LONDON, Feb. 24, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the blockchain in banking and financial services market, the reduction in fraud through blockchain is shaping the market. Major companies operating in the banking and financial services sectors are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts, which allow the buyer and seller to create if/then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process, and blockchain provides security through its non-repudiation and disintermediation of data storage, which helps prevent misappropriating company assets. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance, collaborated with KPMG to develop the ClaimShare solution, which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology, Conclave. Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them.
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The global blockchain in banking and financial services market size is expected to grow from $1.17 billion in 2021 to $1.89 billion in 2022 at a compound annual growth rate (CAGR) of 61.9%. The blockchain in banking and financial services market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.
The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in banking and financial services market during the forecast period. The advantages, like capital optimization, reduction in operational costs for banks, increased transparency, and an increase in financial solutions, have led to a rise in blockchain in banking and financial services market trends. Blockchain in cryptocurrency aids in the recording of each transaction and functions as a distributed ledger, eliminating the need for any central authority to keep such records. For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, was being used commercially for the first time to send payments around the world. Also, they announced the launch of a new business unit, Onyx, blockchain, and digital currency for financial systems.
Major players in the blockchain in banking and financial services market are Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint.
The global blockchain in banking and financial services market overview is segmented by type into public blockchain, private blockchain, others; by application into fund transaction management, real time loan funding, liquidity management, others.
In 2021, North America was the largest region in the market as per TBRC’s blockchain in banking and financial services market analysis. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in financial and banking services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Blockchain In Banking And Financial Services Global Market Report – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide blockchain in banking and financial services market overviews, blockchain in banking and financial services market analyze and forecast market size and growth for the whole market, blockchain in banking and financial services market segments and geographies, blockchain in banking and financial services market trends, blockchain in banking and financial services market drivers, blockchain in banking and financial services market restraints, blockchain in banking and financial services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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