Source: blockchain.news
The global market for blockchain technology in the banking, financial services and insurance (BFSI) sector is expected to reach $4.02 billion by 2026, thanks to a surge in FinTech spending, according to ReportLinker.
The market is expected to register a compound annual growth rate (CAGR) of 36.6% during the forecast period 2022-2026.
The advent of artificial intelligence (AI) is anticipated to be a key market driver for blockchain technology in the BFSI sector.
Furthermore, the growth of blockchain as a service and quantum computing will generate a remarkable demand in the market. The report added:
“The market is driven by increased FinTech spending, easier access to technology, and the disintermediation of banking services.”
The report seeks to provide information that companies need to position themselves in the market by analyzing vital parameters such as promotions, competition, prices and profits.
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 information.
Meanwhile, rising global demand for blockchain in the retail market is expected to push 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 a critical role in showing the precise location of different products and their safety and reliability, it was anticipated that retailers would continue to adopt this technology.
The need to improve solutions based on transaction transparency was expected to spur further growth of the global blockchain in the retail market, added Facts and Factors.
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