The global blockchain technology market in the banking, financial services, and insurance (BFSI) sector is expected to hit $4.02 billion by 2026, thanks to a surge in FinTech spending, according to ReportLinker.
The market is expected to record a compound annual growth rate (CAGR) of 36.6% during the 2022-2026 forecast period.
The advent of artificial intelligence (AI) is anticipated to be a key driver of the blockchain technology market in the BFSI sector.
Moreover, the growth of blockchain as a service and quantum computing will prompt notable demand in the market. The report added:
“The market is driven by the increase in FinTech spending, easier access to technology, and disintermediation of banking services.”
The report seeks to offer insights companies need when positioning themselves in the market by scrutinizing vital parameters such as promotions, competition, pricing, and profit.
Some key players in the blockchain technology market in the BFSI sector include Ripple Labs Inc., Tata Consultancy Services Ltd, Oracle Corp, Hewlett Packard Enterprise Co., Microsoft Corp, and Coinbase Global Inc., among others.
The report segmented the market into a consortium, private, and public blockchains by type for enhanced insights.
Meanwhile, heightened demand for the worldwide blockchain in the retail market is expected to drive its value past the $3.27 billion mark by 2028, according to a recent report by market research organization Facts and Factors.
Since blockchain plays an instrumental role in showing the precise location of different products and their safety and reliability, retailers were anticipated to continue embracing this technology.
The urge for enhanced transaction transparency-based solutions was expected to spur more growth in the worldwide blockchain in the retail market, Facts and Factors added.
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