Blockchain In Banking And Financial Services Global Market Report 2023: Rising Use of Digital Banking Services Fuels Sector
This report describes and explains blockchain in the banking and financial services market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.
The global blockchain in the banking and financial services market reached a value of nearly $2,034.1 million in 2021, having increased at a compound annual growth rate (CAGR) of 62.7% since 2016. The market is expected to grow from $2,034.1 million in 2021 to $17,583.4 million in 2026 at a rate of 53.9%. The market is then expected to grow at a CAGR of 27.9% from 2026 and reach $60,270.6 million in 2031Growth in the historic period resulted from the increasing demand for fast and real-time fund transfers, the rising use of digital banking services, strong economic growth in emerging markets, and increased government initiatives. Factors that negatively affected growth in the historic period were rising cybercrime risk, and the skills shortage Going forward, the rise in adoption of blockchain technology in the banking sector, rising use of cryptocurrency, and the increased use of blockchain to reduce fraudulent transactions will drive market growth. Factors that could hinder the growth of blockchain in the banking and financial services market in the future include blockchain scalability and data localization Blockchain in the banking and financial services market is segmented by type into public blockchain, private blockchain and others. The public blockchain market was the largest segment of the blockchain in the banking and financial services market by type, accounting for 62.0% of the total market in 2021. The public blockchain market is expected to be the fastest-growing segment in blockchain in the banking and financial services market type, going forward at a CAGR of 55.6% during the 2021-2026 period