Farmington, April 6, 2023 (GLOBE NEWSWIRE) — The Global Fintech blockchain marketplace size was valued at $2.012 billion. It is expected to grow by 75.80% from 2022 to 2030, reaching nearly USD 183.56 billion by 2030. The fintech ecosystem is made up of many different players who want to improve the financial sector by introducing new ideas and making it more competitive. This helps customers and the overall economy. The fintech ecosystem is made up of five different parts. These are fintech start-ups, technology developers, governments, financial agents and traditional financial institutions. In the last ten years, there have been many technological revolutions, including those in social media, AI, big data and cloud computing, virtual reality and, most notably, blockchain. Depending on how it is used and how new it is, fintech can be divided into several categories. These include payments and banking, investment and capital markets, lending, crowdfunding, insurance services and loyalty programs. Simply put, the Bitcoin white paper describes blockchain or distributed ledger technology as an open, trusted and shared ledger that extends to all members of the community through a peer-to-peer network. Members of this community may or may not know each other. However, each member keeps their own copy of the information, and all members must verify all changes to the blockchain as a group.
Request a sample copy of the report”Fintech blockchain market size, share and trends estimation report by application (smart contracts, exchanges and remittances, clearing and settlements, identity management, compliance/KYC management, others), by user end (small and medium-sized enterprises (SMEs), large enterprises). , by industry, banking, non-bank financing), by regions and forecasts by segments, 2023-2030”, published by Contrive Datum Insights.
Strategic developments:
- In April 2019 – Auxesis Services & Technologies (P) Ltd. launches blockchain certificate issuing platform. The platform was launched on the Auxledger network. This is an initiative of the Government of India where NITI Aayog entered into an SOI agreement with Auxesis Services & Technologies (P) Ltd. The platform is based on a completely trustless approach with smart contract functionality.
Regional perspectives:
Most of the FinTech blockchain market growth is likely to occur in North America. According to Blockchain-International Financial Corporation’s 2019 report, the United States had up to 54% of the global blockchain market share. In addition, the UNCTAD Digital Economy Report 2019 says that in the future, 75% of blockchain patent applications will come from the United States and China. Therefore, most of the FinTech blockchain technology market is likely to be in North America.
In the blockchain fintech market, most people think that Europe will be at the forefront. In addition, the UK is a fintech hub worldwide with over 1,600 fintech companies there, and this number is expected to grow by 2030. Additionally, a 2019 report by the Department for International Trade of the United Kingdom says that London is a global country. center for financial innovation because most investors are pouring more money into UK fintech.
In this market, the Asia-Pacific market is likely to grow. China, India, etc. are the main things that drive the market in this area. Shenzhen Hande Financial Technology Holdings Co. Ltd., a Chinese fintech company, will invest $1 billion in blockchain technology to help the market grow. The India Fintech Report 2019 says that over the past few years, more than 4,000 fintech startups have been created in India as the government has put more focus on financial innovation.
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Scope of the report:
Report attributes | Details |
Growth index | CAGR of 75.80% from 2023 to 2030. |
Revenue forecast for 2030 | USD 183.56 billion |
By Type | Smart Contracts, Exchanges & Remittances, Clearing & Settlements, Identity Management, Compliance/KYC Management, Other |
For final use | Small and medium-sized enterprises (SMEs), large enterprises, by sector, banking, non-banking finance, others |
For Companies | AWS, IBM, Microsoft, Ripple, Chain, Earthport, Bitfury, BTL, Oracle, Digital Asset, Circle, Factom, Alphapoint, Coinbase, Abra, Auxesis, Bitpay, Blockcypher, Applied Blockchain, Recordskeeper, Symboint, Guardtime, Cambridge Blockchain, Tradle |
Regions and countries covered |
|
base year | 2022 |
Historical Year | 2017 to 2022 |
Forecast year | 2023 to 2030 |
Market dynamics:
Increasing Adoption of Blockchain Technology: As more people learn about blockchain technology and discover how it works, it is likely that more financial institutions will use it to reduce costs, make the system more efficient, and make it more secure. This could lead to more money in blockchain fintech solutions, which would grow the market.
Rise of Decentralized Finance (DeFi): DeFi is a type of financial service that operates on a blockchain network without intermediaries. It has become popular because it is not centralized and does not need the usual financial institutions to function. If DeFi continues to grow, it will likely help the fintech blockchain market grow as well.
Growing Use of Cryptocurrencies: More and more people are using Bitcoin, Ethereum and other cryptocurrencies. These digital assets run on blockchain networks and are becoming a legal form of payment more and more often. The growing use of cryptocurrencies is likely to drive the growth of the blockchain fintech market.
Greater focus on cyber security: As the number of cyber attacks increases, the financial sector is paying more attention to security. Blockchain technology is known for its high level of security and is expected to be used to protect financial institutions and their customers from cyber threats.
Government Regulations: Governments are starting to set rules for blockchain technology and cryptocurrencies around the world. This should give the market more clarity and stability, which could make more people want to invest in blockchain fintech solutions.
Key segments covered:
Major Market Players:
AWS, IBM, Microsoft, Ripple, Chain, Earthport, Bitfury, BTL, Oracle, Digital Asset, Circle, Factom, Alphapoint, Coinbase, Abra, Auxesis, Bitpay, Blockcypher, Applied Blockchain, Recordskeeper, Symboint, Guardtime, Cambridge Blockchain, Tradle , And others.
By type:
- Smart contracts
- Exchanges and remittances
- Compensations and Liquidations
- Identity management
- Compliance/KYC Management
- others
For end use:
- Small and medium enterprises (SMEs)
- Big Companies
- By industry
- Banking
- Non-banking finance
- others
Regions and countries covered
- North America: (USA, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, United Kingdom, Nordic countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- Middle East and Africa: (Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of the Middle East and Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- The rest of the world
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