In the banking, financial services, and insurance sectors (BFSI), a distributed, decentralised digital ledger known as blockchain is utilised to track computer network transactions. It helps to increase transparency, lower costs, improve security, and increase productivity.
According to SPER market research, ‘Europe Blockchain in BFSI Market Size- By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Blockchain in BFSI Market is predicted to reach USD XX billion by 2033 with a CAGR of 65.24%.
The BFSI sector in Europe is experiencing remarkable growth in the blockchain market, contributing significantly to the global landscape. Key drivers include the escalating demand for robust security measures, improved integration with the financial services industry, and the adoption of faster and more cost-effective cross-border payment solutions. The prevalence of smartphones and widespread high-speed internet access, coupled with the increasing use of online banking services, is fuelling market expansion. Governments in various European nations are also actively implementing measures to safeguard user information, while blockchain and cryptocurrencies are increasingly utilized in BFSI for smart contracts and transaction security, further propelling market growth.
Despite the driving factors, the Europe blockchain in BFSI market faces several challenges. The BFSI sector's quick digitalization and rising automation throughout Europe remain crucial in driving market growth, despite obstacles such regulatory ambiguity, worries about data privacy and GDPR compliance, interoperability challenges, scalability, and high energy consumption. A significant push within the industry towards digital transformation counterbalances these obstacles, which include unclear rules and performance concerns. The BFSI industry's widespread usage of technology across Europe serves as a catalyst, overcoming obstacles and supporting the market's continuous expansion.
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Impact of COVID-19 on Europe Blockchain in BFSI Market
Furthermore, with the use of blockchain technology, financial activity transparency has significantly increased. Customers in the BFSI markets require protection since about half of their interactions with the financial industry during the epidemic occurred through digital channels. The majority of businesses in Europe have incorporated blockchain technology into their operations in order to get a competitive edge and to bolster their market position. Amidst the COVID-19 pandemic, companies such as IBM, Microsoft, Intel, Oracle, Daimler, and others utilised blockchain technology. In 2020 and beyond, the GDP grew again as the financial market started to develop along with the expansion of companies affected by the pandemic. After the epidemic, Europe's blockchain market in the BFSI saw notable expansion.
Europe Blockchain in BFSI Market Key Players:
Geographically, a few dominant nations in the BFSI business control the majority of the market. Nations having sizable blockchain markets in the BFSI industry include the United Kingdom, Germany, France, Italy, and Switzerland. Globally renowned and well-established financial industries exist in both Germany and the United Kingdom. Financial institutions, investment firms, and fintech companies are all based in London, which is a major financial hub. The European Central Bank and other significant banks are located in Frankfurt, Germany's strong financial hub. Both countries understand innovation uptake and development. Advancement laboratories, accelerators, and startup enterprises are all part of the vibrant fintech ecosystems that call them home. Additionally, some of the market key players are Accenture, Amazon Web Services, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Others.
Europe Blockchain in BFSI Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
· Consortium
· Hybrid
· Private
· Public
By Application:
· Digital Currency
· Payments & Settlement
· Record Keeping
By Region:
· France
· Germany
· Italy
· Spain
· Switzerland
· United Kingdom
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Europe Blockchain in BFSI Market Future Outlook
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