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.
Regional Analysis
The regional analysis of the blockchain in fintech market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to dominate the blockchain in fintech market due to the growing adoption of advanced technology and infrastructure in the region. The Asia Pacific is projected to be the fastest-growing area on this market, powered by a rise in overall investment in blockchain technology solutions to change the business processes in the finance industry.
Key Players
The prominent participants in the blockchain in fintech market are Ripple (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Chain Inc (US), BTL Group (Canada), Earthport PLC. (UK), Bitfury Group Limited (US), Oracle Corporation (US), and Digital Asset Holdings (US).
Ripple is one of the leading players in this market that connects banks, payment providers, digital asset exchanges, and companies via its platform RippleNet to provide a seamless experience in sending money globally. RippleNet is developed with advanced blockchain technology that is scalable, stable, and interoperates across different networks.
Other players in the global blockchain in fintech market are Circle Internet Financial Limited (Ireland), Guardtime (Estonia), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Symbiont.io (US), Auxesis Group (India), BitPay (US), Tradle (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), Cambridge Blockchain, LLC. (US), Blockchain Advisory Mauritius Foundation (Mauritius), and RecordesKeeper (Spain), among others.
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Market Dynamics
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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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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