Market Highlights
Blockchain
in fintech market is expected to grow from USD 231.63 million in 2017 to USD
6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2%
during the forecast period.
MRFR
concludes in a recent research study that one out of three fintech companies is
planning to adopt blockchain solutions by 2020 owing to improved capital
optimization, reduced counterparty risks, enhanced transparency, and reduction
in error handling & reconciliation. Major uses of blockchain in fintech can
be seen in post-trade settlement, digital identity management, payment
infrastructure, fund transfer infrastructure, securitization, regulatory
compliance and audit, trade finance, syndication in lending and insurance. Out
of these use cases, more than 60% of post-trade settlement services use
blockchain technology, followed by digital identity management and payment
infrastructure.
Blockchain
in the near future is expected to offer tremendous potential to a wide range of
industries by bringing radical changes into business models and operating
processes such as payment settlement, accounting or the use of customer and
loyalty cards. One of the MRFR findings suggest that implementation of
blockchain in fintech would help fintech companies to save cost by 70–80% for a
syndicate loan transaction facilitated by banks. Furthermore, blockchain based
startups in the fintech industry are growing tremendously, as blockchain
technology provides universal solution and fits most of the fintech objectives.
MRFR has predicted that more than 65% of startups are expected to implement
blockchain technology in their processes by 2020.
Blockchain
technology is expected to play a role in some aspects of operational risk
management (ORM) that includes anti-money laundering, conduct risks, counter
terrorist financing, cybersecurity, and geopolitical issues among others. Most
of the fintech companies are integrating blockchain technology into apps that
optimize offerings via mobile platforms. MRFR has also analyzed that mobile
banking and payments through blockchain are expected to reach $90 billion by
2019.
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Segmentation:
By
service provider, the market is segmented into application and solutions,
middleware & services and infrastructure & base protocols.
By
interaction channel, the market is segmented into bank branches, mobile
applications, websites, call centers, and others.
By
organization size, the market is segmented into large enterprise and SME.
By
application, the market is segmented into banking, payment, smart contracts,
trade & supply chain finance, capital market, risk management &
compliance, insurance, digital identity management, and others.
By
region, the market is segmented into North America, Europe, Asia-Pacific and
the rest of the world
Regional Analysis:
The
global market for blockchain in fintech is estimated to grow at a significant
rate during the forecast period from 2018 to 2023. The geographical analysis of
blockchain in fintech market is covered for North America, Europe,
Asia-Pacific, and the rest of the world.
North
America is expected to contribute the highest market share owing adoption of
the blockchain technology to develop business applications, rapid adoption of
advanced technology & infrastructure, and presence of a significant number
of key industry players in this region. Furthermore, Asia-Pacific is expected
to be the fastest growing region owing to an increase in the overall
investments in the blockchain technology solutions in the finance industry.
Financial hubs like Hong Kong and Singapore are expected to provide huge
opportunities for the adoption of blockchain applications in the financial
industry.
Competitive
Dashboard:
The
prominent players in the blockchain in fintech market are Amazon Web Services,
Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Chain
Inc (US), Earthport PLC. (UK), Bitfury Group Limited (US), BTL Group (Canada),
Oracle Corporation (US) and Digital Asset Holdings (US). However, by
eliminating the intermediaries and increasing the efficiency, blockchain is
expected to minimize the cost incurred in transaction processes and
infrastructure for finance companies by over 50%.
Other
players in the blockchain in fintech market are 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) among others.
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List
of Tables
Table
1 Global Blockchain In Fintech Market, By Region, 2018–2023
Table
2 North America: Blockchain In Fintech Market, By Country, 2018–2023
Table
3 Europe: Blockchain In Fintech Market, By Country, 2018–2023
Table
4 Asia-Pacific: Blockchain In Fintech Market, By Country, 2018–2023
Table
5 Middle East & Africa: Blockchain In Fintech Market, By Country, 2018–2023
Table
6 Latin America: Blockchain In Fintech Market, By Country, 2018–2023
Table
7 Global Blockchain In Fintech Service Provider Market, By Region, 2018–2023
Table
8 North America: Blockchain In Fintech Service Provider Market, By Country,
2018–2023
Table
9 Europe: Blockchain In Fintech Service Provider Market, By Country, 2018–2023
Table10
Asia-Pacific: Blockchain In Fintech Service Provider Market, By Country,
2018–2023
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