Global Blockchain in fintech market is anticipated to grow from USD to 30 1.63 million at the beginning of the forecast period to USD 6700.63 million by 2023. Some of the key factors driving the blockchain in fintech market include high compatibility with the financial industry ecosystem and faster transactions, along with the production of the total cost of ownership. Moreover, improved capital optimization, reduction in counterparty risks, enhancement of transparency, and reduction and error handling and reconciliation are anticipated to contribute to the lucrative growth observed by blockchain in fintech market.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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The global blockchain in fintech market is segmented on the basis of service provider, interaction channel, organization size, application, and region. Based on service provider, the market is segmented into middleware and services, application and solutions, and infrastructure and base protocols. Based on interaction channels, the global blockchain in fintech market is segmented into mobile application, bank branches, call centers, and websites. Based on organization size, the global market for blockchain in fintech is segmented into large enterprise and SME. Based on application, the market is studied for the market segments of banking, smart contracts, payment, trade & supply chain finance, risk management & compliance, capital market, insurance, and digital identity management.
Detailed Regional Analysis
Covid 19 Blockchain in Fintech Market is segmented into the regions of North America, Europe, Asia Pacific, and the Rest of the world. The market for blockchain in fintech is expected to grow at a significant rate over the forecast period. North America is expected to be the foremost market for blockchain in fintech over the review period. This can be accredited to the adoption of blockchain technology to develop business applications, rapid adoption of advanced technologies and infrastructure, and the presence of significant key players in the blockchain in fintech market, within the region.
Moreover, Asia Pacific’s market is anticipated to witness the fastest ascension over the conjecture period, as per Market Research Future (MRFR)report. This can be accredited to the increase in overall investments in the blockchain technology solutions in the finance industry residing in the region. Furthermore, financial hubs such as Hong Kong and Singapore are anticipated to emerge as leading country-specific markets for blockchain in fintech over the forecast period. These regions are also expected to create massive opportunities for the adoption of blockchain applications in the finance industry, further fostering market growth.
Some prominent players present in the global blockchain in fintech market include 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).
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