With the dawn of the 21st century, advancements in technologies are now decidedly being trickled into the workflow structure of various companies across multiple industries. Moreover, these technologies have gone on to become an integral element of several business processes. Some of the tasks that once required bulky machines and human hands as well physical currencies are now being effectively digitized.
With advancing technologies making waves in almost every sector of the business, the financial industry is no longer lagging behind. In recent years, it is among one of the fastest growing industries across the globe.
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One of the key technologies that is bringing this growth wave is blockchain. Blockchain has quite seemingly transformed industries that were once thought to be unimaginable. Transactions which took days to process and complete can be now conducted in a far more efficient and time-saving manner. Companies are consistently recognizing the power of blockchain and is thereby streamlining their financial dealings.
The potential of blockchain in fintech prompted Market Research Future (MRFR) to conduct a thorough analysis of the market. It was revealed in the study that the global blockchain in fintech market will garner a massive projected CAGR of 75.2% during the forecast period of 2018 to 2023. Furthermore, the market valuation is slated to move massively from USD 231.63 million in 2017 to USD 6700.63 million by the end of the forecast period.
Drivers of Growth
The global blockchain in fintech market is driven by a number of factors. Some of the key factors being the reduction of the total cost of ownership, high compatibility with the financial industry, and faster transactions. While, some of the major driving factors include initial coin offering (ICO), rising cryptocurrency market, and reduced cost related to transactions.
However, it is also pointed out that uncertain regulatory frameworks and the lack of blockchain applications and use cases can hinder the growth of the market in a major fashion during the forthcoming years.
Blockchain in Fintech Industry is nonetheless slated to enjoy a massive growth in the coming years. Additionally, the market boasts various growth opportunities. This includes the new programmable blockchain platforms and the growing adoption of various blockchain applications like smart contracts, payments, clearance and settlements, and identity management.
North America Spearheading the Global Market
The global blockchain in fintech market is regionally distributed across the following geographical territories: Asia Pacific, Europe, North America, and the Rest of the World (RoW). The North American region holds the highest contributory share of the market. Moreover, the region is expected to lead the market standings during the forecast period.
The growth of the North American region is due to the high adoption rate of blockchain technology herein to develop various business applications. Additionally, the fast-paced adoption of advanced technologies and infrastructure and the presence of various key players are all aiding the overall growth of the regional market.
Some of the key players in the global blockchain in fintech market are Bitfury Group Limited (US), Amazon Web Services, Inc. (US), Chain Inc (US), IBM Corporation (US), Earthport PLC. (UK), Earthport PLC. (UK), Digital Asset Holdings (US), x BTL Group (Canada), Oracle Corporation (US) and others.
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