Global Blockchain Market in Banking Industry Forecast up to 2024
Global Blockchain Market in Banking Industry: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
Blockchain technology is currently at nascent stage in the banking industry. During 2017–2018, most of the banks have adopted blockchain technology as part of their strategy, which has also resulted in banks entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be all about improving efficiency and cost reduction, however, banks are taking it as a strategic move mainly to overcome their existing challenges related to compliance and regulatory, fraud reduction, and security among others, which in return offers higher transaction speeds of below 10 seconds and also helps in reducing operational costs.
Market Analysis:
Blockchain in banking industry is segmented by blockchain types, applications, sub-verticals, and regions. Blockchain types including public, private, and hybrid blockchains and the private blockchain is poised to grow at a higher rate during the forecast period 2018–2024. Currently, more than half of the banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers. The partnership is also aiming in creating a few numbers of global bank networks to enable seamless payment transactions.
In the banking industry, blockchain applications are currently focused on clearance and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, and regulatory reporting & compliance; the clearance and settlement systems segment is the largest adopter of blockchain technology. Blockchain partnerships are aiming at building applications around these mentioned use cases and companies including Microsoft, IBM, and JP Morgan are focusing on developing applications around fraud detection and compliance management.
The sub-verticals mentioned in the report are Inter-bank transfers, Cross-border transfers & remittances, Retail and P2P payments and Corporate payments. Among these, banks are deploying blockchain to support their inter-bank transactions followed by others.
Regions:
The market is segmented by regions and Europe and Asia Pacific are the leading adopters of the technology followed by Americas and MEA. It is expected that blockchain will reduce financial fraud by up to 35% in the next three years, however it also eliminated the intermediaries involved in a payment transaction, which may create disruption in the banking industry. Countries including US, Japan, China, India and Western European countries are focusing on deploying blockchain solutions in their banking systems.
Vendors:
The report provides details about the market for blockchain in global banking industry. The report also contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Microsoft, IBM, Fujitsu, JP Morgan, Ripple, R3, Clearmatics, Primechain technologies, Signzy, and Accubits technologies.
Overview:
Blockchain technology is currently at nascent stage in the banking industry. During 2017–2018, most of the banks have adopted blockchain technology as part of their strategy, which has also resulted in banks entering in partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be all about improving efficiency and cost reduction, however, banks are taking it as a strategic move mainly to overcome their existing challenges related to compliance and regulatory, fraud reduction, and security among others, which in return offers higher transaction speeds of below 10 seconds and also helps in reducing operational costs.
Market Analysis:
Blockchain in banking industry is segmented by blockchain types, applications, sub-verticals, and regions. Blockchain types including public, private, and hybrid blockchains and the private blockchain is poised to grow at a higher rate during the forecast period 2018–2024. Currently, more than half of the banks are significantly focusing on building their own private blockchains by partnering with other banks and blockchain developers. The partnership is also aiming in creating a few numbers of global bank networks to enable seamless payment transactions.
In the banking industry, blockchain applications are currently focused on clearance and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, and regulatory reporting & compliance; the clearance and settlement systems segment is the largest adopter of blockchain technology. Blockchain partnerships are aiming at building applications around these mentioned use cases and companies including Microsoft, IBM, and JP Morgan are focusing on developing applications around fraud detection and compliance management.
The sub-verticals mentioned in the report are Inter-bank transfers, Cross-border transfers & remittances, Retail and P2P payments and Corporate payments. Among these, banks are deploying blockchain to support their inter-bank transactions followed by others.
Regions:
The market is segmented by regions and Europe and Asia Pacific are the leading adopters of the technology followed by Americas and MEA. It is expected that blockchain will reduce financial fraud by up to 35% in the next three years, however it also eliminated the intermediaries involved in a payment transaction, which may create disruption in the banking industry. Countries including US, Japan, China, India and Western European countries are focusing on deploying blockchain solutions in their banking systems.
