Blockchain in BFSI Market Size

Blockchain in BFSI Market size was over USD 5.54 billion in 2023 and is poised to cross USD 600.69 billion by 2036, witnessing more than 43.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blockchain in BFSI is evaluated at USD 7.46 billion.

The growth of the market can be attributed to the growing demand for increased transaction speed, scalability and reduction in processing costs in the banking and finance sector. In addition, blockchain enabled transactions are able to eliminate third-party payment gateways allowing fast-paced financial communications. Blockchain technology also allows insurance companies and banks to maintain a decentralized data, which is helpful in the prevention of cybercrimes. These are another set of factors expected to drive market growth in the coming years. Furthermore, rising need to simplify business processes and increasing venture investments in blockchain technology is projected to offer lucrative opportunities to the market in the near future. In 2019, blockchain startup companies around the world spent more than $2 billion in venture capital funding. The amount rose up to approximately 2.4 billion in the year 2020.