Worldwide blockchain in financial technology (fintech) market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period. Key factors driving blockchain in fintech are high compatibility with the financial industry ecosystem, faster transactions, and reduction of the total cost of ownership. North America is expected to dominate the market owing to a technically advanced region and the presence of major key players. Major factors driving this market are rising cryptocurrency market, initial coin offering (ICO), and reduced cost of transactions. However, uncertain regulatory standards and frameworks and lack of blockchain applications and use cases are expected to hinder the growth of the market during the forecast period. The future growth opportunities for the market include the rising adoption of blockchain applications, such as payments, clearance and settlements, smart contracts, identity management, and new programmable blockchain platforms.
Blockchain is the technology that uses a shared ledger to record transactions across a decentralized network of computers. Blockchain in fintech manages and controls the information on digital transactions and avoid duplicates. Integration of this technology provides real-time payments against assets with an immutable state and digital identity, resulting in significant cost savings with respect to the reconciliation and settlement for several financial institutions and banks. Leading financial institutions and banks including Citibank, J.P. Morgan, Goldman Sachs and Barclays among others, have taken steps to deploy this technology.
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Major Key players
- Amazon Web Services, Inc. (US),
- IBM Corporation (US),
- Microsoft Corporation (US),
- Ripple (US),
- Chain Inc (US),
- Earthport PLC. (UK),
- Bitfury Group Limited (US),
- BTL Group (Canada),
- Oracle Corporation (US)
- Digital Asset Holdings (US).
Other players in the FinTech Blockchain market are Circle Internet Financial Limited (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Auxesis Group (India), BitPay (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), RecordesKeeper (Spain), Symbiont.io (US), Guardtime (Estonia), Cambridge Blockchain, LLC. (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius) among others.
According to MRFR, The FinTech Blockchain market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period.
South Africa’s Standard Bank has plans to launch a private permission cloud-based distributed ledger platform with limited blockchain for foreign exchange (FX) payments and settlement.
The Seoul Metropolitan Government is going to invest more than the US $1 bn in blockchain and fintech startups by 2022.
The global blockchain fintech market has been segmented on the basis of application, interaction channel, organization size, service provider, and lastly, region. The application-based segmentation can segment this market into banking, capital market, digital identity management, insurance, payment, risk management & compliance, smart contracts, trade & supply chain finance, and others.
Regarding the interaction channel, the market has been segmented into bank branches, call centers, mobile applications, websites, and others. On the basis of organization size, the market has been segmented into small & medium enterprises (SME) and large enterprise. On the basis of the service provider, the market has been segmented into application & solutions, infrastructure & base protocols, and middleware & services.
The regional segmentation of the global blockchain fintech market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). During the forecast period, North America is likely to dominate the global market due to the increasing adoption of advanced technology as well as infrastructure in this region. The second reason for market growth here is the presence of many key market players. Major country-specific markets in this region are Canada, USA, and Mexico.
The Asia Pacific region is another important regional market because information technology (IT), internet coverage, and digital transactions are growing in this region and many countries in this region are emerging economies. The key country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
Europe is another significant regional market due to the technological advancement that is second only to North America. Among the country-specific markets in this region, the big guns are France, Germany, Spain, Italy, and the UK, followed by the remaining countries of Europe.
The RoW segments the countries of Latin America and the Middle East & Africa (MEA). Latin America is a smaller market because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future. In the MEA region, the market is limited due to poor countries, lack of awareness, lack of education, lack of skilled labor, and lack of technological advancement.
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- Application developers
- Services providers and distributors
- Blockchain application builders
- Independent Software Vendors (ISVs)
- Research institutes, organizations, and consulting companies
LIST OF TABLES
Table 1 Global Blockchain in Fintech Market, by Region, 2018–2023
Table 2 North America: Blockchain in Fintech Market, by Country, 2018–2023
Table 3 Europe: Blockchain in Fintech Market, by Country, 2018–2023
Table 4 Asia-Pacific: Blockchain in Fintech Market, by Country, 2018–2023
Table 5 Middle East & Africa: Blockchain in Fintech Market, by Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Blockchain in Fintech Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Blockchain in Fintech Market
FIGURE 4 Value Chain of Global Blockchain in Fintech Market
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