Europe Blockchain in the BFSI market is anticipated to grow at a CAGR of 65% in the forecasted period of 2022-2028. The market is making significant growth owing to factors like growing demand for comprehensive security procedures, higher compatibility with the financial services sector ecosystem, and faster and less expensive cross-border payment systems.
Story Outline
- Europe Blockchain in the BFSI Market made significant growth post-pandemic. In 2022, the European Investment Fund signed a financing contract worth $72 Bn.
- The BFSI sector contributes around 8% of the total economic output of the United Kingdom, the largest market of blockchain in BFSI in Europe.
- A blockchain platform called CLS and one of the top leaders in European blockchain in the BFSI market, IBM, announced their alliance in July 2018.
According to Ken Research, European blockchain in the BFSI market has made remarkable growth in the last few years. The market consists of a total of 40 countries across Europe but a few countries such as the United Kingdom, Germany, Italy, and France are the most dominant regions in the whole market. Europe blockchain in the BFSI market is filled with tech-savvy, robust, and “think big” players running the market with innovative and disruptive blockchain solutions. London Stock Exchange is the biggest stock exchange in Europe’s BFSI market.
1. Impact of COVID-19 on Europe Blockchain in the BFSI Market
- The transparency of financial activities has been considerably improved by this blockchain technology. Around 50% of clients engaged in the financial market throughout the pandemic using digital channels, which creates the need for customer protection in the BFSI markets.
- The majority of businesses in Europe have incorporated blockchain technology into their operations to strengthen their position in the industry and get a competitive edge. IBM, Microsoft, Intel, Oracle, Daimler, and other businesses exploited blockchain technology throughout the COVID-19 epidemic.
- After 2020, the financial market began to expand in tandem with the pandemic-related company growth, and the GDP increased once more. Europe Blockchain in the BFSI Market made significant growth post-pandemic. In 2022, the European Investment Fund signed a financing contract worth $72 Bn.
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2. Current Situation of Europe Blockchain in the BFSI Market
- Europe Blockchain in the BFSI Market is projected to grow at a CAGR of 65% in the forecasted period of 2022-2028 as the market is set to witness huge investments from customers and key players.
- Dominant countries of the Europe Blockchain in the BFSI Market are setting the benchmarks for themselves in the above-mentioned forecasted period. The BFSI sector contributes around 8% of the total economic output of the United Kingdom.
- The increasing influence of digital currency and digitalization in Europe Blockchain in the BFSI Market are contributing hugely to the growth of this particular market. The Digital Payment Market in Europe is expected to reach $22 Bn by the end of 2030.
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3. Growth drivers of Europe Blockchain in the BFSI Market
- The primary growth drivers of the market are the growing demand for comprehensive security procedures, higher compatibility with the financial services sector ecosystem, and faster and less expensive cross-border payment systems.
- Blockchain’s decentralized and unchanging nature improves security within the BFSI division. Transactions are recorded in a tamper-resistant way, lessening the hazard of fraud and unauthorized access. This level of security is especially critical in financial services, where sensitive client data, transactions, and resources are involved.
- Blockchain technology offers a way to coordinate diverse components of the monetary services environment, streamlining processes, and decreasing friction. Its straightforward and decentralized nature permits different financial institutions, mediators, and partners to associate more effectively, moving forward transparency and diminishing the need for mediators in complex processes.
- Cross-border payments in traditional frameworks can be slow, expensive, and subject to mediator fees. Blockchain’s capacity to encourage peer-to-peer transfers and settlements in near-real time can altogether improve the speed and cost-effectiveness of cross-border transactions. This addresses pain focuses within the BFSI segment and can lead to expanded adoption by financial institutions seeking to improve their payment frameworks.
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4. Major Players in Europe Blockchain in the BFSI Market
- Some of the prominent players in the market are Accenture, Amazon Web Services, Group Limited, Hewlett Packard Enterprise Development (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE.
- A blockchain platform called CLS and one of the top leaders in European blockchain in the BFSI market, IBM, announced their alliance in July 2018. Nine additional budgetary administration companies, including the banks Barclays and Citi, have joined this platform in addition to IBM.
- In May 2019, three Irish banks (Institution of Banking, Bank of Ireland, AIB, and Ulster Bank) and Deloitte, another significant player in the sector, tested data management on the Ethereum blockchain for staff credential verification.
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Conclusion
In the dynamic landscape of the European BFSI blockchain market, accelerated growth is clear as it grasps advancement and disruption. Ruled by tech-savvy frontrunners, including the UK, Germany, Italy, and France, the market flourishes on comprehensive security measures, consistent financial ecosystem integration, and quick cross-border payments. The pandemic catalyzed digital adoption, cultivating straightforwardness and customer safeguarding. With an anticipated CAGR of 65%, blockchain’s transformative potential sparkles because it meets with digital currencies and payments. As behemoths like IBM and Amazon forge alliances, the market moves towards a decentralized, secure, and productive financial future.