Vendors:
The report provides details about the market for blockchain in global banking industry. The report also contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Microsoft, IBM, Fujitsu, JP Morgan, Ripple, R3, Clearmatics, Primechain technologies, Signzy, and Accubits technologies.
1 INDUSTRY OUTLOOK
1.1 Industry Overview
1.2 Industry Trends
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET SNAPSHOT
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Related Markets
4 MARKET OUTLOOK
4.1 Overview
4.2 Porter 5 (Five) Forces
5 MARKET CHARACTERISTICS
5.1 Ecosystem
5.2 Market Segmentation
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Blockchain ensure faster transactions
5.3.1.2 Blockchain offer secured transactions
5.3.1.3 Blockchain ensures auditability
5.3.2 Restraints
5.3.2.1 Data security and privacy concerns
5.3.2.2 Blockchain does not offer reversible transactions
5.3.3 Opportunities
5.3.3.1 Increasing demand for Blockchain as a Service
5.3.3.2 Growing usability of blockchain in IoT
5.3.4 DRO-Impact Analysis
5.3.5 Market Trends
6 BLOCKCHAIN TYPES: MARKET SIZE & ANALYSIS
6.1 Overview
6.2 Public Blockchain
6.3 Private Blockchain
6.4 Hybrid Blockchain
7 APPLICATIONS: MARKET SIZE & ANALYSIS
7.1 Overview
7.2 Clearance and Settlement Systems
7.3 Trade Finance
7.4 Fraud Detection
7.5 e-KYC
7.6 Smart Contracts
7.7 Regulatory Reporting and Compliance
8 SUB VERTICALS: MARKET SIZE & ANALYSIS
8.1 Overview
8.2 Inter-bank Transfers
8.3 Cross-border Transfers & Remittances
8.4 Retail and P2P Payments
8.5 Corporate Payments
9 REGIONS: MARKET SIZE AND ANALYSIS
9.1 Overview
9.2 Americas
9.3 Europe
9.4 Asia Pacific
9.5 Middle East and Africa
10 VENDOR PROFILES
10.1 Microsoft
10.1.1 Overview
10.1.2 Business unit
10.1.3 Geographic revenue
10.1.4 Business focus
10.1.5 SWOT
10.1.6 Business strategies
10.2 IBM
10.2.1 Overview
10.2.2 Business unit
10.2.3 Geographic revenue
10.2.4 Business focus
10.2.5 SWOT analysis
10.2.6 Business strategies
10.3 JPMorgan Chase & Co.
10.3.1 Overview
10.3.2 Business unit
10.3.3 Geographic revenue
10.3.4 Business focus
10.3.5 SWOT analysis
10.3.6 Business strategies
10.4 Fujitsu
10.4.1 Overview
10.4.2 Business unit
10.4.3 Geographic revenue
10.4.4 Business focus
10.4.5 SWOT analysis
10.4.6 Business strategies
10.5 Ripple
10.5.1 Overview
10.5.2 Business focus
10.5.3 SWOT analysis
10.5.4 Business strategies
11 COMPANIES TO WATCH FOR
11.1 R3
11.1.1 Overview
11.1.2 Blockchain offerings
11.2 Clearmatics
11.2.1 Overview
11.2.2 Blockchain offering
11.3 Primechain Technologies
11.3.1 Overview
11.3.2 Blockchain offering
11.4 Signzy
11.4.1 Overview
11.4.2 Blockchain offering
11.5 Accubits Technologies
11.5.1 Overview
11.5.2 Blockchain offering
12 COMPETITIVE LANDSCAPE
12.1 Competitor Comparison Analysis
13 PARTNERSHIPS
Annexure
Acronyms
1.1 Industry Overview
