USD 1.1 billion
Report ID: SQMIG45E2173 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 123 | Figures: 77
Fintech Blockchain Market size was valued at USD 1.1 billion in 2021 and is poised to grow from USD 1.58 billion in 2022 to USD 8.7 billion by 2030, growing at a CAGR of 43.8% in the forecast period (2023-2030).
The Fintech ecosystem consists of a diverse group of players who are all committed to improving and innovating the competition in the financial industry, ultimately reaping benefits for customers and increasing production capacity. The five distinct components of the Fintech ecosystem are fintech start-ups, technology developers, government, financial stakeholders, and traditional financial institutions. Several technology innovations have occurred in the last decade, encompassing sectors such as social networking sites, artificial intelligence, big data and cloud information technology, VR technology, and, most notably, blockchain. Payments and banking, investments and capital markets, loans, crowdfunding, insurance services, and loyalty schemes are all examples of fintech applications and innovations.
Simply put, blockchain technology, as described in the Bitcoin whitepaper, is a public, trustable, and shared ledger that is distributed to all of a community's members via a peer-to-peer network. The members of this community may or may not know each other; however, each member keeps his or her copy of the information, and each update to the blockchain must be collectively authenticated by all members. This removes the need for a third-party facilitator. Blockchain is composed of an increasing number of documents known as blocks, which include transactions. To protect blocks from manipulation, cryptographic signatures and consensus techniques are used. As a result, the blockchain can function as a transparent process of machines that produces and maintains the information. A significant component of Fintech is the presence of massive legacy systems that cannot be transformed overnight into a decentralized architecture. Fintech will require a significant amount of time and evolvement before it can integrate blockchain.
As a result of technological disruptions such as artificial intelligence, cloud technology, and blockchain, the Fintech industry has undergone several changes in the last decade. Blockchain, in particular, is causing widespread disruption across all financial technology verticals. In the Financial sector, a major source of concern is an absence of customer visibility. Transparency is a cornerstone in bridging the gap between clients and financial institutions. Because no one party owns the information processed in the network, it cannot be transformed at the whim of a single organisation, blockchain is effective at increasing transparency.
US Fintech Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.1 billion
To get more reports on the above market click here to Buy The Report
The global fintech blockchain market is segmented based on provider, application, organizational size, verticals, and region. Based on provider the market is segmented into middleware, application, solution. Based on application, the market is segmented into payments, clearing, and settlement, exchanges and remittance, smart contract, identity management, compliance management/KYC, others. Based on organization size the market is segmented into large enterprises, small and medium-sized Enterprises, Based on verticals the fintech blockchain market is segmented into banking, non-banking financial services, insurance. Based on region the global fintech blockchain market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Fintech Blockchain Market Analysis by Verticals
During the forecast period, the banking segment is expected to grow at a CAGR of 13.5%. Digital payments and banking were created to facilitate financial transactions by leveraging global technological breakthroughs. Digital banking is no longer limited to electronic banking. It includes among many other things, internet banking, m-banking, and payment with electronic cards. Similarly, by 2030, the global payment systems market is expected to grow by USD 360 billion. Any transaction that allows a payment to be paid digitally falls under the purview of the payments sector.
At every level, traditional financial techniques rely on intermediaries. To be completed, every transaction requires the presence of a counterparty. As a result, bottlenecks form and systems are vulnerable to node failures. Disintermediation refers to the elimination of middlemen between customers and producers. The goal of blockchain is to eliminate the intermediary by introducing decentralisation into the finance workflow. No single entity controls the transactions in a blockchain network. Depending on the chosen consensus method, the system as a whole agrees on state changes in an untrustworthy manner.
To get detailed analysis on other segments, Request For Sample Report
Asia-Pacific held the largest global fintech blockchain market share and dominated the market in 2022, followed by North America, Europe, Latin America, and the Middle East and Africa. North America's market is expected to grow rapidly during the forecast period, owing primarily to the increasing adoption of technologies such as blockchain AI and IoT. Furthermore, rising demand for digital payment systems, rising cryptocurrency adoption, and favourable government regulations and policies across North America are expected to drive market growth significantly in the coming years.
There has been a tremendous increase in global awareness of the potential role of cryptocurrency and its underlying infrastructure in current financial institutions. The increase in activity in the field also has prompted more action from central banks, with several considering the implementation of digital currencies similar to China's digital yuan. It has also increased regulatory scrutiny. China outright prohibited cryptocurrency mining and trading, while India was the first to do so. Other governments, on the other hand, have continued to aggressively promote fintech exploration and solutions.
With payment firms rapidly evolving across countries, many others have set their sights on continuing to expand locally or globally. As a result, there has been a significant increase in cross-border investment activity. Prosus, based in the Netherlands, announced the $4.7 billion acquisition of payments platform BillDesk 5, while Zip, based in Australia, acquired a minority stake in ZestMoney. Several blockchain-based projects are currently in development. The Digital Trade Chain, a European Union partnership of seven banks, is collaborating with IBM to develop a blockchain-based supply chain management and trade finance platform. The goal is to facilitate cross-border trade for European small and medium-sized businesses.
The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Fintech Blockchain Market Driver
The growing demand for KYC system applications on blockchain platforms is propelling the growth of this market.
Fintech Blockchain Market Restraint
The complexities involved in implementing big data and AI integration are a major impediment to market growth
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Key companies are investing in research and development to launch advanced sensors with specialised features for a wide range of blockchain application. Furthermore, to strengthen their market position, the majority of well-established companies in the Fintech Blockchain market are focusing their efforts on acquiring new start-ups. The top players are currently focusing on increasing their technological capacity while also expanding their geographical boundaries. Significant R&D activities for transformative and highly intellectual programmable blockchain platforms is expected to result in high revenue economic expansion opportunities for global market participants. Over the forecast period, this advantage is also expected to create considerable product portfolio options currently for prominent entrée level players in the global market. The global market has seen an increase in demand for this technology in applications that include smart contracts, identity authentication, payments, clearing, and settlement, and risk and compliance (also known as know your customer) (KYC).
Fintech Blockchain Market Top Player's Company Profiles
Fintech Blockchain Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global fintech blockchain market report analysis, we found that North America's market is predicted to increase fast due to blockchain AI and IoT usage. Demand for digital payment systems, cryptocurrency acceptance, and favourable government rules and policies in North America will fuel market expansion in the next few years.
Global understanding of cryptocurrency's potential significance in financial institutions has risen dramatically. The rise in activity has also spurred central banks to contemplate implementing digital currencies like China's digital yuan. Regulatory monitoring has also intensified. China banned cryptocurrency mining and trading before India. Other governments have aggressively promoted fintech solutions. Many payment businesses are expanding locally or worldwide as they evolve across countries.
|Market size value in 2021||USD 1.1 billion|
|Market size value in 2030||USD 8.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fintech Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fintech Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fintech Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Fintech Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.