Blockchain in Fintech Market to See Huge Growth & Profitable Business"
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 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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