(MENAFN- America News Hour)
Kenneth Research, in its repository of market research reports, has recently added a report on Blockchain in Fintech Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Blockchain in Fintech Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Fintech Market products.
Download Sample of This Strategic Report:-
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Blockchain in Fintech Market over the period 2019-2026.
As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Market synopsis
Worldwide blockchain in financial technology (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 . Key factors driving blockchain in fintech are high compatibility with the financial industry ecosystem, faster transactions, and reduction of the total cost of ownership. North America is expected to dominate the market owing to a technically advanced region and the presence of major key players. Major factors driving this market are rising cryptocurrency market, initial coin offering (ICO), and reduced cost of transactions. However, uncertain regulatory standards and frameworks and lack of blockchain applications and use cases are expected to hinder the growth of the market during the forecast period.
Download Sample of This Strategic Report:-
The future growth opportunities for the market include the rising adoption of blockchain applications, such as payments, clearance and settlements, smart contracts, identity management, and new programmable blockchain platforms.Blockchain in fintech market study aims at estimating the market size and future growth potential of the market across different segments such as service providers, interaction channels, organization size, application, and regions.
Blockchain is the technology that uses a shared ledger to record transactions across a decentralized network of computers. Blockchain in fintech manages and controls the information on digital transactions and avoid duplicates. Integration of this technology provides real-time payments against assets with an immutable state and digital identity, resulting in significant cost savings with respect to the reconciliation and settlement for several financial institutions and banks. Leading financial institutions and banks including Citibank, J.P. Morgan, Goldman Sachs and Barclays among others, have taken steps to deploy this technology.
Ripple is one of the key players in this market which connects banks, payment providers, digital asset exchanges, and corporates through its platform RippleNet to provide a seamless experience to send money globally. RippleNet is built with advanced blockchain technology that is scalable, secure, and interoperates with different networks.
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.
Download Sample of This Strategic Report:-
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 studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the blockchain in fintech market owing to increasing adoption of advanced technology and infrastructure in this region. Asia-Pacific is expected to be the fastest growing region in this market led by an increase in the overall investments in the blockchain technology solutions to change the business processes in the finance industry.
Competitive Analysis
The blockchain in fintech market has witnessed a major trend of new product launch strategy across the region. Many key players have adopted new product development as their chief organic strategy to gain significant market share in the market. The new product launch strategy is accounted for a significant percentage of the total market strategy in the year 2016 and 2017. Besides, partnership & collaboration strategy accounted for XX%; whereas, merger & acquisition accounted for XX% of the total strategy adopted by the key players in the market.
Request For Full Report-
Key players
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).
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.
Intended Audience
Application developers
Services providers and distributors
Blockchain application builders
Independent Software Vendors (ISVs)
Enterprises
Research institutes, organizations, and consulting companies
About Us
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
MENAFN08042022004545010068ID1103979509