According to Market Research Future (MRFR), the global blockchain in financial technology (fintech) market is estimated to reach USD 6700.63 million at a CAGR of 75.2% from 2017 to 2023 (forecast period). The report summarizes the market opportunities and market ramifications that arose as a result of the COVID-19 pandemic.
Blockchain is a technology that uses a shared ledger to record transactions across a decentralized computer network. Blockchain in fintech monitors and regulates information on digital transactions in fintech and prevents duplication. The incorporation of this technology offers real-time payments against assets with immutable state and digital identity, resulting in substantial cost savings in terms of reconciliation and settlement for a variety of financial institutions and banks. Leading financial institutions and banks, including J.P. Morgan, Citibank, Goldman Sachs, and Barclays, have taken measures to implement this technology.
Significant factors driving blockchain in fintech market are strong compatibility with the finance industry’s ecosystem, quicker transactions, and decreased overall ownership costs. North America is projected to dominate the market due to a technically advanced region and the involvement of key players. Significant factors driving this demand are the growing cryptocurrency market, initial coin offering (ICO), and reduced transaction costs. Nevertheless, uncertain regulatory standards and frameworks and lack of blockchain applications and use cases are expected to restrict the market growth over the projected period. Future business growth opportunities include the growing acceptance of blockchain applications, such as payments, identity management, clearance and settlements, smart contracts, and new programmable blockchain platforms.
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The globalblockchain in fintech market has been segmented into service provider, interaction channel, organization size, and application.
By service provider, the global market has been segmented into application and solutions, middleware & services, and infrastructure & base protocols.
By interaction channel, the market has been segmented into bank branches, mobile applications, websites, call centers, and others.
By organization size, the global market has been segmented into large enterprise and SME.
By application, the market has been segmented into banking, payment, smart contracts, trade & supply chain finance, insurance, capital market, risk management & compliance, digital identity management, and others.
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