FinTech Blockchain Market Worth 6,228.2 Million USD by 2023
PUNE, India, June 7, 2018 /PRNewswire/ --
According to a new market research report "FinTech Blockchain Market by Provider, Application (Payments, Clearing, and Settlement, Exchanges and Remittance, Smart Contract, Identity Management, and Compliance Management/KYC), Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 370.3 Million in 2018 to USD 6,228.2 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 75.9% during the forecast period. The key factors driving the FinTech Blockchain Market include its high compatibility with the financial industry ecosystem, faster transactions, reduced total cost of ownership, and the rising cryptocurrency market cap and Initial Coin Offering (ICO).
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The payment, clearing, and settlement segment is estimated to account for the largest market size in the FinTech Blockchain Market in 2018.
The payment, clearing, and settlement segment is expected to dominate the overall FinTech Blockchain Market in terms of share. This domination by the segment is attributed to the blockchain technology applications, which are predominantly finding use in the payment industry to reduce risks and improve the efficiency and transparency in payment systems across different verticals. Additionally, the shift from the centralized technical infrastructure to the distributed, ecosystem-enabling platform is laying the foundation for new business models in the payment industry.
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The application and solution providers segment is expected to grow at the highest CAGR in the global FinTech Blockchain Market during the forecast period.
The FinTech Blockchain Market has been segmented on the basis of providers into 3 categories: application and solution providers, middleware providers, and infrastructure and protocols provider. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application and solution providers segment is the fastest-growing segment in the overall FinTech Blockchain Market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in commercial banks, investment banks, and insurance companies, thereby fueling the overall market growth.
North America is expected to account for the largest market size in the FinTech Blockchain Market during the forecast period.
North America is expected to account for the largest share of the overall market in 2018. This region is considered the most advanced with regard to technology adoption and infrastructure. The wide presence of the key industry players of blockchain technology solutions in this region is the major driving factor responsible for the growth of the FinTech Blockchain Market. All the major financial institutions in this region are moving toward the adoption of the blockchain technology to develop business applications, due to the recognition of the blockchain technology's potential for safer transactions and low infrastructure cost.
The major FinTech blockchain technology vendors include AWS (US), IBM (US), Microsoft (US), Ripple (US), Chain (US), Earthport (UK), Bitfury (US), BTL Group (Canada), Oracle (US), Digital Asset Holdings (US), Circle (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Abra (US), Auxesis Group (India), BitPay (US), BlockCypher (US), Applied Blockchain (UK), RecordesKeeper (Spain), Symbiont (US), Guardtime (Estonia), Cambridge Blockchain (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius).
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