PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 999600
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 999600
By 2020, the value of the Global Fintech Blockchain market was estimated at USD 580.9 Billion, with a growth of 68.4% CAGR during the estimated timeframe, 2021-2027.
Internet & technology has made several modifications in the finance industry's methods, players, and market. A technology incorporated with financial services is usually termed FinTech. Implementation of FinTech can help in aligning and modernizing business processes and traditional financial services. Fintech has been implemented across various banking & fiscal institutions. It caters to modern business models, including beginner currencies such as cryptocurrencies. Blockchain is a core technology in FinTech.
Bitcoin was the main focus while developing blockchain technology. Due to its special features, many organizations and users are now finding blockchain very beneficial for applications in many areas. These areas are not limited to cyber currencies. They also include finance, logistics, insurance, medicine, and also music. The growing digital transformation of the financial industry offering custom digital experiences and products is changing the landscape of financial services. Digital banking technologies such as wallets, digital banks, computerized chatbots, and blockchain technology for customer service are a few of the examples that are experiencing rising demand. These technologies improve overall operational efficiency, offer a real-time settlement, decrease processing times and the number of steps and mediators needed to achieve the same levels of confidence in traditional processes.
The notable factors such as higher compatibility with the financial services industry ecosystem, reduced cost of transactions, the emergence of crypto-currencies and Initial Currency Offering (ICO), and reduced total cost of ownership are encouraging the growth of Fintech Blockchain Market. Furthermore, growing demand for faster transactions; reduced total cost of ownership; high demand for distributed ledger technology; and adoption of technologically advanced blockchain solutions in investment banks, increasing growth in the cryptocurrency market cap, and higher compatibility with the financial industry ecosystem is fueling the growth of the fintech blockchain market.
The scope of this report encompasses the market by its most significant segments, which include the following: