FinTech Blockchain Market projected to reach 6,228.2 Million USD by 2023

(IT-NEWSWIRE.COM, October 21, 2020 ) The FinTech blockchain market is growing at a fast pace, due to the rising cryptocurrency market cap and Initial Currency Offering (ICO), high computability with financial services ecosystem, faster transactions, and reduced total cost of ownership.
The global FinTech blockchain market size is expected to grow from USD 370.3 Million in 2018 to USD 6,228.2 million by 2023, at a Compound Annual Growth Rate (CAGR) of 75.9% during the forecast period.

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The payment, clearing, and settlement segment is estimated to account for the largest market size in the FinTech blockchain market in 2018.

The payment, clearing, and settlement segment is expected to dominate the overall market in terms of share. This domination by the segment is attributed to the blockchain technology applications, which are predominantly finding use in the payment industry to reduce risks and improve the efficiency and transparency in payment systems across different verticals. Additionally, the shift from the centralized technical infrastructure to the distributed, ecosystem-enabling platform is laying the foundation for new business models in the payment industry.

The application and solution providers segment is expected to grow at the highest CAGR in the global FinTech blockchain market during the forecast period.
The market has been segmented on the basis of providers into 3 categories: application and solution providers, middleware providers, and infrastructure and protocols provider. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application and solution providers segment is the fastest-growing segment in the overall market. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in commercial banks, investment banks, and insurance companies, thereby fueling the overall market growth.

The major FinTech blockchain technology vendors include AWS (US), IBM (US), Microsoft (US), Ripple (US), Chain (US), Earthport (UK), Bitfury (US), BTL Group (Canada), Oracle (US), Digital Asset Holdings (US), Circle (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Abra (US), Auxesis Group (India), BitPay (US), BlockCypher (US), Applied Blockchain (UK), RecordesKeeper (Spain), Symbiont (US), Guardtime (Estonia), Cambridge Blockchain (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius).

IBM has undertaken partnerships as its major development strategy to create a leading market edge. As a part of its inorganic growth strategy, in October 2017, IBM partnered with Stellar, the blockchain startup company, and KlickEx Group, the payment company, to launch cross-border payment systems using blockchain that lowers the cost of completing global payments for business and consumers. This partnership would assist IBM to further enhance its client portfolio in banking, as well as non-banking financial services areas, and penetrate its presence in the growing FinTech blockchain market.

Microsoft operates in several countries and primarily serves regions including the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific (APAC). Microsoft has been adopting organic growth as a long-term strategy and consistently introducing multiple solutions and upgrading its product portfolio. In May 2018, the company launched Azure Blockchain Workbench, a set of new tools to build apps easily in minimum time. In July 2017, Microsoft launched its Enterprise Smart Contracts for making Blockchain-as-a-Service (BaaS) more usable for businesses in real-time scenarios. Enterprise smart contracts solutions and Microsoft Azure is a framework that enables users to build the blockchain-based applications platform for running shared business logic, with a cryptographic proof system that integrates with multiple blockchains.

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FinTech Blockchain Market projected to reach 6,228.2 Million USD by 2023