The latest publication from Report Ocean, titled “Blockchain in BFSI Market”: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024 to 2032,” delivers a thorough evaluation of the industry, providing valuable insights into market trends. This report encompasses competitor and regional analyses, along with the latest market developments, serving as a valuable resource for investors, researchers, consultants, marketing strategists, and individuals looking to enter the markets.
The Blockchain in BFSI market report provides a comprehensive 360-degree overview of the Blockchain in BFSI industry, aiding in the identification and definition of opportunities and challenges in the market. The report supports the generation, evaluation, and refinement of marketing actions, monitors market performance, and enhances understanding of the factors driving and restraining market growth.
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Blockchain in BFSI, also known as FinTech blockchain, has seen widespread adoption by financial organizations in recent years, leading to the increased popularity of cryptocurrencies and initial coin offerings (ICOs). Blockchain serves as a solution for various digital concerns in the fintech sector, including security. Originally developed as a public transaction ledger for cryptocurrencies, blockchain utilizes distributed databases and cryptography to record transactions. Its characteristics, such as a high level of safety during data transmission and storage, open and transparent network infrastructure, decentralized ledger, and low operational costs, make it appealing. Furthermore, blockchain in FinTech aims to transform paper-intensive international trade finance processes into digital decentralized ledgers.
Market Growth Drivers: Factors such as the increasing need for transaction transparency and accountability, greater adoption in cross-border payments, and global banks’ investments in blockchain-based solutions drive market growth. Additionally, the rising demand for distributed ledger technology and the growing market cap of cryptocurrencies fuel the demand for blockchain solutions and services globally. However, a shortage of skilled workforce is expected to impede market growth, while increased scalability, transaction speed, and reduced processing costs present significant growth opportunities. The demand for blockchain solutions in developing economies is also expected to contribute to market growth.
Market Segmentation: The global blockchain in BFSI market is segmented based on component, application, organization size, industry vertical, and region. Components include platforms and services, applications encompass digital currency, record-keeping, payments & settlement, smart contracts, compliance management, and others. The market is classified by organization size into large enterprises and small & medium enterprises, while industry verticals include banking, insurance, and non-banking financial companies (NBFCs). Regions analyzed include North America, Europe, Asia-Pacific, and LAMEA.
Key Players: Key players operating in the market include Alphapoint, Auxesis Group, Amazon Web Services, Inc. (AWS), Bitfury Group Limited, Hewlett Packard Enterprise Development LP (HPE), International Business Machines Corporation (IBM), Infosys Limited, Microsoft Corporation, Oracle Corporation, and SAP SE.
Key Benefits for Stakeholders:
- In-depth analysis of the global blockchain in BFSI market, highlighting current trends and key driving factors.
- Analysis of key players, including their primary offerings, recent investments, and future development strategies.
- Porter’s five forces analysis illustrating the potency of buyers and suppliers in the industry.
- Quantitative analysis of the global blockchain in BFSI market from 2018 to 2026 to determine market potential.
Market Segments:
- By Component
- Platform
- Services
- By Application
- Digital Currency
- Record Keeping
- Payments & Settlement
- Smart Contracts
- Compliance Management
- Others
- By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- By Industry Vertical
- Banking
- Insurance
- NBFCs
- By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- North America
Key Market Players Profiled in the Report:
- Alphapoint
- Auxesis Group
- Amazon Web Services, Inc. (AWS)
- Bitfury Group Limited
- Hewlett Packard Enterprise Development LP (HPE)
- International Business Machines Corporation (IBM)
- Infosys Limited
- Microsoft Corporation
- Oracle Corporation
- SAP SE
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Who Should Buy? Or Key Stakeholders
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Electrical & electronics industry
- Marine industry
- Shipping industry
- Manufacturing industry
- Regulatory Authorities
- Others
COVID-19 Impact on the Market:
The pandemic led to significant disruptions in global supply chains and trade flows. Lockdowns, restrictions, and factory closures in various countries affected the production and movement of goods. This initially resulted in reduced demand for dry van containers, as many businesses scaled back operations.
As consumer demand shifted during the pandemic, certain types of cargo saw increased demand. Dry van containers were used to transport essential goods such as medical supplies, personal protective equipment (PPE), pharmaceuticals, and groceries. At the same time, containerized shipments of non-essential items declined.
The pandemic exposed imbalances in the availability of dry van containers. Shipping disruptions, port congestion, and uneven trade flows led to shortages of containers in some regions while causing surpluses in others. This imbalance affected container pricing and availability.
The disruptions in global trade, coupled with increased demand for essential goods, resulted in rising shipping costs. Freight rates soared, affecting the overall cost of containerized shipping and logistics.
The pandemic affected the maintenance and repair schedules for dry van containers. Lockdowns and travel restrictions hindered maintenance activities and inspections, potentially leading to longer-term maintenance challenges.
Companies and industries recognized the need for greater supply chain resilience in the face of future disruptions. This led to discussions and investments in strategies that may involve more robust container logistics, redundancy in supply chains, and digital solutions for better supply chain visibility.
The pandemic accelerated the adoption of digital solutions in logistics and supply chain management, including the use of digital platforms for container booking and tracking. E-commerce also surged, driving demand for containerized shipments of goods ordered online.
Governments implemented various regulations and safety measures in response to the pandemic, impacting shipping practices and container handling. This included health and safety protocols at ports and terminals, affecting container operations.
As COVID-19 vaccines were developed and distributed, dry van containers played a vital role in the transportation of vaccine doses and related supplies, highlighting their importance in global health crises.
The pandemic prompted businesses to reevaluate their supply chain strategies, prioritize risk mitigation, and explore alternatives to ensure resilience against future disruptions. This may influence decisions related to container procurement, storage, and redundancy.
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Note from the Analysts:
“The streaming analytics industry is undergoing a transition driven by technical improvements and an increased need for real-time information. Innovation, scalability, and strategic alliances are transforming the environment and opening up new growth opportunities. As it relates to effective data processing and resource consumption, sustainability is developing as a critical concern, coinciding with a global push toward responsible data management,” opines at Report Ocean analyst.
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