1.2 Industry Trends
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET SNAPSHOT
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Related Markets
4 MARKET OUTLOOK
4.1 Overview
4.2 Porter 5 (Five) Forces
5 MARKET CHARACTERISTICS
5.1 Ecosystem
5.2 Market Segmentation
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Blockchain ensure faster transactions
5.3.1.2 Blockchain offer secured transactions
5.3.1.3 Blockchain ensures auditability
5.3.2 Restraints
5.3.2.1 Data security and privacy concerns
5.3.2.2 Blockchain does not offer reversible transactions
5.3.3 Opportunities
5.3.3.1 Increasing demand for Blockchain as a Service
5.3.3.2 Growing usability of blockchain in IoT
5.3.4 DRO-Impact Analysis
5.3.5 Market Trends
6 BLOCKCHAIN TYPES: MARKET SIZE & ANALYSIS
6.1 Overview
6.2 Public Blockchain
6.3 Private Blockchain
6.4 Hybrid Blockchain
7 APPLICATIONS: MARKET SIZE & ANALYSIS
7.1 Overview
7.2 Clearance and Settlement Systems
7.3 Trade Finance
7.4 Fraud Detection
7.5 e-KYC
7.6 Smart Contracts
7.7 Regulatory Reporting and Compliance
8 SUB VERTICALS: MARKET SIZE & ANALYSIS
8.1 Overview
8.2 Inter-bank Transfers
8.3 Cross-border Transfers & Remittances
8.4 Retail and P2P Payments
8.5 Corporate Payments
9 REGIONS: MARKET SIZE AND ANALYSIS
9.1 Overview
9.2 Americas
9.3 Europe
9.4 Asia Pacific
9.5 Middle East and Africa
10 VENDOR PROFILES
10.1 Microsoft
10.1.1 Overview
10.1.2 Business unit
10.1.3 Geographic revenue
10.1.4 Business focus
10.1.5 SWOT
10.1.6 Business strategies
10.2 IBM
10.2.1 Overview
10.2.2 Business unit
10.2.3 Geographic revenue
10.2.4 Business focus
10.2.5 SWOT analysis
10.2.6 Business strategies
10.3 JPMorgan Chase & Co.
10.3.1 Overview
10.3.2 Business unit
10.3.3 Geographic revenue
10.3.4 Business focus
10.3.5 SWOT analysis
10.3.6 Business strategies
10.4 Fujitsu
10.4.1 Overview
10.4.2 Business unit
10.4.3 Geographic revenue
10.4.4 Business focus
10.4.5 SWOT analysis
10.4.6 Business strategies
10.5 Ripple
10.5.1 Overview
10.5.2 Business focus
10.5.3 SWOT analysis
10.5.4 Business strategies
11 COMPANIES TO WATCH FOR
11.1 R3
11.1.1 Overview
11.1.2 Blockchain offerings
11.2 Clearmatics
11.2.1 Overview
11.2.2 Blockchain offering
11.3 Primechain Technologies
11.3.1 Overview
11.3.2 Blockchain offering
11.4 Signzy
11.4.1 Overview
11.4.2 Blockchain offering
11.5 Accubits Technologies
11.5.1 Overview
11.5.2 Blockchain offering
12 COMPETITIVE LANDSCAPE
12.1 Competitor Comparison Analysis
13 PARTNERSHIPS
Annexure
Acronyms
LIST OF TABLES
Table 1 GLOBAL BLOCKCHAIN IN BANKING REVENUE BY BLOCKCHAIN TYPE, 2018–2024 ($MILLION)
Table 2 GLOBAL BLOCKCHAIN IN BANKING REVENUE BY APPLICATION, 2018–2024 ($MILLION)
Table 3 BLOCKCHAIN IN BANKING MARKET REVENUE BY SUB VERTICAL, 2018-2024 ($MILLION)
Table 4 GLOBAL BLOCKCHAIN IN BANKING MARKET REVENUE BY REGIONS, 2017–2024 ($MILLION)
