Blockchain in FinTech Market Size To Reach USD 31.4 Billion

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New York, US, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in FinTech Market Analysis by Service Provider, Interaction Channel (bank branch, mobile application), Organization Size, Application (Payment, Smart Contract) —  Forecast till 2030” valuation is poised to reach USD 31.4 billion by 2030, registering an 47.9% CAGR throughout the forecast period (2021 to 2030). 

Blockchain in FinTech Market Overview

Blockchain technology has created significant interest in the fintech industry. The emergence of the blockchain has encouraged the financial industry to move toward app-based operations. The increasing adoption of blockchain induced the growth of the fintech industry even during the pandemic. Whether it is needs for transaction security, transparency, or fraudulent activities, blockchain technologies can address them all.

Blockchain in FinTech Market Report Scope:

Report Metric Details
  Market Size by 2030   USD 31.4 Billion
  Growth Rate   47.9% CAGR
  Base Year   2020
  Forecast Period   2021 to 2030

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In today’s scenario, where inflation and interest rates are rising continually, 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. Also, unlocking opportunities for automating supply chain finance can be achieved through imports and exports.

Most commercial payments are still performed manually through a pre-internet process. Automating AR, AP, expense, procurement, and payments using Web3 technologies offers huge cash advantages to enterprises and the B2B payment market. Many companies have already embraced software or digital AR/AP solutions. The companies that are in LATAM and are specifically digitally enabled imply B2B payments opportunities in emerging markets. 

Blockchain in FinTech Market Segments

The report segments market dynamics into service providers, interaction channels, organization size, applications, and regions. Of these, the service provider segment comprises applications & solutions, middleware & services, and infrastructure & base protocols. The interaction channel segment comprises bank branches, mobile applications, websites, call centers, and others.

The organization size segment comprises large enterprises and SMEs. The application segment comprises banking, payment, smart contracts, trade & supply chain finance, capital market, risk management & compliance, insurance, digital identity management, and others. The region segment comprises Europe, North America, Asia Pacific, and Rest-of-the-World.

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Blockchain in FinTech Market Regional Analysis 

North America heads the global blockchain in fintech market, witnessing the growing adoption of advanced technologies. Besides, the growing fintech industry and the rising demand for secured payment processes from online applications boost the region’s market shares. The proliferation of payment security solutions substantiates the market value.

Europe is the second-largest region in the global blockchain in fintech market. As the fintech sector in this region is constantly monitoring new developments in security technologies, blockchain uses in fintech market are increasing. Additional factors that are bolstering the market growth include the increasing Internet connectivity and growing payment security needs.

The blockchain in fintech market in the Asia Pacific region is also gaining momentum. Growing investments in developing blockchain solutions to change business processes in the finance industry and growing numbers of mobile applications, websites, and call centers, foster the region’s market shares. Furthermore, the rising preference for mobile payments and the increase in fraudulent cases of online payments influence the region’s market value.

Industry Trends

Continued expansion of open banking and vast adoption of international payment platforms are key driving forces. The progressive regulatory environment and innovations in fintech businesses worldwide drive market growth. The rapidly changing and evolving global consumer and merchant trends are fostering the adoption of digital payment methods and fund 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 allows the expansion of fintech. Banks are fostering their blockchain operations apace, which creates significant market opportunities.

Major banks are partnering with fintech to provide valuable guidance and technology that can modernize and adopt emerging tools like blockchain. Besides, the increasing demand for secured payment and security approaches and rising online fraudulent cases boost open banking adoption. The rising focus on the digitization and efficiency of B2B payments escalates the market value.

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Blockchain in FinTech Market Competitive Analysis

The blockchain in fintech market appears highly competitive, with many players forming a competitive landscape. Product development and close collaboration with end-users is an attractive strategy being pursued. Industry players are also forming collaborations and partnerships with other players to expand their footprints & expertise and reduce development times and costs.

For instance, on Aug. 5, 2022, Paystand, a B2B payments platform, announced the acquisition of Yaydoo, a provider of accounts payable, cash flow management, and liquidity solutions to create a blockchain-enabled B2B payments network. Paystand wants to make commercial blockchain-based solutions more accessible across the Americas.

Both companies offer a wide variety of technology-enabled B2B solutions for automating transactions, payment, and bill collection processes and have created successful B2B DeFi payment networks applicable to businesses across the continent. They have set their sights on connecting their platforms through a single, open and secure global payment network.

In another instance, on Feb. 16, 2022, Stronghold, a payments, and financial infrastructure firm, launched a venture capital arm – Stronghold Capital to deploy a US$100 MN fund to expand into early-stage startups in Web3, blockchain and fintech ecosystems. The fund would be used to target investments in founders from underrepresented groups.

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Dominant Key Players on Blockchain in FinTech Market Covered are:

  •  Earthport PLC. (UK)
  •  Ripple (US)
  •  BTL Group (Canada)
  •  Oracle Corporation (US)
  •  Bitfury Group Limited (US)
  •  Digital Asset Holdings (US)
  •  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)
  •  Blockchain Advisory Mauritius Foundation (Mauritius)

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