FinTech Blockchain Market 2018 Segmentation, Application, Technology and Analysis Report Forecast to 2023

Market Highlights:

Worldwide blockchain in financial technology (fintech) market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period. Key factors driving blockchain in fintech are high compatibility with the financial industry ecosystem, faster transactions, and reduction of the total cost of ownership. North America is expected to dominate the market owing to a technically advanced region and the presence of major key players. Major factors driving this market are rising cryptocurrency market, initial coin offering (ICO), and reduced cost of transactions.

However, uncertain regulatory standards and frameworks and lack of blockchain applications and use cases are expected to hinder the growth of the market during the forecast period. The future growth opportunities for the market include the rising adoption of blockchain applications, such as payments, clearance and settlements, smart contracts, identity management, and new programmable blockchain platforms.

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Major Key players

  • Amazon Web Services, Inc. (US),
  • IBM Corporation (US),
  • Microsoft Corporation (US),
  • Ripple (US),
  • Chain Inc (US),
  • Earthport PLC. (UK),
  • Bitfury Group Limited (US),
  • BTL Group (Canada),
  • Oracle Corporation (US)
  • Digital Asset Holdings (US).

Other players in the FinTech Blockchain market are Circle Internet Financial Limited (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Auxesis Group (India), BitPay (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), RecordesKeeper (Spain), Symbiont.io (US), Guardtime (Estonia), Cambridge Blockchain, LLC. (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius) among others.

According to MRFR, The FinTech Blockchain market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period.

Market Insight:

Strategic developments such as contracts and developments can be considered exemplary moves from international players to take the market forward. For instance, Surge Holdings, Inc. has signed an agreement with a promise to launch 40,000 new store locations using SurgePays Blockchain SaaS portal. Pareteum Corporation has signed a contract with Thailand’s One Development, first mobile virtual network aggregator to support virtual network operator market.

Industry Trend:

Several countries in the Asia Pacific (APAC) region is testing blockchain as a mode of payment transfer. Thailand and Singapore are leading from the front. Bank of Ayudhya took the initiative of testing such transfer and the results are in favor of FinTech Blockchain market. This can be a gateway to the APAC market for the FinTech Blockchain market.

Segmentation:

The global FinTech Blockchain market can be segmented by provider, interaction channel, organization size, and application.

Based on service provider, the FinTech Blockchain market is segmented into application and solutions, middleware & services and infrastructure & base protocols.

By interaction channel, the FinTech Blockchain market includes bank branches, mobile applications, websites, call centers, and others.

Depending on organization size, the FinTech Blockchain market comprises large enterprise and small & medium enterprises (SME).

By application, the FinTech Blockchain market is segmented into banking, payment, smart contracts, trade & supply chain finance, capital market, risk management & compliance, insurance, digital identity management, and others.

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Regional Analysis:

Region-specific analysis of the FinTech Blockchain market spans across North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW).  

North America is currently dominating the market as the infrastructure is perfectly supporting the induction process of this technology. Furthermore, the region’s ability to adapt to the latest technology is quite superior to the rest which creates ample opportunity for this FinTech Blockchain market to expand.

The APAC region is showing the tremendous possibility for growth. The region has several developing economies who are ready to try out this latest technology. At the same time, emerging economies are also funding their infrastructure for better implementation of solutions and FinTech Blockchain fits the bill. The region will be the fastest to record growth during the forecast period.

Intended Audience

  • Application developers
  • Services providers and distributors
  • Blockchain application builders
  • Independent Software Vendors (ISVs)
  • Enterprises
  • Research institutes, organizations, and consulting companies

https://www.marketwatch.com/press-release/fintech-blockchain-market-size-key-players-analysis-business-growth-regional-trends-development-status-sales-revenue-and-comprehensive-research-study-till-2023-2018-12-05