About Blockchain in Banking
Blockchain has the potential to allow banks to settle transactions directly and keep better track of them. Blockchain provides banks the opportunity to streamline complex workflows and optimize internal processes. Blockchain provides transaction immutability and a distributed ledger architecture. Blockchain technology will significantly increase transparency between market participants. Also, it maintains an immutable record of transactions and therefore asset ownership since the time the asset first appears in a transaction on the blockchain.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Global Blockchain In Banking is a fragmented market due to the presence of various players. The players are investing more in mergers and acquisitions to enhance their market presence. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Unicsoft (United Kingdom), SoluLab (United States), Eleks (Ukraine), Labrys (Australia), Idealogic (Ukraine), ConsenSys (United States), Altoros (United States), Quytech (India), Coinbase (United States) and Talentica Software (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Bitfury (Netherlands), Circle (United States), Blockstream (Canada) and BlockCypher, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain in Banking market by Type (Public and Private), Application (Raising Funds, Faster Payment, Settlement and Clearance System, Trade Finance and Loans and Credits) and Region.
On the basis of geography, the market of Blockchain in Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). If we see Market by Organization Size, the sub-segment i.e. SMEs will boost the Blockchain in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Service will boost the Blockchain in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Need to focus on Collaboration with the Ecosystem among Financial Institutions
Market Growth Drivers:
Increasing Usage of Blockchain for Payments and Transactions and Increase Transparency between the Market Players
Challenges:
Lack of Regulatory Standards for Blockchain Applications
Restraints:
High Cost Associated with the Implementation of Blockchain in the Banking Sector
Opportunities:
Financial Institutions are encouraged to implement an Interruption Mindset for the adoption of blockchain and Focus on creating new Business Models in Favour of the Customers and Financial Industry is trying to Experiment with Blockchain by Replicating Existing Asset Transactions on the Blockchain
Market Leaders and their expansionary development strategies
On 22nd April 2021, ConsenSys and Klaytn announced the strategic partnership. The combination will work to advance the performance of the Klaytn, an Ethereum-forked public network, and develop a private version of it with specific features such as privacy to reflect the rising concern around data protection among the financial sector, scalability layer 2 solutions to serve a large number of users without compromising speed, and interoperability to bridge multiple blockchains.
On 16th December 2021, ConsenSys has launched ConsenSys Rollups. The new launch provides enterprise-grade scalability to leading financial organizations and others as well as addresses the key challenge of scalable applications on the Quorum tech stack.
Key Target Audience
Blockchain In Banking Providers, New Entrants, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.