Data presented by cryptocurrency trading simulator Crypto Parrot indicates that the blockchain market size in banking and financial institutions is projected to grow at least 15 fold between 2021 and 2026, from $1.45 billion to $22.46 billion. On average, the market size is estimated to grow by almost 74% annually.
In 2022, the market size is expected to hit $2.52 billion, a growth of 73.79% from this year’s projections. By 2023, estimations indicate the market size will stand at $4.39 billion, while in 2024, the value will hit $7.63 billion. In 2025, the market will be estimated at $13.27 billion, representing a growth of 69.25% from the 2024 forecast.
Conclusion of blockchain application research to expand market size
Different banking and financial industry players are currently still researching the application of blockchain technology in the sector. The report highlights the impact of the current tests on the market size. According to the research report:
“The tests will likely materialize in the coming years, offering actual use cases in return contributing to the surge in market size. Most of the solutions under research cover the entire business chain from internal organizational processes to the client’s end.”
Blockchain technology is touted as a game-changer. However, some jurisdictions have not warmed up to the idea fully. The report highlights how regulatory hurdles might impact the technology’s rollout. According to the research report:
“Despite the optimism around the role of blockchain in the banking and financial industry, the issue of regulatory hurdles cannot be ignored. To realize the technology’s full potential, all players globally need to be on the same page.”
Despite the potential setback from the regulatory aspect, there is a consensus that blockchain technology will enable banks and financial institutions to offer better service and more security to customers.