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Blockchain in Banking Sector Market is estimated to be US$ 4112.5 million by 2029 with a CAGR of 18.4% – By PMI

Blockchain In Banking Sector Market -PMI

Blockchain In Banking Sector Market -PMI

The report "Global Blockchain In Banking Sector Market, By Type, By Payment Verticals , By Application - Trends, Analysis and Forecast till 2029”

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Blockchain technology has the potential to revolutionize the banking industry by providing faster, cheaper, more secure, and more inclusive transactions. It is a new approach to database architecture that creates an immutable record of transactions accessible to all participants in a network. Block chain-based ledger systems can automate transactions, allowing for close to real-time settlement while maintaining strong controls against fraud. The potential applications for blockchain in the banking industry include block chain-based currency, lending, and clearance and settlement systems. Block chain technology offers a secure and cheap way of sending payments, cutting down on the need for verification from third parties and beating processing times for traditional bank transfers.

Key Highlights:

• In March 2020, Alphapoint has successfully raised $5.6 million in an additional funding round, taking its total capital raised to $23.9 million. The latest investment will go towards developing new trading features including improved margin trading and liquidity solutions and advanced brokerage capabilities.
• In February 2020, Microsoft integrated Lition blockchain into Azure so that Microsoft Azure’s worldwide enterprise clients can develop, test, and deploy Lition side chains and applications with ease on its platform.

Analyst View:

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.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Blockchain in Banking Sector Market”, 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), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

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Growth factors of Blockchain in Banking Sector Market:

The growth of the blockchain in the banking sector market is driven by several factors:

• Increasing adoption of blockchain technology in the banking industry, especially in the areas of payments, clearance and settlement systems, fundraising, securities, loans and credit, trade finance, and customer KYC and fraud prevention.
• The rising use of crypto currencies and blockchain technology to reduce fraudulent transactions.
• The potential for blockchain technology to bring about cost savings and operational efficiencies, including real-time transactions and reduced back-end costs.
• The increasing collaboration between financial services companies and regulators to develop standardized solutions that can eliminate friction in transactions and reduce labor hours, transaction speed, and security

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Scope of the Report:

1. GlobalBlockchain Market in Banking Industry, By Type, 2019 – 2029, (US$ Mn)

o Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
o Public Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Private Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Hybrid Blockchain
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029

2. GlobalBlockchain Market in Banking Industry, By Payment Verticals, 2019 – 2029, (US$ Mn)

o Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
o Inter-bank transfers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Cross-border transfers & remittances
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Retail and P2P payments
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Corporate payments
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029

3. GlobalBlockchain Market in Banking Industry, By Application, 2019 – 2029, (US$ Mn)

o Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 — 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
o Clearance and settlement systems
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Trading Finance Platforms
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Fraud detection Platforms
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o E-KYC
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Smart Contracts
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
o Regulatory reporting & compliance
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029

Competitive Landscape:

The prominent player operating in the global blockchain in banking sector market includes:

✤ Microsoft Corporation
✤ International Business Machines Corporation (IBM)
✤ Fujitsu
✤ JP Morgan
✤ Ripple

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.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Key Questions Asked in Report:

1. What are the major limitations of blockchain in the banking sector?
2. What potential applications does blockchain technology have in the banking industry?
3. What advantages does the United States have in developing blockchain solutions?
4. How can standardization through public and private blockchains reduce friction in transactions and increase transaction speed and security?
5. How does blockchain technology disrupt traditional banking services?
6. What advantages does blockchain technology offer for sending payments?

About Prophecy Market Insights:

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.
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