Global Blockchain In Banking Sector Market Overview
Blockchain enables the distributed ledger transactions in a blockchain network that maintains identical copies of transaction on multiple computer systems. And, any person that is involved in that network can review the transaction. Moreover, once the transaction is recorded it cannot be erased; however blockchain can be updated with the consent of majority of the participants. The traditional way of cross-border payments involves several issues such as high transaction costs, many intermediaries, and longer duration for completion. On the contrary, blockchain based process doesn’t involve any intermediaries, incurs less transaction cost, and allows quick transfer of money. Blockchain in Banking Sector Market accounted for US$ 759.5 million in 2019 and is estimated to be US$ 4112.5 million by 2029 and is anticipated to register a CAGR of 18.4%.
Impact of COVID19 Pandemic on Market
The COVID-19 pandemic has had a major impact on the way of life across the world. Blockchain can play a crucial role in accelerating digital transformation activities and initiatives. The technology can be used for public health data surveillance, crisis management, donation tracking, securing medical supply chains and others. According to the Organization for Economic Co-operation and Development (OECD), the market will see a slight slowdown, with a decrease in technology spending in 2020, as compared to previous year.
Global Blockchain In Banking Sector Market Dynamics
Increase in Need for Transactions Transparency and Accountability
Blockchain is typically known for its enhanced security as it provides cryptographic security for its databases and transactions which is also the key factor that adds transparency and helps in fraud reduction hence, is expected to boost the market growth. Architecture boundaries of the global payments system and numerous combinations of policies & processes are acting as major drivers for the blockchain in banking sector market. 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 industry. In addition, increased demand from developing economies and increased demand for increased scalability, transaction speed, smart contracts and reduced processing costs are expected in the near future to create a number of opportunities in the coming future.
However, scarcity of skilled workforce is expected to impede the market growth during the forecast period.
Global Blockchain In Banking Sector Market Segmentation
The global blockchain in banking sector market is segmented based on the type, payment verticals, application and region.
Base on the type, the global market is segmented into public blockchain, private blockchain, and hybrid blockchain. The public blockchain is anticipated to witness a significant growth rate in the coming years because it provides decentralization and becomes a great advantage for situations where a network needs to be decentralized and enables full transparency of the ledger. Public blockchain is faster, secure and less expensive than the accounting systems and methods used today in the finance industry, hence creating more opportunities for it always become beneficial.
On the basis of payment verticals, the target market is segmented into inter-bank transfers, cross-border transfers & remittances, retail & p2p payments, corporate payments. The inter-bank transfer is expected to account for the largest market; as it enables the distributed ledger transactions in a blockchain network that maintains identical copies of transaction on multiple computer systems. One for advantage is that, any person that is involved in that network can review the transaction. Moreover, once the transaction is recorded it cannot be erased; however blockchain can be updated with the consent of majority of the participants.
Depending upon application, the market is segmented into clearance & settlements systems, trading finance platforms, e-kyc, smart contracts, regulatory reporting & compliance. The trading finance platforms segment is expected to remain dominant in the market over forecast period. The growth of this segment is mainly attributed to the growth in adoption of blockchain software and cloud computing across the enterprises.
Regional Insights
According to the region, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the overall blockchain market in 2019 and is expected to remain dominant during the coming years due to presence of major market players and on-going developments in blockchain technology in this region. Businesses in North America have recognized the potential of the blockchain technology in delivering enhanced customer experiences; hence, they have started adopting the technology to develop business applications.
Detail Segmentation:
|
Attribute |
Details |
|
The base year for estimation |
2019 |
|
Forecast Period |
2019 - 2029 |
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Market Representation |
Revenue in USD Million & CAGR from 2019-2029 |
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Market Segmentation |
By Type - Public Blockchain, Private Blockchain, Hybrid Blockchain By Payment Verticals - Inter-Bank Transfers, Cross-Border Transfers & Remittances, Retail & P2P Payments, Corporate Payments By Application - Clearance & Settlements Systems, Trading Finance Platforms, E-KYC, Smart Contracts, Regulatory Reporting & Compliance By Region - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Regional Scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered in the report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global blockchain in banking sector market report based on type, payment verticals, application and region.
Global Blockchain in Banking Sector Market, By Type
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
Global Blockchain in Banking Sector Market, By Payment Verticals
- Inter-Bank Transfers
- Cross-Border Transfers & Remittances
- Retail & P2P Payments
- Corporate Payments
Global Blockchain in Banking Sector Market, By Application
- Clearance & Settlements Systems
- Trading Finance Platforms
- E-KYC
- Smart Contracts
- Regulatory Reporting & Compliance
Global Blockchain in Banking Sector Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Blockchain In Banking Sector Market Key Players
The major key players operating in the market includes Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu, JP Morgan, and Ripple. Key players have adopted strategies such as new product launches, merges and acquisitions to expand their market presence.
Global Blockchain In Banking Sector Market Company Profile
- Microsoft Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- International Business Machines Corporation (IBM)
- Fujitsu
- JP Morgan
- Ripple
Global Blockchain In Banking Sector Market Table of Contents
Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Blockchain in Banking Sector Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Payment Verticals
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Impact Analysis
- Porter’s Analysis
- Market Dynamics
- Global Blockchain Market in Banking Industry, By Type, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Public Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Private Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Hybrid Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Blockchain Market in Banking Industry, By Payment Verticals, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Inter-bank transfers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Cross-border transfers & remittances
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Retail and P2P payments
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Corporate payments
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Blockchain Market in Banking Industry, By Application, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Clearance and settlement systems
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Trading Finance Platforms
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Fraud detection Platforms
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- E-KYC
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Smart Contracts
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Regulatory reporting & compliance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Blockchain Market in Banking Industry, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Payment Verticals, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Payment Verticals, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Payment Verticals, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Payment Verticals, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Payment Verticals, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
-
- Microsoft Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- IBM Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Fujitsu
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- JP Morgan
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Ripple
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Microsoft Corporation
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- The Last Word
-
- Future Impact
- About Us
- Contact
-
FAQs
The global blockchain in banking sector market is segmented based on the type, payment verticals, application and region.
Increase in Need for Transactions Transparency and Accountability drives the market.
North America dominated the overall blockchain market in 2019 and is expected to remain dominant during the coming years due to presence of major market players and on-going developments in blockchain technology in this region.
The major key players operating in the market includes Microsoft Corporation, International Business Machines Corporation (IBM), Fujitsu, JP Morgan, and Ripple. Key players have adopted strategies such as new product launches, merges and acquisitions to expand their market presence.