News
Blockchain Fintech Market: Expected to Surpass $57.84 Billion by 2031
WESTFORD, Mass., June 28, 2024 /PRNewswire/ — According to SkyQuest, the global system Blockchain Fintech Market Its size has been valued at USD 2.2 billion in 2022 and is expected to grow from USD 3.16 billion in 2023 to USD 57.84 billion by 2031, growing at a CAGR of 43.8% over the forecast period (2024-2031).
Solutions that focus on integrating Blockchain technology with financial technology to improve transaction time and security are known as blockchain fintech solutions. The increasing advancements and acceptance of Blockchain technology are driving the growth of the blockchain fintech market. The global blockchain fintech market is segmented into application, vendor, organization size, vertical industry, and region.
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Blockchain fintech market overview:
|
Report coverage |
Details |
|
Market revenues in 2023 |
3.16 billion dollars |
|
Estimated value in 2031 |
$57.84 billion |
|
Growth rate |
Poised to grow at a CAGR of 43.8% |
|
Forecast period |
2024–2031 |
|
Forecast unit |
Value (USD billion) |
|
Report coverage |
Revenue forecast, competitive landscape, growth drivers and trends |
|
Segments covered |
Application, vendor, organization size, industry vertical, component, blockchain type, and deployment model |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East and Africa, Latin America |
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Highlights of the report |
Updated financial information / player product portfolio |
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Main market opportunities |
Growing demand for KYC system applications on blockchain platforms |
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Main market drivers |
Growing demand for smart contracts is a driving factor behind the market expansion |
Segments covered in The Fintech Blockchain market is as follows:
- Application
- Payments, Clearing & Settlement, Exchange & Remittance, Smart Contract, Identity Management, Compliance/KYC Management, Others
- Supplier
- Application and solution providers, middleware providers, and infrastructure and protocol providers
- Organization size
- Large Enterprises, Small and Medium Enterprises
- Vertical Sector
- Banking, non-banking and insurance financial services
- Component
- Platform, Services (Consulting Services, Integration Services, Support and Maintenance Services)
- Blockchain Type
- Public Blockchain, Private Blockchain, Hybrid Blockchain
- Distribution model
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Payments and regulations will drive the growth of the global Fintech Blockchain market
The growing emphasis on improving transactions by reducing the time taken to process them while maintaining security is expected to help drive demand for blockchain fintech solutions in the payments, clearing and transactions sub-segment. The decentralized nature of fintech blockchain systems helps keep transactions highly transparent yet secure as they are stored in distributed ledgers. Lower transaction fees, higher efficiency and less dependence on cross-border intermediaries are other advantages of Blockchain in fintech that help this segment maintain a high market share.
Talk about Blockchain and lose smart contracts? This is simply not possible as smart contracts are also a vital part of the growth of the fintech blockchain market. Minimal third-party involvement means more security and less risk, which is exactly what smart contracts provide through Blockchain technology. The growing realization of the benefits of smart contracts in the fintech industry is expected to help increase the demand for blockchain fintech in the coming years.
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SMEs maintain their position as the main adopters of Fintech Blockchain
Small and medium-sized enterprises (SMEs) lack the resources to invest in developing new and advanced technologies, which is why they mostly opt for off-the-shelf solutions or outsource them from leading companies. Blockchain fintech solutions are highly advanced and developing or operating them is not an easy feat for SMEs. The rapid adoption of Blockchain technologies among SMEs is also set to open up new opportunities for blockchain fintech providers in the future. Capital raising and crowdfunding are expected to help SMEs invest in developing their own blockchain fintech offerings.
On the other hand, large companies are investing in developing their own blockchain fintech solutions to have better control and provide new features to their customers. This segment will be highly rewarding for blockchain fintech companies that are focusing on developing customized blockchain fintech solutions.
Application and solution providers remain the backbone of the blockchain Fintech market
Fintech applications and solutions are used directly by customers and organizations, therefore they should be highly intuitive yet secure. The integration of Blockchain technologies with Fintech applications to create unique Fintech blockchain offerings will help market players maintain their high market share. The increasing adoption of Blockchain technology in the financial industry will also create a new revenue stream for middleware providers and infrastructure and protocol providers in the future. The high investments of large companies in designing their own Fintech blockchain solutions will help infrastructure and protocol providers maximize their revenue generation potential in the future.
In summary, the growing need for greater security and faster transactions is changing the financial industry landscape, thus creating an opportune environment for blockchain fintech companies. Almost all segments are expected to offer profitable growth opportunities, but investing in SMBs will be highly rewarding for both new and established blockchain fintech providers.
Related reports:
Blockchain as a service market
Blockchain in the healthcare market
Blockchain in the manufacturing market
Who we are:
SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator. We provide access to technologies, markets and financing across all sectors, i.e. Life Sciences, CleanTech, AgriTech, NanoTech and Information and Communication Technologies.
We work closely with innovators, inventors, innovation researchers, entrepreneurs, companies and investors to leverage external sources of R&D. Furthermore, we help them optimize the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach into North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
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Westford,
Massachusetts 01886
United States of America (+1) 351-333-4748
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SOURCE SkyQuest Technology