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FinTech Blockchain Market to Cross USD 8,311 Million By 2024
Global FinTech blockchain market was valued at USD 204 million in 2017 and is expected to reach around USD 8,311 million by 2024, growing at a CAGR of around 69.72% between 2018 and 2024.
FinTech is considered as a promising solution that offers accurate solutions to the financial institutions in terms of mobile payments, crowdfunding, and distributed ledger, such as blockchain. It reduces the operational costs making it convenient for consumers and organizations. Technology plays a major role in the finance industry. The finance sector is the first to adopt the blockchain technology to deliver financial services that were previously delivered by traditional means. The use of distributed ledger technology will benefit financial services providers by lowering the cost of cross-border payments, compliance, and securities trading. Blockchain is an advanced technology that enables litecoin, bitcoin, dogecoin, and other virtual currencies to be open and secure. Blockchain is a future-proof technology that can be used by private organizations and individuals to build private financial networks. Large organizations could use it to build financial systems internally for employees or external vendors.
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The factors that are likely to drive the FinTech blockchain market in the upcoming years is the adoption of technologically advanced blockchain solutions in investment banks, commercial banks, and insurance companies, the increase in the cryptocurrency market cap, the rise in the initial coin offerings, and the high demand for distributed ledger technology. In addition, due to the advanced blockchain technology solutions, the transactions have become faster and secure further fueling the FinTech blockchain market globally. However, the uncertain regulatory standards and frameworks and the lack of blockchain applications and use cases might limit this market. Nevertheless, the adoption of blockchain technology for smart contracts, payments, and digital identities are likely to create business opportunities in the market.
By provider, the market is fragmented into middleware providers, application and solution providers, and infrastructure and protocol providers. By application, the market is fragmented into payments, clearing, and settlement, exchanges and remittance, identity management, smart contract, compliance management/KYC, and others. The payment, clearing, and settlement segment hold the highest share in the market due to the usage of blockchain technology applications in the payment industry to minimize the risk, increase the efficiency, and ensure clarity in payment systems. By organization size, the FinTech blockchain market is segmented into small- and medium-sized enterprises and large enterprises. By vertical, the FinTech blockchain market is segmented into banking, non-banking financial services, and insurance.
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Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share, as it is among the most advanced regions in terms of technology adoption and infrastructure. The Asia Pacific is likely to witness the highest growth rate over the forecast time period, due to the rise in the investments in the blockchain technology solutions to make a change in the financial sector.
Some of the key players profiled in the global FinTech blockchain market are AWS, Microsoft, IBM, Ripple, Earthport, Chain, Bitfury, Oracle, BTL Group, RecordsKeeper, Applied Blockchain, Symboint, Factom, Alphapoint, Abra, Coinbase, and Auxesis Group.