Table 5 GLOBAL BLOCKCHAIN IN BANKING MARKET GROWTH BY REGIONS, 2018–2024, Y-O-Y (%)
Table 6 GLOBAL BLOCKCHAIN IN BANKING MARKET: COMPETITOR ANALYSIS
Table 7 BLOCKCHAIN PARTNERSHIPS IN BANKING INDUSTRY
Table 1 GLOBAL BLOCKCHAIN IN BANKING REVENUE BY BLOCKCHAIN TYPE, 2018–2024 ($MILLION)
Table 2 GLOBAL BLOCKCHAIN IN BANKING REVENUE BY APPLICATION, 2018–2024 ($MILLION)
Table 3 BLOCKCHAIN IN BANKING MARKET REVENUE BY SUB VERTICAL, 2018-2024 ($MILLION)
Table 4 GLOBAL BLOCKCHAIN IN BANKING MARKET REVENUE BY REGIONS, 2017–2024 ($MILLION)
Table 5 GLOBAL BLOCKCHAIN IN BANKING MARKET GROWTH BY REGIONS, 2018–2024, Y-O-Y (%)
Table 6 GLOBAL BLOCKCHAIN IN BANKING MARKET: COMPETITOR ANALYSIS
Table 7 BLOCKCHAIN PARTNERSHIPS IN BANKING INDUSTRY
LIST OF CHARTS
Chart 1 PEST ANALYSIS OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 2 RESEARCH METHODOLOGY
Chart 3 BLOCKCHAIN IN GLOBAL BFSI INDUSTRY REVENUE, 2017-2024 ($BILLION)
Chart 4 BLOCKCHAIN IN GLOBAL BANKING INDUSTRY REVENUE, 2017-2024 ($MILLION)
Chart 5 PORTERS 5 FORCES ON BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 6 ECOSYSTEM OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 7 BLOCKCHAIN IN GLOBAL BANKING INDUSTRY SEGMENTATION
Chart 8 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 9 DRO - IMPACT ANALYSIS OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 10 PUBLIC BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 11 PRIVATE BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 12 HYBRID BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 13 CLEARANCE AND SETTLEMENT SYSTEMS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 14 TRADE FINANCE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 15 FRAUD DETECTION MARKET REVENUE, 2017-2024 ($MILLION)
Chart 16 E-KYC MARKET REVENUE, 2017-2024 ($MILLION)
Chart 17 SMART CONTRACTS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 18 REGULATORY REPORTING AND COMPLIANCE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 19 INTER-BANK TRANSFERS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 20 CROSS BORDER TRANSFERS & REMITTANCES MARKET REVENUE, 2017-2024 ($MILLION)
Chart 21 RETAIL AND P2P PAYMENTS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 22 CORPORATE PAYMENTS MARKET REVENUE 7, 2017-2024 ($MILLION)
Chart 23 AMERICAS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 24 EUROPE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 25 ASIA PACIFIC MARKET REVENUE, 2017-2024 ($MILLION)
Chart 26 MIDDLE EAST AND AFRICA MARKET REVENUE, 2017-2024 ($MILLION)
Chart 27 MICROSOFT: OVERVIEW SNAPSHOT
Chart 28 MICROSOFT: BUSINESS UNITS
Chart 29 MICROSOFT: GEOGRAPHIC REVENUE
Chart 30 MICROSOFT: SWOT ANALYSIS
Chart 31 IBM: OVERVIEW SNAPSHOT
Chart 32 IBM: BUSINESS UNITS
Chart 33 IBM: GEOGRAPHIC REVENUE
Chart 34 IBM: SWOT ANALYSIS
Chart 35 JPMORGAN CHASE: OVERVIEW SNAPSHOT
