industry. most of the banks have adopted blockchain technology as part of their strategy, which has also resulted in banks entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be all about improving efficiency and cost reduction, however, banks are taking it as a strategic move mainly to overcome their existing challenges related to compliance and regulatory, fraud reduction, and security among others, which in return offers higher transaction speeds of below 10 seconds and also helps in reducing operational costs.
According to the blockchain in banking industry analysis, Europe accounted for the largest share of the global blockchain in banking industry market in 2023 and will continue leading the market while, Americas is expected to grow at the highest CAGR during the forecast period.
Competitive Analysis and Key Vendors
Currently, more than half of the banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers. The partnership is also aiming in creating a few numbers of global bank networks to enable seamless payment transactions.
It is expected that blockchain will reduce financial fraud by up to 35% in the next three years, however it also eliminated the intermediaries involved in a payment transaction, which may create disruption in the banking industry. Countries including US, Japan, China, India, and Western European countries are focusing on deploying blockchain solutions in their banking systems.
Check For Instant Discount @ https://marketreporthub.com/discount.php?id=03158
Some of the Key Vendors in Blockchain Market:
Microsoft
IBM
Fujitsu
JP Morgan
Ripple
Other vendors of the blockchain in banking market are R3, Clearmatics, Primechain technologies, Signzy, and Accubits technologies.
Segmentation of blockchain type
Public blockchain
Private blockchain
Hybrid blockchain
In 2023, the private blockchain occupied the largest share and is expected to grow at the highest CAGR during the forecast period.
Buy Exclusive Report @ https://marketreporthub.com/price.php?id=03158&price=3250
Segmentation of application
Clearance and settlement systems
Trading platforms
Fraud detection
e-KYC
Smart contracts
Regulatory reporting & compliance
In 2023, the clearance and settlement systems segment is the largest adopter of blockchain technology. Blockchain partnerships are aiming at building applications around these mentioned used cases and is expected to grow at the highest CAGR during the forecast period.
Segmentation of sub verticals
Inter-bank transfers
Cross-border transfers & remittances
Retail and P2P payments
Corporate payments
In 2023, the inter-bank transfers occupied the largest share and is expected to grow at the highest CAGR during the forecast period.
Benefits
The report comprises an analysis of vendor profile, which includes financial status, business units, key business priorities, SWOT, business strategies, and views. The report covers the competitive landscape, which includes M&A, joint ventures & collaborations, and competitor comparison analysis. In the vendor profile section, for companies that are privately held, the financial information and revenue of segments will be limited.
Moreover, the report provides details about the major challenges that are going to have an impact on market growth. Additionally, the report gives complete details about the business opportunities to key stakeholders to expand their business and capture revenues in the specific verticals. The report will help companies interested or established in this market to analyze the various aspects of this domain before investing or expanding their business in the blockchain in banking industry market
Comments