Fintech Blockchain Market: Projected to Exceed USD 57.84 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., June 28, 2024 /PRNewswire/ — According to SkyQuest, the global Fintech Blockchain Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 3.16 billion in 2023 to USD 57.84 billion by 2031, growing at a CAGR of 43.8% in the forecast period (2024-2031).
The solutions focusing on integrating Blockchain technology with financial technology to improve transaction times and security are known as fintech blockchain solutions. Growing advancements and acceptance of Blockchain technology are driving fintech blockchain market growth. The global Fintech blockchain market is segmented into application, provider, organization size, industry vertical, and region.
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Fintech Blockchain Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 3.16 billion |
|
Estimated Value by 2031 |
$ 57.84 billion |
|
Growth Rate |
Poised to grow at a CAGR of 43.8% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Application, Provider, Organization Size, Industry Vertical, Component, Type of Blockchain and Deployment Model |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Growing demand for KYC system applications on blockchain platforms |
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Key Market Drivers |
Increasing demand for smart contracts is a driving factor of market expansion |
Segments covered in Fintech Blockchain Market are as follows:
- Application
- Payments, Clearing, and Settlement, Exchanges and Remittance, Smart Contract, Identity Management, Compliance Management/KYC, Others
- Provider
- Application and solution providers, Middleware Providers, and Infrastructure & Protocols Providers
- Organization Size
- Large enterprises, Small and Medium-Sized Enterprises
- Industry Vertical
- Banking, Non Banking Financial Services and Insurance
- Component
- Platform, Services (Consulting Services, Integration Services, Support & Maintenance Services)
- Type of Blockchain
- Public Blockchain, Private Blockchain, Hybrid Blockchain
- Deployment Model
- On Premises, Cloud based
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Payments and Settlements to Helm the Global Fintech Blockchain Market Growth
Rising emphasis on improving the transactions by reducing the time taken to process them whilst maintaining security is projected to help promote the demand for fintech blockchain solutions in the payments, clearing, and settlements sub-segment. The decentralized nature of fintech blockchain systems helps keep transactions highly transparent yet secured as they are stored in distributed ledgers. Lower transaction fees, higher efficiency, and reduced reliance on cross-border intermediaries are other benefits of Blockchain in fintech that help this segment hold a high market share.
Talk about Blockchain and miss out on smart contracts? This is simply not possible as smart contracts are a vital part of the fintech blockchain market growth as well. Minimal involvement of third parties means more security and less risk, which is exactly what smart contracts provide through Blockchain technology. Increasing realization of the benefits of smart contracts in the fintech industry is projected to help boost the demand for fintech blockchain over the coming years.
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SMEs Hold Their Stance as Leading Adopters of Fintech Blockchain
Small and medium enterprises (SMEs) do not have the resources to invest in the development of new and advanced technologies, which is why they mostly opt for available solutions or outsource them from leading companies. Fintech blockchain solutions are highly advanced and developing or managing them is no easy feat for SMEs. The rapid adoption of Blockchain technologies among SMEs is also slated to open up new opportunities for fintech blockchain providers going forward. Capital raise and crowd financing are expected to help SMEs invest in the development of their own fintech blockchain offerings.
On the other hand, large enterprises are investing in developing their own fintech blockchain solutions to have better control and provide novel features for their customers. This segment will be highly rewarding for fintech blockchain companies who are focusing on developing customized fintech blockchain solutions.
Application & Solution Providers Remain the Backbone of Fintech blockchain Market
Fintech applications and solutions are directly used by customers as well as organizations and this is why they should be highly user friendly yet secure. Integrating Blockchain technologies with fintech applications to create unique fintech blockchain offerings will help market players maintain their high market share. The growing adoption of Blockchain technology in the financial sector will also create a new moneymaking scope for middleware providers and infrastructure & protocol providers going forward. High investments of large enterprises in designing their own fintech blockchain solutions will help infrastructure and & protocol providers maximize their revenue generation potential in the future.
To sum it up, the growing need for better security and faster transactions is changing the landscape of the financial industry thereby creating an opportune setting for fintech blockchain companies. Almost all segments are projected to offer lucrative growth scope but investing in SMEs will be highly rewarding for new as well as established fintech blockchain providers.
Related Reports:
Blockchain as a Service Market
Blockchain in Healthcare Market
Blockchain In Manufacturing Market
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