Industry Background:
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.
According to AMA, the market for Blockchain in BFSI is expected to register a CAGR of 73.9% during the forecast period to 2027. This growth is primarily driven by Growth in Demand for Increased Scalability, Transaction Speed, and Reduction In Processing Costs.
Globally, a noticeable market trend is evident Upsurging in need of transactions transparency and accountability
. The Internet Software & Services sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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.
Market Drivers
- Growth in Demand for Increased Scalability, Transaction Speed, and Reduction In Processing Costs
Market Trend
- Upsurging in need of transactions transparency and accountability
- High adoption in cross-border payments
Restraints
- Limited Awareness about blockchain
Opportunities
The Increasing demand from trade finance and The growth in demand for increased scalability, transaction speed and reduction in processing costs
Challenges
The concern related to privacy and data securty
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Blockchain in BFSI Study Sheds Light on
The Blockchain in BFSI Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Blockchain in BFSI industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Blockchain in BFSI industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.