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.
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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.
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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.
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