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DUBLIN, 5 December 2018 / PRNewswire / –
The report "Global Blockchain Market in Banking Industry Forecast up to 2024" has been added ResearchAndMarkets.com of offer.
Blockchain technology is currently at an early stage in the banking sector. During the 2017-2018 period, most banks adopted blockchain technology as part of their strategy, which also led banks to enter into partnerships with technology companies and fintech vendors to build and test blockchain applications in their operations.
Blockchain is said to be focused on improving efficiency and reducing costs, but banks see it as a strategic move primarily to overcome existing challenges related to compliance and regulation, fraud reduction and security, among others, which in turn offer greater transaction speeds of less than 10 seconds and also helps reduce operational costs.
Market analysis:
The blockchain in the banking sector is segmented by types of blockchain, applications, sub-verticals and regions. Blockchain types including public, private and hybrid blockchains and the private blockchain are expected to grow at a higher rate during the 2018-2024 forecast period. Currently, more than half of the banks focus significantly on creating their own private blockchains by collaborating with other banks and blockchain developers.
The partnership also aims to create a few numbers of global banking networks to enable seamless payment transactions.
In the banking sector, blockchain applications are currently focused on settlement and settlement systems, trading platforms, fraud detection, e-KYC, smart contracts, reporting and regulatory compliance; the segment of settlement and settlement systems is the biggest user of blockchain technology.
Blockchain partnerships aim to create applications around these mentioned use cases and companies such as Microsoft, IBM and JP Morgan are focusing on the development of fraud detection and compliance management applications.
The sub-verticals mentioned in the report are interbank transfers, cross-border transfers and remittances, retail payments and P2Ps and corporate payments. Among these, banks are implementing blockchain to support their inter-bank transactions followed by others.
Regions:
The market is segmented by regions and Europe is Asia Pacific they are the main users of the technology, followed by Americas and MEA. It is expected that the blockchain will reduce financial fraud by up to 35% over the next three years, but will also eliminate the intermediaries involved in a payment transaction, which could create disruptions in the banking sector. Included countries United States, Japan, China, India and Western European countries are focusing on the implementation of blockchain solutions in their banking systems.
Providers:
The report provides details on the blockchain market in the global banking sector. The report also contains an in-depth analysis of the supplier 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, Signzy and Accubits.
Main topics covered:
1 Industry perspective
1.1 Overview of the sector
1.2 Trends in the sector
2 Report scheme
2.1 Scope of the report
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 Forces 5 (five) of Porter
5 Characteristics of the market
5.1 Ecosystem
5.2 Segmentation of the market
5.3 Market dynamics
5.3.1 Driver
5.3.1.1 Blockchain guarantees faster transactions
5.3.1.2 Blockchain offers secure transactions
5.3.1.3 Blockchain guarantees auditability
5.3.2 Constraints
5.3.2.1 Data security and privacy issues
5.3.2.2 Blockchain does not offer reversible transactions
5.3.3 Opportunities
5.3.3.1 Increasing the demand for Blockchain as a service
5.3.3.2 Increasing usability of blockchain in IoT
5.3.4 DRO-Impact analysis
5.3.5 Market trends
6 Types of Blockchain: size and analysis of the market
6.1 Overview
6.2 Public Blockchain
6.3 Private Blockchain
6.4 Hybrid blockchain
7 Applications: dimensions and market analysis
7.1 Overview
7.2 Settlement systems and regulations
7.3 Commercial finance
7.4 Detection of fraud
7.5 e-KYC
7.6 Smart contracts
7.7 Reporting and regulatory compliance
8 Secondary vertical: dimensions and market analysis
8.1 Overview
8.2 Inter-bank transfers
8.3 Cross-border transfers and remittances
8.4 Retail payments and P2P
8.5 Corporate payments
9 Regions: dimensions and market analysis
9.1 Overview
9.2 Americas
9.3 Europe
9.4 Asia Pacific
9.5 Middle East is Africa
10 supplier profiles
10.1 Microsoft
10.2 IBM
10.3 JPMorgan Chase & Co.
10.4 Fujitsu
10.5 Ripple
11 companies to keep an eye on
11.1 R3
11.2 Clearmatics
11.3 Primechain Technologies
11.4 Signzy
11.5 Accubits technologies
For more information on this report, visit https://www.researchandmarkets.com/research/gntgr8/global_banking?w=5
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