Blockchain in BFSI Market Scope
Blockchain is being widely debated and has become the new buzz word for multiple industries, especially banking. Blockchain enables the near real-time and settlement of recorded transactions, reducing risk, and providing an enhanced customer experience. Smart contracts allow business validations and automated reconciliation for straight-through processing. Blockchain maintains an automated audit trail of transactions, thereby reducing manual processing for data validations and reconciliations. The increased need for transparency & accountability of transactions through GRC Management Solutions, increased adoption of cross-border payments, digital ledger, and consortium blockchain, and increased investment by banks in blockchain-based solutions drive the growth of the global blockchain in the BFSI industry.
The market study is segmented, by Application (Digital Currency, Record Keeping, Payments & Settlement, Smart Contracts, Compliance Management and Others) and major geographies with country level break-up. According to AMA, the Global Blockchain in BFSI market is expected to see growth rate of 73.9%
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Blockchain in BFSI Market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Blockchain in BFSI market throughout the predicted period.
Alphapoint (United States), Auxesis Group (India), Amazon Web Services, Inc. (AWS) (United States), Bitfury Group Limited. (Netherlands), Hewlett Packard Enterprise Development LP (HPE) (United States), International Business Machines Corporation (IBM) (United States), Infosys Limited (India), Microsoft Corporation (United States), Oracle Corporation (United States) and SAP SE (Germany) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Blockchain in BFSI market by Type, Application and Region.
On the basis of geography, the market of Blockchain in BFSI has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2019.
Market Leaders and their expansionary development strategies
On 6th March 2020, Alphapoint has successfully raised USD 5.6 million in additional funding round, taking its total capital raised to date to USD 23.9 million. The latest investment will go towards developing new trading features including improved margin trading and liquidity solutions and advanced brokerage capabilities.
- Upsurging in need of transactions transparency and accountability
- High adoption in cross-border payments
- Growth in Demand for Increased Scalability, Transaction Speed, and Reduction In Processing Costs
- The Increasing demand from trade finance
- The growth in demand for increased scalability, transaction speed and reduction in processing costs
- Limited Awareness about blockchain
- The concern related to privacy and data securty
Key Target AudienceService Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
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