Product ID: SQMIG45E2173
Report ID:
SQMIG45E2173 |
Region:
Global |
Published Date: July, 2001
Pages:
165
|
Tables:
123 |
Figures:
77
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.
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Product ID: SQMIG45E2173