Blockchain technology is similar to the internet but has its built-in robustness since it can store blocks of information that remain identical across the network such that it cannot be controlled by any single entity and has no single point of failure. Global FinTech blockchain market deals with the solutions provided by the companies for various applications to operate more rapidly and securely across the financial technology sector. Global FinTech Blockchain market was valued at $XX million in 2018 and is anticipated to generate net revenue of approximately $XX million by 2027 growing at a CAGR of 43.51% during the forecast period of 2019-2027.
The blockchain technology is reshaping financial sector with its offered characteristics such as the decentralized network to Banking, Financial Services & Insurance, high security of data, transparent infrastructure, rapid data transfer and cost effective operations. Besides, growing market capitalization & initial coin offering (ICO) of cryptocurrencies coupled with faster transaction requirement in the financial sector and the surge in the investments in blockchain technology are some of the circumstances that are boosting the market growth FinTech blockchain technology.
The significant development of the banking and financial industry and their adoption of advanced technology has augmented the chances of increasing the efficiency of transactions & processes. Their maturation is expected to further promote the adoption of blockchain in the industry essentially during the forecast period.
On the other hand, there exists various aspects that are obstructing the FinTech blockchain market growth, for instance, bans on cryptocurrencies, difficulties concerning security and concerns related to scalability & latency.
The report on global FinTech blockchain market covers segmentation analysis of the blockchain type, provider, application, organization size and end user.
By geography, the global Fintech blockchain market has been segmented into the four major regions of North America, Europe, Asia Pacific and the Rest of the World.
The North American region leads the global FinTech blockchain market by capturing the largest market share in terms of revenue of XX% in 2018. This market in North America is predominantly driven by causes like extended governmental support and the presence of leading companies.
The Asia Pacific market is growing most rapidly during the forecast period. China, India and Japan are the most profitable investment destinations in the Asia Pacific market due to their well-established financial sector. The fastest growth rate of Asia Pacific FinTech blockchain market is attributed to various circumstances like increasing investments in FinTech blockchain, government initiatives to support blockchain, growing e-commerce industry coupled with the trend of cryptocurrency and growing financial sector.
Lack of blockchain application along with use cases, bans on cryptocurrencies, difficulties concerning security, privacy along with transactional control are some of the restrains that the global market for FinTech blockchain technology is facing nowadays.
The market has some of the key players involved in the global FinTech Blockchain market like Accenture, Alphapoint, Amazon Web Services (Aws), Auxesis Group, Bitfury, BTL Group, Circle Internet Financial Limited, Coinbase, Digital Asset Holdings LLC, EarthPort, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Ripple Lab Inc. and Symbiont Company. Most of these gigantic revenue contributors follow strategies like merger & acquisition, partnership, contracts, agreements or new product launches to gain a competitive edge over each other.