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Kenneth Research added a report on Global Blockchain Market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of XX.X% during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Blockchain Market products.
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The Report Title Global Blockchain Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2024.
Global Blockchain Market in Banking Industry: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Blockchain technology is currently at nascent stage in the banking industry. During 2017–2018, most of the banks have adopted blockchain technology as part of their strategy, which has also resulted in banks entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be all about improving efficiency and cost reduction, however, banks are taking it as a strategic move mainly to overcome their existing challenges related to compliance and regulatory, fraud reduction, and security among others, which in return offers higher transaction speeds of below 10 seconds and also helps in reducing operational costs.
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Blockchain in banking industry is segmented by blockchain types, applications, sub-verticals, and regions. Blockchain types including public, private, and hybrid blockchains and the private blockchain is poised to grow at a higher rate during the forecast period 2018–2024. Currently, more than half of the banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers. The partnership is also aiming in creating a few numbers of global bank networks to enable seamless payment transactions.
In the banking industry, blockchain applications are currently focused on clearance and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, and regulatory reporting & compliance; the clearance and settlement systems segment is the largest adopter of blockchain technology. Blockchain partnerships are aiming at building applications around these mentioned use cases and companies including Microsoft, IBM, and JP Morgan are focusing on developing applications around fraud detection and compliance management.
The sub-verticals mentioned in the report are Inter-bank transfers, Cross-border transfers & remittances, Retail and P2P payments and Corporate payments. Among these, banks are deploying blockchain to support their inter-bank transactions followed by others.
The market is segmented by regions and Europe and Asia Pacific are the leading adopters of the technology followed by Americas and MEA. It is expected that blockchain will reduce financial fraud by up to 35% in the next three years, however it also eliminated the intermediaries involved in a payment transaction, which may create disruption in the banking industry. Countries including US, Japan, China, India and Western European countries are focusing on deploying blockchain solutions in their banking systems.
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The report provides details about the market for blockchain in global banking industry. The report also contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Microsoft, IBM, Fujitsu, JP Morgan, Ripple, R3, Clearmatics, Primechain technologies, Signzy, and Accubits technologies.
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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