DUBLIN, June 14, 2018 /PRNewswire/ --
The "FinTech Blockchain Market by Provider, Application (Payments, Clearing, and Settlement, Exchanges and Remittance, Smart Contract, Identity Management, and Compliance Management/KYC), Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The FinTech blockchain market 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.
The major drivers of the market include the higher compatibility with financial industry ecosystem, the rising cryptocurrency market cap and Initial Coin Offering (ICO), faster transaction, and reduced total cost of ownership. The future growth opportunities for market include the rising adoption of blockchain applications, such as payments, clearing, and settlements, smart contracts, and identity management, and a new breed of programmable blockchain platform.
The FinTech blockchain market study aims at estimating the market size and future growth potential of the market across different segments, such as providers, applications, and regions. The application segment includes payments, clearing, and settlement, exchanges and remittances, smart contracts, identity management, compliance management/Know Your Customer (KYC), and others (cyber liability and content storage management). The payments, clearing, and settlement segment is expected to dominate the application segment in terms of contribution to the overall market, as financial companies are deploying blockchain-based smart contracts to bring reduction in costs of verification, execution, arbitration, and fraud prevention.
The FinTech blockchain market has been segmented on the basis of providers into 3 categories: application and solution providers, middleware providers, and infrastructure and protocols providers. 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 financial companies, thereby fueling the overall market growth.
FinTech blockchain applications are witnessing an increasing demand across the financial industry. Applications such as payments, smart contracts, and compliance management/KYC are assisting banks, investment banks, and insurance companies to enhance their efficiency and reduce infrastructure cost. The non-banking financial services, such as asset management and wealth management, are expected to dominate the market during the forecast period, due to the growing importance of FinTech blockchain applications. This, in turn, is expected to enhance the customer satisfaction, prevent fraudulent transactions, provide faster transactions, and reduce total cost of ownership.
The large enterprises segment is expected to dominate the market in terms of market size, as large enterprises are focusing on implementing blockchain applications to improve the customer loyalty and have an overall reduced infrastructure cost. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR, owing to the easy availability and scalability of cloud-based deployments.
In terms of geographic coverage, the FinTech blockchain market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest share of the overall market in 2018. North America is considered the most advanced region with regard to technology adoption and infrastructure. The wide presence of the key industry players of the blockchain technology solutions in this region is the major driving factor responsible for the growth of the FinTech blockchain market. Financial companies in this region are moving toward the adoption of the blockchain technology.
Furthermore, APAC is expected to account for the highest growth rate during the forecast period, due to the increase in the overall investments in the blockchain technology solutions to change the business processes in the finance industry. The key financial hubs, including Hong Kong and Singapore, provide huge opportunities for the adoption of blockchain applications in the financial industry. However, lack of awareness and technical understanding about the blockchain technology can act as a restraining factor in the market across various regions.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the FinTech Blockchain Market
4.2 Market By Provider
4.3 Market By Application
4.4 Market By Organization Size
4.5 Market By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Compatibility With Financial Services Industry Ecosystem
5.2.1.2 Rising Cryptocurrency Market Cap and Ico
5.2.1.3 Faster Transactions
5.2.1.4 Reduced Tco
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory Standards and Frameworks
5.2.2.2 Lack of Blockchain Applications and Use Cases
5.2.3 Opportunities
5.2.3.1 High Adoption of Blockchain Technology for Payments, Smart Contracts, and Digital Identities
5.2.3.2 New Breed of Programmable Blockchain Platforms
5.2.4 Challenges
5.2.4.1 Security, Privacy, and Control Issues
5.2.4.2 Scalability and Latency Challenges
5.3 Industry Trends
5.3.1 Types of Blockchain Technology
5.3.1.1 Public Blockchain
5.3.1.2 Private Blockchain
5.3.2 Blockchain Associations, Regulatory and Policy Makers, and Consortiums
5.3.2.1 CLS Group
5.3.2.2 R3cev Blockchain Consortium
5.3.2.3 Hyperledger
5.3.2.4 Global Payments Steering Group (GPSG)
5.3.2.5 Financial Blockchain Shenzhen Consortium (FBSC)
5.3.2.6 Cu Ledger
5.3.2.7 Blockchain Collaborative Consortium (BCCC)
5.3.2.8 Wall Street Blockchain Alliance (WSBA)
5.3.2.9 International Monetary Fund (IMF)
5.3.2.10 New York Department of Financial Services (NYDFS)
5.3.2.11 Financial Conduct Authority (FCA)
5.3.3 Blockchain in Banking, Financial Services, and Insurance
5.3.3.1 Examples of FinTech Blockchain Across Financial Sectors
5.4 Market Evolution
6 FinTech Blockchain Market, By Provider
6.1 Introduction
6.2 Application and Solution Providers
6.3 Middleware Providers
6.4 Infrastructure and Protocol Providers
7 Market By Application
7.1 Introduction
7.2 Payments, Clearing, and Settlement
7.3 Exchanges and Remittance
7.4 Smart Contract
7.5 Identity Management
7.6 Compliance Management/ KYC
7.7 Others
8 FinTech Blockchain Market, By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Market By Vertical
9.1 Introduction
9.2 Banking
9.3 Non-Banking Financial Services
9.4 Insurance
10 FinTech Blockchain Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Prominent Players in the Global FinTech Blockchain Market
11.3 Competitive Situations and Trends
11.3.1 Partnerships, Agreements, and Collaborations
11.3.2 New Product Launches/Product Upgradations
11.3.3 Expansions
11.3.4 Venture Funding
12 Company Profiles
12.1 AWS
12.2 IBM
12.3 Microsoft
12.4 Ripple
12.5 Chain
12.6 Earthport
12.7 Bitfury
12.8 BTL Group
12.9 Oracle
12.10 Digital Asset Holdings
12.11 Circle
12.12 Factom
12.13 Alphapoint
12.14 Coinbase
12.15 Abra
12.16 Auxesis Group
12.17 Bitpay
12.18 Blockcypher
12.19 Applied Blockchain
12.20 Recordskeeper
12.21 Symboint
12.22 Guardtime
12.23 Cambridge Blockchain
12.24 Tradle
12.25 Blockchain Advisory Mauritius Foundation
For more information about this report visit https://www.researchandmarkets.com/research/3mnnjn/fintech?w=5
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