In 2021, the global fintech blockchain market was worth US$1.1 billion, projected to reach US$8.7 billion by 2030. It is growing at a CAGR of 43.8%, according to the most recent research study by Spherical Insights & Consulting. The demand for faster, cheaper cross-border payment systems, increased interoperability with the ecosystem of the financial services industry, and the necessity for comprehensive security solutions are the primary factors driving the expansion of the FinTech blockchain market. North America will be the market’s primary driver due to its rapid adoption.
Global Blockchain Market
Various financial procedures across multiple industries are changing because of blockchain technology. The most promising technological combination that can radically revolutionize the fintech sector is blockchain and fintech. Application of blockchain technology, or “fintech blockchain,” provides organizations with solutions, software, and other fintech blockchain services that they may utilize to deliver better and more automated financial services.
Faster cross-border payment systems, the need for less expensive, efficient ecosystem compatibility, rising consumer demand for bitcoin ownership and investment, rising industry demand for financial services, and the need for extensive safety mechanisms are all contributing factors to the growth of the global fintech blockchain market.
Rapid Adoption of FinTech Blockchain Market
Quick uptake of Bitcoin, more interoperability with the ecosystem of the financial services sector, and the rising requirement for robust security measures are the key drivers for the growth of the FinTech blockchain market. The COVID-19-induced financial crisis, opaque standards, and regulatory frameworks, among other problems, have made it challenging for the fintech blockchain sector to expand.
The global pandemic forced many industries to experience severe financial losses and to explore digitization to build resilience. Many companies are implementing blockchain technology for their primary financial operations since the data sent into the supply chain is inaccessible and untrustworthy. More people are working from home, using telebanking services, telemedicine, teleconferencing, and online and e-commerce payment methods because of the pandemic, propelling the growth of the fintech blockchain business.
Benefits of Blockchain
Because the department in charge of confirming claims and calculating how many can be resolved needs a reliable data source, blockchain feeds clear information about transactions, which boosts confidence.
The amount of data generated by various connected devices is exponentially growing because of the rapid development of technologies like IoT, necessitating the adoption of systems that can process enormous amounts of data. Insurance companies may use blockchain to control massive, complex networks by connecting devices on a peer-to-peer basis and managing each other securely instead of building an expensive data center to handle the processing and storage load. Future market growth is viable because operating these devices has much lower operational costs than maintaining a data center.
Key Companies & Recent Developments
The report offers a thorough analysis concentrating on the companies’ most recent developments and growths, including product development, inventions, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. With the help of this technology, overall market competition can be evaluated. The report covers Huawei Technologies Co. Ltd., Bitfury Group Limited, BTL, Chain, Inc., Digital Asset Holdings, LLC, Earthport PLC, IBM Corporation, Microsoft, Oracle, Tata Consultancy Services Limited, and other prominent key players.