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, in a compound annual growth rate (CAGR) of 75.2% throughout the forecast period.
Crucial factors driving blockchain in fintech are high compatibility with all the financial industry ecosystem, faster transactions, and reduction of their total cost of ownership.
North America is expected to dominate the market because of some technically advanced region and the presence of major key players.
Important 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 interfere with the growth of the market throughout the forecast period.
The future growth opportunities for the market include the rising adoption of blockchain applications, like payments, clearance and settlements, smart contracts, identity management, and new programmable blockchain platforms.
Blockchain in fintech market study aims at estimating the market size and future growth potential of the market across different segments like service providers, interaction channels, organization size, application, and regions.
Blockchain is the technology that uses a shared ledger to record trades across a decentralized network of computers. Blockchain in fintech controls and manages the info on digital transactions and prevent duplicates.
Integration of the technology provides real-time obligations against resources using an immutable state and digital identity, leading to significant cost savings concerning the settlement and reconciliation for several financial institutions and banks.
Leading financial institutions and banks such as Citibank, J.P. Morgan, Goldman Sachs and Barclays among others, have taken steps to deploy this technology.
Ripple is among the key players in this market which connects banks, payment providers, digital asset exchanges, and corporates through its platform RippleNet to provide a seamless experience to send cash globally.
RippleNet is built with advanced blockchain technology that’s scalable, secure, and interoperates with different networks.
Blockchain at Fintech Market
By service supplier, the market is segmented to solutions and application, middleware & infrastructure and services & base protocols.
By interaction channel, the current market is segmented into bank branches, mobile applications, sites, call centers, as well as others.
By organization size, the market is segmented into large business and SME.
By application, the market is segmented to banking, payment, smart contracts, trade & distribution chain finance, capital market, risk management & compliance, insurance, digital identity management, as well as others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world
The international market for blockchain at fintech is estimated to increase at a significant rate throughout the forecast period from 2018 to 2023.
The geographical analysis of the blockchain in the fintech market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the blockchain in the fintech market owing to increasing adoption of advanced technology and infrastructure in this region.
Asia-Pacific is expected to be the fastest-growing region within this market led by an increase in the overall investments in the blockchain technology alternatives to change the business processes in the finance industry.
The blockchain in the fintech market has witnessed a major trend of new product launch strategy throughout the region.
Many key players have adopted new product development as their chief organic strategy to gain significant market share on the market.
The brand new product launch strategy is accounted for a significant percentage of its total market plan in the years 2016 and 2017.
Besides, partnership & collaboration strategy accounted for XX percent; whereas, merger & acquisition accounted for XX percent of the total strategy embraced by the key players on the market.
The prominent players at the blockchain in the fintech market are Amazon Internet 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), and Digital Asset Holdings (US).
Other players at the blockchain in fintech 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), Trade (US), also Blockchain Advisory Mauritius Foundation (Mauritius) amongst others.
- Independent Software Vendors (ISVs)
- Research institutes, organizations, and consulting companies
- Application developers
- Services providers and distributors
- Blockchain application builders
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