What is Blockchain in Fintech?
Block chain in Fintech offers a promising cost effective solution to the financial institutions with regards to mobile payments and crowd funding. The growing adoption of block-chain in financial application is considered to be a revolutionary change as it will challenge the traditional approach of working. Additionally, it will lower the cost of cross borer payments, compliance and security trading. As potential benefit of block-chain technology is yet remains unanswered, it provides great opportunities for existing as well as emerging players.
The market study is broken down by Type (Product Type and Blockchain in Fintech), by Application (Payments, Clearing, and Settlement, Exchanges and Remittance, Smart Contracts, Identity Management, Compliance Management/Know Your Customer (KYC) and Others (Cyber Liability and Content Storage Management)) and major geographies with country level break-up. According to AMA, the Global Blockchain in Fintech market is expected to see growth rate of 72.6% and may see market size of USD6.3 Million by 2027.
Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Blockchain in Fintech market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AWS [United States], IBM [United States], Microsoft [United States ], Ripple [United States], Chain [United States], Earthport [United Kingdom], Bitfury [United States], BTL Group [Canada], Oracle [United States], Digital Asset Holdings [United States], Circle [Ireland], Factom [United States], AlphaPoint [United Kingdom], Coinbase [United States], Abra [United States], Auxesis Group [India], BitPay [United States], BlockCypher [United States], Applied Blockchain [United Kingdom], RecordesKeeper [Spain], Symbiont [United States], Guardtime [Estonia], Cambridge Blockchain [United States], Tradle [United States] and Blockchain Advisory Mauritius Foundation [Mauritius] are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Everledger [United Kingdom], Xapo [Switzerland], Hyperledger Project [United States], Barclays [United Kingdom], Deloitte [United Kingdom] and PwC. [United Kingdom].
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Blockchain in Fintech market by Type, Application and Region.
On the basis of geography, the market of Blockchain in Fintech has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. If we see Market by Organization Size, the sub-segment i.e. Small and Medium-Sized Enterprises (SMEs) will boost the Blockchain in Fintech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Banking will boost the Blockchain in Fintech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Provider, the sub-segment i.e. Application and Solution Providers will boost the Blockchain in Fintech market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Different countries have different rules regarding block-chain implementation. United States’ Wyoming’s Business Corporation Act allows companies to register in Wyoming to use block-chain or other electric networks to store corporate documents. As per the latest amendment, block-chain can be used to identify shareholders in the corporation’s current record of shareholders by a data address, provided that the company can revert to a written record within a reasonable period of time.
Market Trend
- Growing Use of AI for Automation
- Increasing Adoption of Mobile Technology to Avail Financial Services
Market Drivers
- Growing Cryptocurrency Market
- Rising Awareness About Potential Benefits of Block-chain in Finance Industries
- Reduced Total Cost of Ownership
Opportunities
- Innovative and Programmable Block-chain Platforms
- Growing Use of Block-chain Technology in Payments, Smart Contracts and Digital Identities
Restraints
- Lack of Block-chain Applications and Use Cases
- Uncertainty About Potential Application of Block-chain
Challenges
- Issues Related with Security, Privacy and Control
- Scalability and Latency Problems
Key Target Audience
Application Developers, Services Providers and Distributors, Block-chain Application Builders, Independent Software Vendors (ISVs), Enterprises, End-users, Potential Investors in Technology and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.