The global blockchain in fintech market is all set to witness a stellar leap of CAGR 75.2% during the forecast period (2018-2023). Its current valuation to soar high from a meager USD 231.63 million to a colossal USD 6700.63 million by 2023, reveals Market Research Future (MRFR) in an extensive report on the same. The report includes drivers such as its compatibility with the financial industry ecosystem, role in making transactions faster and part in reducing total cost of ownership. Sector-wise, blockchain in fintech market is gaining accolades from cryptocurrency market, and initial coin offering (ICO) which can ensure a safe path towards new heights for the blockchain in fintech market.
However, stringent regulatory standards and frameworks can be a hindrance for future growth of the blockchain in fintech market. But the market can stay away from such pitfalls as it is gaining traction in payments, clearance & settlements, smart contract, identity management, and a new programmable blockchain platform.
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 blockchain in fintech market. This can be a gateway to the APAC market for the blockchain in fintech market.
Blockchain in Fintech Industry can be segmented by provider, interaction channel, organization size, and application.
Based on service provider, the blockchain in fintech market is segmented into application and solutions, middleware & services and infrastructure & base protocols.
By interaction channel, the blockchain in fintech market includes bank branches, mobile applications, websites, call centers, and others.
Depending on organization size, the blockchain in fintech market comprises large enterprise and small & medium enterprises (SME).
By application, the blockchain in fintech market is segmented into banking, payment, smart contracts, trade & supply chain finance, capital market, risk management & compliance, insurance, digital identity management, and others.
Region-specific analysis of the blockchain in fintech 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 blockchain in fintech 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 blockchain in fintech fits the bill. The region will be the fastest to record growth during the forecast period.
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.
Significant players instrumental in the blockchain in fintech market progress are 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) and Digital Asset Holdings (US).
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