New York, USA, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in the FinTech market Analysis by service provider, interaction channel (bank branch, mobile application), organization size, application (payment, smart contract) — the forecast up to 2030 value is ready to reach USD 31.4 billion by 2030, registering a CAGR of 47.9% throughout the forecast period (2021 to 2030).
Blockchain in FinTech Market Overview
Blockchain technology has generated significant interest in the fintech industry. The rise of the blockchain has encouraged the financial industry to move towards app-based operations. The growing use of blockchain led to the growth of the fintech industry even during the pandemic. Whether there is a need for transaction security, transparency or fraudulent activities, blockchain technologies can cover them all.
Blockchain in FinTech Market Report Scope:
| Report calculation | Details |
| Market size by 2030 | USD 31.4 billion |
| Growth rate | 47.9% CAGR |
| Foundation year | 2020 |
| Forecast period | 2021 to 2030 |
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In today’s scenario, where inflation and interest rates are continuously increasing, working capital has become more important than ever. As companies look for more cash, they are increasingly aiming to develop a technology that can achieve greater economies in the mission-critical cash cycle. Moreover, open opportunities for automation of supply chain finance can be achieved through import and export.
Most commercial payments are still carried out manually through a pre-internet process. Automating AR, AP, spend, procurement and payments using Web3 technologies brings big cash benefits to businesses and the B2B payments market. Many companies have already adopted software or digital AR/AP solutions. The companies that are in LATAM and are specifically digitally enabled involve B2B payment opportunities in emerging markets.
Blockchain in FinTech market segments
The report segments the market dynamics into service providers, interaction channels, organization size, applications, and regions. Of these, the service provider segment comprises applications and solutions, middleware and services, and infrastructure and base protocols. The interaction channel segment includes bank branches, mobile applications, websites, call centers and others.
The organization size segment includes large companies and SMEs. The application segment includes banking, payment, smart contracts, trade and supply chain finance, capital markets, risk management and compliance, insurance, digital identity management and others. The region segment includes Europe, North America, Asia and the Pacific and the rest of the world.
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Blockchain in FinTech Market Regional Analysis
North America leads the global blockchain in fintech market and is witnessing the growing use of advanced technologies. Moreover, the growing fintech industry and the growing demand for secure payment processes from online applications are increasing the region’s market share. The spread of payment security solutions underpins the market value.
Europe is the second largest region in the global blockchain fintech market. As the fintech sector in this region continuously monitors new developments in security technology, the use of blockchain in the fintech market is increasing. Additional factors fueling market growth include increasing Internet connectivity and growing need for payment security.
Blockchain in the fintech market in the Asia Pacific region is also gaining momentum. Increasing investments in the development of blockchain solutions to change business processes in the financial industry and increasing number of mobile applications, websites and call centers are promoting the region’s market share. Furthermore, the growing preference for mobile payments and the increase in fraud cases of online payments affect the region’s market value.
Industry trends
Continued expansion of open banking services and extensive use of international payment platforms are important driving forces. The progressive regulatory environment and innovations in fintech companies worldwide are driving the market growth. The rapidly changing and evolving global consumer and merchant trends are promoting the use of digital payment methods and money transfers.
The government-backed UPI/QR-based payments have pushed it further, allowing users to accept digital payments without any technical complexities. Increasing blockchain research and development activities allow the expansion of fintech. Banks are advancing their blockchain operations rapidly, creating significant market opportunities.
Major banks are partnering with fintech to provide valuable guidance and technology that can modernize and adopt new tools such as blockchain. Also, increasing demand for secured payment and security approaches and rising online fraud cases are increasing the open banking adoption. The increasing focus on digitization and efficiency of B2B payments is escalating market value.
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Blockchain in FinTech Market Competition Analysis
The blockchain in the fintech market appears to be very competitive, with many players forming a competitive landscape. Product development and close collaboration with end users is an attractive strategy that is followed. Industry players also form collaborations and partnerships with other players to expand their footprints and expertise and reduce development times and costs.
For example, on August 5, 2022, Paystand, a B2B payment platform, announced the acquisition of Yaydoo, a provider of accounts payable, cash flow management and liquidity solutions to create a blockchain-enabled B2B payment network. Paystand wants to make commercial blockchain-based solutions more accessible across America.
Both companies offer a wide range of technology-enabled B2B solutions for automating transactions, payments and bill collection processes, and have created successful B2B DeFi payment networks applicable to businesses across the continent. They have invested in connecting their platforms through a simple, open and secure global payment network.
In another case, on February 16, 2022, Stronghold, a payments and financial infrastructure firm, launched a venture capital arm – Stronghold Capital to deploy a USD 100 MN fund to expand into early-stage startups in the Web3, blockchain and fintech ecosystems . The fund will be used to target investments in entrepreneurs from underrepresented groups.
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Dominant key players on the Blockchain in FinTech market covered are:
- Earthport PLC. (Great Britain)
- Ripple (USA)
- BTL Group (Canada)
- Oracle Corporation (USA)
- Bitfury Group Limited (USA)
- Digital Asset Holdings (USA)
- Circle Internet Financial Limited (Ireland)
- Factom (USA)
- AlphaPoint (USA)
- Coinbase (US)
- Plutus Financial Inc. (USA)
- Auxesis Group (India)
- BitPay (US)
- BlockCypher Inc. (USA)
- Applied Blockchain Ltd. (Great Britain)
- Record Keeper (Spain)
- Symbiont.io (US)
- Duty time (Estonia)
- Cambridge Blockchain LLC. (US)
- Tradele (USA)
- Blockchain Advisory Mauritius Foundation (Mauritius)
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