Market Research Report
Global Fintech Blockchain Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||675301|
|Published||Content info||240 Pages
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|Global Fintech Blockchain Market - Technologies, Market share and Industry Forecast to 2024|
|Published: July 25, 2018||Content info: 240 Pages||
FinTech blockchain refers to the adoption of blockchain technology in financial sector. Global FinTech blockchain market is expected to rise with the CAGR of about 75.5% during the forecast period. Rising cryptocurrency market cap and initial coin offering, faster transactions, high compatibility with financial services industry ecosystem drives the growth of the market. However, uncertain regulatory frameworks and standards and lack of blockchain use cases and applications are the major restraints. Increasing adoption of blockchain for payments, smart contracts, and digital identities and emergence of programmable blockchain platforms are opportunities. Issues regarding security, privacy, and control and scalability and latency challenges are the major challenges for the global FinTech blockchain market during the forecast period.
Geographically, the market report has been segmented in North America, Asia Pacific, Europe and Rest of World. North America is expected to dominate the market during the forecast period due to high adoption of blockchain technology, prominent implementation of smart contracts, documentation, payment applications, etc. However, Asia Pacific is expected to be the fastest growing region in market during forecast period due to increasing government support for the adoption of blockchain technology in industry verticals, etc.
The growth in the market is also influenced by the presence of major players such as Alphapoint (United States), Amazon Web Services Inc. (United States), Bitfury Group (The Netherlands), Digital Asset Holdings (United States), IBM Corporation (United States), Microsoft Corporation (United States), etc. to gain competitive advantage, the major players of the market are adopting various strategies such as mergers & acquisitions, product launch, strategic partnership, collaboration, joint ventures, investment, strategic expansion, funding etc. during the forecast period.
The report on the market is segmented on the basis of provider, application, organization size and vertical. Provider segment includes application and solution providers, middleware providers and infrastructure and protocol providers. Application segment includes payments, clearing, and settlement, exchanges and remittance, smart contract, identity management, compliance management/KYC and others. Organization size segment includes large enterprises and small and medium sized enterprises. Vertical segment is further divided as banking, non-banking financial services and insurance. Payment, clearing, and settlement is expected to dominate the market during the forecast period due to factors such as increasing applications of blockchain technology in the payment sector to improve the transparency and efficiency in payment systems, etc.