LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global blockchain technology market in the BFSI sector to grow at a CAGR of 63% during the period 2018-2022, according to their latest report.
This market research report segments the global blockchain technology market in the BFSI sector based on product types such as public blockchain, consortium blockchain, and private blockchain. The report also provides an analysis of the market’s growth across various geographic regions such as the Americas, APAC, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the increasing government investments in blockchain technology as a key factor contributing to the growth of the global blockchain technology market in the BFSI sector:
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 the BFSI sector. Countries such as the UK, Canada, Russia, and China are experimenting by placing their national currencies on the blockchain.
“Blockchain technology is also gaining momentum in the African countries. In 2016, Tunisia replaced its eDinar digital currency with a blockchain-based version and became one of the first countries in the world to issue its national currency using blockchain technology. The Tunisian government collaborated with Monetas, a financial service provider, to combine blockchain technology with the nation's digital currency. Moreover, in 2016, Senegal introduced a digital currency based on blockchain technology. Government investments are expected to promote the growth of this market in the forecast period,” says a senior analyst at Technavio for enterprise application research.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global blockchain technology market in the BFSI sector segmentation
In 2017, the public blockchain segment was the largest revenue contributor to the global blockchain technology market in the BFSI sector and accounted for a market share of close to 43%. The popular cryptocurrency Bitcoin is a public blockchain. The market share of this segment is expected to increase by close to 3% over the forecast period, while private blockchain will witness a 5% growth in its market share to emerge as the fastest growing segment.
In 2017, the Americas accounted for the majority market share in the global blockchain technology market in the BFSI sector, followed by EMEA. In APAC, the adoption rate of blockchain technology was low. The growing adoption of blockchain technology by the BFSI companies in the US and Europe is driving market growth in the Americas and EMEA respectively.
Big savings with Technavio this February!
Get 20% OFF on all Education Technology reports. This offer is valid only till the 28th of this month.
Celebrate winter sports with 23% OFF all reports in our Outdoor Gear library (Offer valid from Feb 9-25).
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.