SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "FinTech Blockchain - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Pool: 692
Companies: 80 - Players covered include Abra; Alphapoint; Applied Blockchain; Auxesis Group; AWS; Bitfury; Bitpay; Blockchain Advisory Mauritius Foundation; Blockcypher; BTL Group; Cambridge Blockchain; Chain; Circle; Coinbase; Digital Asset Holdings; Earthport; Factom; Guardtime; IBM; Microsoft; Oracle; Recordskeeper; Ripple; Symboint; Tradle and Others.
Coverage: All major geographies and key segments
Segments: Organization Size (Large Enterprises, SMEs); Application (Payments, Clearing & Settlement; Exchanges & Remittance; Smart Contracts; Identity Management; Compliance Management / Know Your Customer; Other Applications); Provider (Middleware Providers, Application & Solution Providers, Infrastructure & Protocols Providers)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global FinTech Blockchain Market to Reach US$8.7 Billion by the Year 2026
Blockchain technology is transforming the operations in various industries, including the financial services sector. The combination of blockchain and fintech is emerging as the most promising technology mix, which has the potential to transform the fintech industry. Fintech blockchain, the finance technology application of blockchain technology, offers solutions, software, among various fintech blockchain services leveraged by businesses that deliver improved and automated financial services. Growth in the global fintech blockchain market can be attributed to factors such as growing consumer demand to own and invest in bitcoins; rising need for cheaper, quicker, cross-border payment systems; greater compatibility with ecosystems in the financial services industry; and the escalating requirement for comprehensive security mechanisms. The market is likely to register rapid growth during the pandemic as various governments establish fintech blockchain facilities.
The global pandemic was a huge financial blow to many industries, prompting many sectors to embrace digitization to build resilience. Since the data that is fed into supply chains is not accessible to users and is not reliable, more and more organizations are leveraging blockchain solutions for critical financial transactions. The pandemic is also stimulating growth in the fintech blockchain market as an increasing number of people make work-from-home arrangements, adopt telebanking services, teleconferencing, and telemedicine using online and e-commerce payment methods, which in turn, will fuel growth in the fintech blockchain market. The growing use of web-based and e-learning methods has set the stage for significant growth opportunities since digital platforms are used to process most of these transactions like fee payments.
Amid the COVID-19 crisis, the global market for FinTech Blockchain estimated at US$1.3 Billion in the year 2022, is projected to reach a revised size of US$8.7 Billion by 2026, growing at a CAGR of 44.8% over the analysis period. Large Enterprises, one of the segments analyzed in the report, is projected to grow at a 41.7% CAGR to reach US$8.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the SMEs segment is readjusted to a revised 52.3% CAGR for the next 7-year period. This segment currently accounts for a 24.6% share of the global FinTech Blockchain market.
One of the most promising application markets for Blockchain technology in the finance sector is in the capital markets. Traditional capital markets have created a highly complicated worldwide network of interconnected banking organizations and intermediaries, all of which partake in enabling flow of capital across borders. Every transaction passes through multiple intermediaries, where each intermediary maintains its own data silos leading to duplication of data entry, excessive reconciliation errors, and finally inefficient use of capital and delays in settlements. All of these issues enhance cost burden and also raises overall risk. Blockchain's potential to eliminate role of intermediaries is hence critical in reducing overall settlement times. Since Blockchain allows various assets to be transferred without the need for third party intermediaries, the financial services industry in general and the capital markets in particular are becoming an ideal area for Blockchain-based implementations.
The U.S. Market is Estimated at $451.6 Million in 2022, While China is Forecast to Reach $874 Million by 2026
The FinTech Blockchain market in the U.S. is estimated at US$451.6 Million in the year 2022. The country currently accounts for a 32.8% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$874 Million in the year 2026 trailing a CAGR of 52.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 39.6% and 41.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 43.6% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period. North America is likely to exhibit significant growth potential, propelled by growing adoption of IoT, Blockchain, and artificial intelligence (AI) technologies. Introduction of favorable government policies and growing acceptance of crypto currencies is likely to fuel demand for Blockchain systems in the region.
Financial services are the highly regulated sectors worldwide and regulation emerged as the top priority of the governments with the take-off of fintech companies. Regulatory issues for financial service companies increased after the integration of technology into financial service procedures. In a few cases, the issues are of technological functions, and in others, the issues are the reflection of technological industries' impatience in disrupting finance. Data digitization and automation of the procedures make the fintech systems susceptible to cyberattacks. Regulation is an issue in the emerging cryptocurrency world, too, and ICOs or initial coin offerings are an advanced form of fundraising that enables the startups to raise funds from the lay investors directly. In the majority of countries, cryptocurrencies are unregulated and transformed into a fertile ground for frauds and scams. ICOs' regulatory uncertainty enables the entrepreneurs to give security tokens camouflaged as utility tokens to avert compliance costs and fees. Fintech sandboxes have been established to assess the technological impact in the financial service sector. The framework for gathering and utilizing personal data called General Data Protection Regulation has been passed in the EU to restrict the quantity of available personal data to banks. Many countries where ICOs are highly prevalent such as South Korea and Japan are leading the development of regulations to protect the investors. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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