The Rising Use Of Cryptocurrency Is Expected To Drive The Blockchain In Banking And Financial Services Market

The Business Research Company’s blockchain in banking and financial services market research report expands on key drivers, trends, and growth opportunities in the market.

LONDON , Aug. 9, 2022 /PRNewswire/ — The rising use of cryptocurrency will drive the growth of the market. Cryptocurrency is a peer-to-peer digital payment system that doesn’t rely on banks to verify transactions. Cryptocurrencies run on a distributed public ledger called a blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets. For example, according to Pew Research, a nonpartisan think tank company, in November 2021, the vast majority of U.S. adults have heard at least a little about the blockchain technology industry and cryptocurrencies like Bitcoin or Ether, and 16% say they personally have invested in, traded or otherwise used one, according to a new Pew Research Center survey. Men aged 18 to 29 are particularly likely to say they have used cryptocurrencies.

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 is expected to reach $12.39 billion in 2026 at a CAGR of 60%.

Request a free sample of the Blockchain In Banking And Financial Services Market Report

Reinsurance Companies Are Rapidly Adopting Blockchain Technology

Blockchain technology is being increasingly adopted by reinsurance companies for faster, more efficient, and more accurate claim settlement and compliance checks such as sanctions. Blockchain technology allows for safe data management across different interfaces and stakeholders while maintaining data integrity. The system reduces operational expenses across the board, from identity management and underwriting to claims processing, fraud management, and reliable data availability. For instance, Ryskex, an insurtech business, uses its blockchain-based platform to make it easier for insurers to analyze and manage risks effectively.

In 2021, SAP SE Held The Largest Share In The Market

SAP SE was the largest company in blockchain in financial market with a 13.43% share of the market in 2021. SAP SE’s growth strategy focuses on expanding its product portfolio with new and advanced technology through new product launches. For instance, in May 2020, SAP SE announced the launch of its plan to add its blockchain technology to its supply chain traceability platform to aid its stakeholders.

Blockchain Scalability Poses A Limitation For The Market’s Growth

Blockchain scalability is a main restraint that negatively impacts the growth of the market. Scalability refers to how well a system can manage increasing amounts of data. Blockchain scalability is how well it can handle an increasing number of transactions. A major part of the issue comes from the fact that blockchain requires all participants to agree on the validity of transactions.

See more on the Blockchain In Banking And Financial Services Market Report

Check out similar market reports:

Cryptocurrency Global Market Report 2022 – By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin), By Process (Mining, Transaction), By End Use Industry (Trading, Retail And E-Commerce, Banking) – Market Size, Trends, And Global Forecast 2022-2026

Blockchain Devices Global Market Report 2022 – By Type (Blockchain Smartphones, Crypto Hardware Wallets, Crypto Automated Teller Machines (ATMs), Point Of Sales (POS) Terminals), By Connectivity (Wired, Wireless), By Application (Personal, Corporate), By End User (Consumer, BFSI, Government, Retail & E-Commerce, Travel & Hospitality, Automotive, Transportation & Logistics, IT & Telecommunication, Others (Energy & Utilities, Education, Agriculture, Healthcare, Manufacturing) – Market Size, Trends, And Global Forecast 2022-2026

Blockchain Services Global Market Report 2022 – By Component (Tools, Services), By End-Use (BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy And Utilities), By Application (Payments, Smart Contracts, Supply Chain Management, Governance, Risk, And Compliance Management, Identity Management) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World’s Most Comprehensive Database

The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information ;
The Business Research Company 
Europe: +44 207 1930 708 
Asia: +91 8897263534 
Americas: +1 315 623 0293 
Email: info@tbrc.info 
LinkedIn: http://in.linkedin.com/company/the-business-research-company 
Twitter: http://twitter.com/tbrc_info 
YouTube: http://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ 
Blog: http://blog.tbrc.info/

Logo: http://104.196.70.3/wp-content/uploads/2022/08/tbrc_logo.jpg

View original content:http://www.prnewswire.com/news-releases/the-rising-use-of-cryptocurrency-is-expected-to-drive-the-blockchain-in-banking-and-financial-services-market-301602187.html

SOURCE The Business Research Company