Global Blockchain Technology Market in BFSI Sector 2018-2022
About Blockchain Technology in BFSI Sector
Blockchain is a new technology, based on distributed ledger technology. In blockchain technology, ledgers securely record information across a group of networks.
Technavio’s analysts forecast the global blockchain technology market in BFSI sector to grow at a CAGR of 62.78% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global blockchain technology market in BFSI sector for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Blockchain Technology Market in BFSI Sector 2018-2022
Technavio recognizes the following companies as the key players in the global blockchain technology market in BFSI sector: IBM, Microsoft, and Amazon.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growth of BaaS. BaaS is a cloud computing solution that provides a platform to manage distributed ledger systems. Ethereum BaaS (EBaaS), developed by Microsoft and ConsenSys, provides cloud-based blockchain developer environment. The EBaaS solution can be implemented through the Microsoft Azure cloud computing platform to manage and develop blockchain applications.”
According to the report, one driver in the market is increasing government investments in blockchain technology. The increasing investments in blockchain technology by various governments across the world is a major factor driving the growth of the global blockchain technology market in BFSI sector. Countries such as the UK, Canada, Russia, and China are experimenting by placing their national currencies on the blockchain.
Further, the report states that one challenge in the market is trust deficit in blockchain technology for financial transactions. One of the major factors hindering the growth of the global blockchain technology market in BFSI sector is the lack of trust in the blockchain technology. The technology is still in the nascent stage, and its vulnerabilities are yet to be explored. Many companies are also skeptical about the scalability of blockchain when it comes to handling large volumes of enterprise data.
IBM, Microsoft, and Amazon.
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