Blockchain in Fintech Market Overview:
The blockchain in the Fintech market industry is
projected to grow from USD 2.2 Billion in 2023 to USD 50.7 Billion by 2032, exhibiting
a compound annual growth rate (CAGR) of 47.90% during the forecast period (2023
- 2032).
The global Blockchain In Fintech Market is
witnessing rapid traction. The market growth attributes to a progressive
regulatory environment and innovations in fintech businesses worldwide.
Blockchain is an excellent tool and a great means to achieving things more
efficiently in the fintech world. This environment makes it attractive,
especially for companies operating within the blockchain and cryptocurrency sector,
acting as a catalyst for further innovative developments.
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Key Players:
Key Companies in the
Blockchain in Fintech market include,
- AWS (US)
- IBM (US)
- Microsoft (US)
- Ripple (US)
- Chain (US)
- Earthport (UK)
- Bitfury (US)
Increasing bank-fintech partnerships providing
valuable guidance and technology for financial institutions to modernize and
adopt emerging tools like blockchain. The increasing demand for secured payment
security approaches to control rising online fraudulent cases supports
collaboration to boost open banking adoption. With the rising focus on B2B
payments digitization and efficiency, the market is projected to garner
significant gain in the years to come.
Rising security concerns in banking activities are
one of the key market growth propellers. Additionally, the advantages of
blockchain in fintech that offer data security in banks and financial
institutions influence market growth. Wide penetration of smartphones
contributes to the blockchain in fintech market growth to an extent.
Furthermore, the proliferation of integration services and security threats
associated with payment and data push the market growth.
Global Blockchain in Fintech Market – Segmentation
The report is segmented into service providers,
interaction channels, organization size, applications, and regions. The service
provider segment is sub-segmented into applications & solutions, middleware
& services, and infrastructure & base protocols. The interaction
channel segment is sub-segmented bank branches, mobile applications, websites,
call centers, and others.
The organization size segment is sub-segmented into
large enterprise and SME. The application segment is sub-segmented banking,
payment, smart contracts, trade & supply chain finance, capital market,
risk management & compliance, insurance, digital identity management, and
others.
Global Blockchain in Fintech Market – Regional
Analysis
North America dominates the global blockchain in
fintech market. The largest market share attributes to the growing adoption of
advanced technologies and the growing fintech industry. Besides, the rising
demand for secured payment processes from online applications drives the
market's growth. Moreover, the proliferation of payment security boosts the
growth of the regional market.
Europe stands second in the global blockchain in
fintech market. This market is gaining momentum as the fintech sector in the
region is constantly monitoring new developments, shaping their security
technology. Additionally, the market is driven by the increasing penetration of
the Internet and payment security needs.
The Asia Pacific blockchain in fintech market is
also showing positive growth. Factors such as the overall investments in
blockchain technology solutions to change the business processes in the finance
industry and growing numbers of mobile applications, websites, and call
centers, foster the regional market growth. Furthermore, the rising preference
for mobile payments and fraudulent cases of online payments influence the
regional market's growth.
Global Blockchain in Fintech Market – Competitive
Analysis
The blockchain in fintech market appears to be
competitive due to the presence of several well-established players. Players
initiate strategic approaches such as mergers & acquisitions,
collaboration, innovation, and brand reinforcement to gain a larger competitive
share. The market would witness intensified competition with innovations and an
increase in R&D investments and M&A.
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Industry/ Innovation/ Related News:
May 25, 2021 -- Online
Blockchain plc (the UK - OBC), a leading blockchain research and development
company, announced the expansion of its operations in fintech hub Gibraltar.
The move is a strategic choice as the company develops its blockchain
operations apace, particularly DeFi Protocol Umbria Network, for which it acts
as co-ordinator, adviser and administrator.
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