Press release
Blockchain in Fintech Market 2018 Financial and Competitive Analysis by Amazon Web Services, IBM Corporation, Microsoft, Ripple, Chain Inc, Earthport PLC., Bitfury Group, BTL Group, Oracle
Worldwide blockchain in financial technology (fintech) market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period. Key factors driving blockchain in fintech are high compatibility with the financial industry ecosystem, faster transactions, and reduction of the total cost of ownership. North America is expected to dominate the market owing to a technically advanced region and the presence of major key players. Major factors driving this market are rising cryptocurrency market, initial coin offering (ICO), and reduced cost of transactions. However, uncertain regulatory standards and frameworks and lack of blockchain applications and use cases are expected to hinder the growth of the market during the forecast period. The future growth opportunities for the market include the rising adoption of blockchain applications, such as payments, clearance and settlements, smart contracts, identity management, and new programmable blockchain platforms.
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Key players
Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Chain Inc (US), Earthport PLC. (UK), Bitfury Group Limited (US), BTL Group (Canada), Oracle Corporation (US) and Digital Asset Holdings (US).
Other players in the blockchain in fintech market are Circle Internet Financial Limited (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Auxesis Group (India), BitPay (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), RecordesKeeper (Spain), Symbiont.io (US), Guardtime (Estonia), Cambridge Blockchain, LLC. (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius) among others.
Segmentation.
By service provider, the market is segmented into application and solutions, middleware & services and infrastructure & base protocols.
By interaction channel, the market is segmented into bank branches, mobile applications, websites, call centers, and others.
By organization size, the market is segmented into large enterprise and SME.
By application, the market is segmented into banking, payment, smart contracts, trade & supply chain finance, capital market, risk management & compliance, insurance, digital identity management, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world
Regional analysis
The global market for blockchain in fintech is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in fintech market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the blockchain in fintech market owing to increasing adoption of advanced technology and infrastructure in this region. Asia-Pacific is expected to be the fastest growing region in this market led by an increase in the overall investments in the blockchain technology solutions to change the business processes in the finance industry.
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Intended Audience
Application developers
Services providers and distributors
Blockchain application builders
Independent Software Vendors (ISVs)
Enterprises
Research institutes, organizations, and consulting companies
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