New York, NY, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “FinTech Blockchain Market by Provider (Middleware Providers, Application and Solution Providers, and Infrastructure and Protocol Providers), by Application (Exchanges and Remittance, Smart Contract, Payments, Clearing, and Settlement, Compliance Management/KYC, Identity Management, and Others), by Organization Size (Small- and Medium-Sized Enterprises and Large Enterprises), and by Vertical (Banking, Non-Banking Financial Services, and Insurance): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global FinTech blockchain market was valued at USD 204 million in 2017 and is expected to reach around USD 8,311 million by 2024, growing at a CAGR of around 69.72% between 2018 and 2024.
FinTech is considered as a promising solution that offers accurate solutions to the financial institutions in terms of mobile payments, crowdfunding, and distributed ledger, such as blockchain. It reduces the operational costs making it convenient for consumers and organizations. Technology plays a major role in the finance industry. The finance sector is the first to adopt the blockchain technology to deliver financial services that were previously delivered by traditional means. The use of distributed ledger technology will benefit financial services providers by lowering the cost of cross-border payments, compliance, and securities trading. The blockchain is an advanced technology that enables litecoin, bitcoin, dogecoin, and other virtual currencies to be open and secure. The blockchain is a future-proof technology that can be used by private organizations and individuals to build private financial networks. Large organizations could use it to build financial systems internally for employees or external vendors.
Browse through 55 Tables & 39 Figures spread over 167 Pages and in-depth TOC on “Global FinTech Blockchain Market: Industry Size, Share, Technology, Applications, Analysis and Forecast, 2017 – 2024”.
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The factors that are likely to drive the FinTech blockchain market in the upcoming years is the adoption of technologically advanced blockchain solutions in investment banks, commercial banks, and insurance companies, the increase in the cryptocurrency market cap, the rise in the initial coin offerings, and the high demand for distributed ledger technology. In addition, due to the advanced blockchain technology solutions, the transactions have become faster and secure further fueling the FinTech blockchain market globally. However, the uncertain regulatory standards and frameworks and the lack of blockchain applications and use cases might limit this market. Nevertheless, the adoption of blockchain technology for smart contracts, payments, and digital identities are likely to create business opportunities in the market.
By provider, the market is fragmented into middleware providers, application and solution providers, and infrastructure and protocol providers. By application, the market is fragmented into payments, clearing, and settlement, exchanges and remittance, identity management, smart contract, compliance management/KYC, and others. The payment, clearing, and settlement segment hold the highest share in the market due to the usage of blockchain technology applications in the payment industry to minimize the risk, increase the efficiency, and ensure clarity in payment systems. By organization size, the FinTech blockchain market is segmented into small- and medium-sized enterprises and large enterprises. By vertical, the FinTech blockchain market is segmented into banking, non-banking financial services, and insurance.
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Geographically, the FinTech blockchain market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share, as it is among the most advanced regions in terms of technology adoption and infrastructure. The region’s financial institutions use these technologies for accurate and secure transactions.
Europe is anticipated to witness noticeable growth over the projected time period in the FinTech blockchain market, owing to the rising adoption of blockchain technology for digital identities, payments, and smart contracts by the financial sector. In 2017, Germany was the largest revenue contributor to this market and is estimated to grow at the highest growth rate, due to huge blockchain integration in German firms and banks. Additionally, the German government is heavily investing in research blockchain technology for founding new blockchain startups.
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The Asia Pacific is likely to witness the highest growth rate over the forecast time period, as the regional vendors are investing in research and development activities to provide technologically advanced blockchain solutions and the adoption of venture funding strategies. China was the major revenue contributor in 2017 and is expected to dominate over the forecast time period, owing to the government support through investments and grants. China is introducing new projects and solutions that intend to provide high-quality services and enrich customer experience by increasing the transaction speed. Japan is also expected to witness a remarkable rate of growth in this market, due to the growing strategic alliances between government bodies and financial institutions.
Latin America is likely to make a significant contribution to the FinTech blockchain market, owing to the dominance of payment processing solutions and cross-border payments. Additionally, smart contracts and asset-based lending are estimated to become more prevalent over the projected time period, due to traditional financial enterprises increasing their collaboration activities with FinTech organizations.
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Some of the key players profiled in the global FinTech blockchain market are AWS, Microsoft, IBM, Ripple, Earthport, Chain, Bitfury, Oracle, BTL Group, RecordsKeeper, Applied Blockchain, Symboint, Factom, Alphapoint, Abra, Coinbase, and Auxesis Group.
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This report segments the global FinTech blockchain market are as follows:
Global FinTech Blockchain Market: Provider Segment Analysis
- Application and Solution Providers
- Middleware Providers
- Infrastructure and Protocol Providers
Global FinTech Blockchain Market: Application Analysis
- Payments, Clearing, and Settlement
- Exchanges and Remittance
- Smart Contract
- Identity Management
- Compliance Management/KYC
- Others
Global FinTech Blockchain Market: Organization Size Segment Analysis
- Large Enterprises
- Small and Medium-Sized Enterprises
Global FinTech Blockchain Market: Vertical Segment Analysis
- Banking
- Non-Banking Financial Services
- Insurance
Global FinTech Blockchain Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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