Chart 36 JPMORGAN CHASE: BUSINESS UNITS
Chart 37 JPMORGAN CHASE: GEOGRAPHIC REVENUE
Chart 38 JPMORGAN CHASE: SWOT ANALYSIS
Chart 39 FUJITSU: OVERVIEW SNAPSHOT
Chart 40 FUJITSU: BUSINESS UNITS
Chart 41 FUJITSU: GEOGRAPHIC REVENUE
Chart 42 FUJITSU: SWOT ANALYSIS
Chart 43 RIPPLE: OVERVIEW SNAPSHOT
Chart 44 RIPPLE: SWOT ANALYSIS
Chart 45 BLOCKCHAIN IN BANKING: PATENTS, 2015 - OCTOBER 2018
Chart 1 PEST ANALYSIS OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 2 RESEARCH METHODOLOGY
Chart 3 BLOCKCHAIN IN GLOBAL BFSI INDUSTRY REVENUE, 2017-2024 ($BILLION)
Chart 4 BLOCKCHAIN IN GLOBAL BANKING INDUSTRY REVENUE, 2017-2024 ($MILLION)
Chart 5 PORTERS 5 FORCES ON BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 6 ECOSYSTEM OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 7 BLOCKCHAIN IN GLOBAL BANKING INDUSTRY SEGMENTATION
Chart 8 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 9 DRO - IMPACT ANALYSIS OF BLOCKCHAIN IN GLOBAL BANKING INDUSTRY
Chart 10 PUBLIC BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 11 PRIVATE BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 12 HYBRID BLOCKCHAIN REVENUE, 2017-2024 ($MILLION)
Chart 13 CLEARANCE AND SETTLEMENT SYSTEMS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 14 TRADE FINANCE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 15 FRAUD DETECTION MARKET REVENUE, 2017-2024 ($MILLION)
Chart 16 E-KYC MARKET REVENUE, 2017-2024 ($MILLION)
Chart 17 SMART CONTRACTS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 18 REGULATORY REPORTING AND COMPLIANCE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 19 INTER-BANK TRANSFERS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 20 CROSS BORDER TRANSFERS & REMITTANCES MARKET REVENUE, 2017-2024 ($MILLION)
Chart 21 RETAIL AND P2P PAYMENTS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 22 CORPORATE PAYMENTS MARKET REVENUE 7, 2017-2024 ($MILLION)
Chart 23 AMERICAS MARKET REVENUE, 2017-2024 ($MILLION)
Chart 24 EUROPE MARKET REVENUE, 2017-2024 ($MILLION)
Chart 25 ASIA PACIFIC MARKET REVENUE, 2017-2024 ($MILLION)
Chart 26 MIDDLE EAST AND AFRICA MARKET REVENUE, 2017-2024 ($MILLION)
Chart 27 MICROSOFT: OVERVIEW SNAPSHOT
Chart 28 MICROSOFT: BUSINESS UNITS
Chart 29 MICROSOFT: GEOGRAPHIC REVENUE
Chart 30 MICROSOFT: SWOT ANALYSIS
Chart 31 IBM: OVERVIEW SNAPSHOT
Chart 32 IBM: BUSINESS UNITS
Chart 33 IBM: GEOGRAPHIC REVENUE
Chart 34 IBM: SWOT ANALYSIS
Chart 35 JPMORGAN CHASE: OVERVIEW SNAPSHOT
Chart 36 JPMORGAN CHASE: BUSINESS UNITS
Chart 37 JPMORGAN CHASE: GEOGRAPHIC REVENUE
Chart 38 JPMORGAN CHASE: SWOT ANALYSIS
Chart 39 FUJITSU: OVERVIEW SNAPSHOT
Chart 40 FUJITSU: BUSINESS UNITS
Chart 41 FUJITSU: GEOGRAPHIC REVENUE
Chart 42 FUJITSU: SWOT ANALYSIS
Chart 43 RIPPLE: OVERVIEW SNAPSHOT
Chart 44 RIPPLE: SWOT ANALYSIS
Chart 45 BLOCKCHAIN IN BANKING: PATENTS, 2015 - OCTOBER 2018
