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Accenture PLC: Leading the Charge in Europe Blockchain in the BFSI market with Innovation and Technology

Accenture Plc an Irish-American professional service company is one of the leading service providers in the Europe Blockchain in the BFSI market. Accenture is counted as the biggest consulting firm in the world in terms of employees. The firm specializes in management consulting, business process outsourcing, risk management, and systems integration & technology.

Story Outline

  • The company has a huge working strength of around 738,000 worldwide. Accenture has offices in more than 200 major cities of the world spanning 120 countries.
  • In 2016, Accenture revealed in one of its reports that 9 out of 10 European, American, and Canadian commercial banks are opting for blockchain frameworks and innovations for payments.
  • The company spent $4 Bn M&A (Merger & Acquisition) budget on acquisitions of 21 firms in the year 2022.

 According to Ken Research, The Blockchain in the BFSI market in Europe has witnessed impressive expansion over the past few years. There are 40 countries in all that make up the market in Europe, but a select handful, including the UK, Germany, Italy, and France, dominate the entire continent. In Europe Throughout the epidemic, about 50% of customers used digital platforms to participate in the financial market. Accenture is one of the major contributors to this market and is committed to providing a broad range of services to its customers.

1. Overview of Accenture Plc

Overview of Accenture Plc

  • Accenture Plc was founded in the year 1989 by its founder Clarence Delany in Hamilton, Bermuda. In 2022, the company is considered the world’s biggest consulting firm in terms of employees.
  • The headquarters of Accenture Plc is located in Dublin, Ireland. The company has a huge working strength of around 738,000 worldwide. Accenture has offices in more than 200 major cities of the world spanning 120 countries.
  • The company generated a revenue of $61 Bn in the year 2022 and the firm was ranked No.169 out of global 200 on the Forbes list in 2021. Additionally, the company was ranked sixth in the 100 best companies to work for in 2022.
  • The company has been headed by C.E.O Julie Sweet since 1st September 2019 and has achieved remarkable growth under his supervision since then. The company made significant growth in terms of services provided under the direction of C.E.O Julie Sweet.

Accenture Plc

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 2. Accenture Position in Europe Blockchain in the BFSI market

  • In 2016, Accenture revealed in one of its reports that 9 out of 10 European, American, and Canadian commercial banks are opting for blockchain frameworks and innovations for payments. The report was based on a survey of 32 top commercial banking professionals and their views on blockchain technology to monitor payment business.
  • In 2021, its study of 2800 large financial firms based in Europe Accenture revealed that businesses have transformed but are still in the field of reinvention and technology. Accenture wants to utilize blockchain technology to drive innovation, improve productivity & efficiency, and create innovative business models.
  • The global pandemic of COVID-19 had a moderate impact on the operations of Accenture worldwide. The company handled the pandemic effectively to maintain its position in the market. However, the company’s digital platforms gave a much-needed boost to blockchain in the BFSI market in Europe as 50% of market customers opted for digital platforms during the pandemic.

Accenture Position in the Market

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3. Expansion and Acquisitions of Accenture in Europe blockchain in the BFSI market 

  • In 2022, Accenture acquired a consulting and engineering company Greenfish that provides clients with services for decarbonization and sustainability for an undisclosed amount. This agreement added another 270 skilled professionals to the manpower of Accenture.
  • In 2022, the company acquired a technology service provider mainly focused on the banking industry of Austria named ARZ (Allgemeines Rechenzentrum GmbH. Additionally, the company spent $4 Bn M&A (Merger & Acquisition) budget on acquisitions of 21 firms in the year 2022.
  • In 2023 Accenture has announced that it will purchase Objectivity, a digital engineering firm with a focus on cloud and platform development services that assist customers in speeding up their journey of transformation with rapid innovation.

Accenture Merger and Acquisitions

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4. Major Competitors of Accenture in Europe blockchain in the BFSI market

  • Amazon Web Services, Group Limited, Hewlett Packard Enterprise Development (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and Deloitte are some of the competitors of Accenture in this particular market.
  • In July 2018, IBM, one of the main players in the European BFSI blockchain sector, and the blockchain platform CLS announced their partnership. In addition to IBM, this platform now has nine more corporations involved in budget administration, including the banks Barclays and Citi.
  • To test data management on the Ethereum blockchain for employee credential verification, three Irish banks (Institution of Banking, Bank of Ireland, AIB, and Ulster Bank) and Deloitte, another key participant in the market, collaborated in May 2019.

Accenture Competitors

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Conclusion

Accenture Plc, a juggernaut in worldwide consulting, is a trailblazer within the European BFSI blockchain landscape. The company’s visionary approach, beneath CEO Julie Sweet, has impelled it to the pinnacle of the industry, stamped by a substantial workforce, noteworthy revenues, and a growing worldwide impression. As a key enabler of blockchain adoption, Accenture’s part in transforming payments, improving productivity, and driving development is obvious. Amid acquisitions and associations, Accenture remains a driving force, capitalizing on blockchain’s potential to reshape the long run of financial services in Europe. With a legacy of brilliance and a commitment to cutting-edge innovation, Accenture proceeds to shape the BFSI blockchain narrative with key prowess and unflinching leadership.

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