Fintech
Blockchain Fintech Market: Expected to Surpass $57.84 Billion by 2031
WESTFORD, Mass., June 28, 2024 /PRNewswire/ — According to SkyQuest, the global system Fintech Blockchain Market Its size was valued at $2.2 billion in 2022 and is expected to grow from $3.16 billion in 2023 to $57.84 billion by 2031, growing at a CAGR of 43.8% in forecast period (2024-2031).
Solutions that focus on integrating Blockchain technology with financial technology to improve transaction time and security are known as blockchain fintech solutions. The increasing advancements and acceptance of Blockchain technology are driving the growth of the blockchain fintech market. The global blockchain fintech market is segmented into application, vendor, organization size, vertical industry, and region.
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Blockchain fintech market overview:
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Report coverage |
Details |
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Market Revenue in 2023 |
3.16 billion dollars |
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Estimated value in 2031 |
57.84 billion dollars |
|
Growth rate |
Poised to grow at a CAGR of 43.8% |
|
Forecast period |
2024–2031 |
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Forecasting unit |
Value (billions of dollars) |
|
Report coverage |
Revenue forecast, competitive landscape, growth drivers and trends |
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Segments covered |
Application, vendor, organization size, industry vertical, component, blockchain type, and deployment model |
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Geographical areas covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Highlights of the report |
Updated financial information/player product portfolio |
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Main market opportunities |
Growing demand for KYC system applications on blockchain platforms |
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Main market drivers |
The growing demand for smart contracts is a driving factor in the market expansion |
Segments covered in The Fintech Blockchain market is as follows:
- Application
- Payments, Clearing & Settlement, Exchange & Remittance, Smart Contract, Identity Management, Compliance/KYC Management, Other
- Supplier
- Application and solution providers, middleware providers, and infrastructure and protocol providers
- Organization size
- Large businesses, small and medium-sized businesses
- Vertical Sector
- Banking, non-banking financial and insurance services
- Component
- Platform, Services (Consulting Services, Integration Services, Support and Maintenance Services)
- Type of Blockchain
- Public Blockchain, Private Blockchain, Hybrid Blockchain
- Distribution model
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Payments and settlements to drive global blockchain fintech market growth
The growing emphasis on improving transactions by reducing the time taken to process them while maintaining security is expected to help drive demand for blockchain fintech solutions in the payments, clearing, and settlements sub-segment. The decentralized nature of blockchain fintech systems helps keep transactions highly transparent yet secure as they are stored in distributed ledgers. Lower transaction fees, increased efficiency, and less dependency on cross-border intermediaries are other benefits of blockchain in fintech that help this segment maintain a high market share.
Talking about Blockchain and missing out on smart contracts? It is simply not possible, as smart contracts are an essential part of the growth of the blockchain fintech market as well. Minimal third-party involvement means more security and less risk, which is exactly what smart contracts provide through Blockchain technology. The growing realization of the benefits of smart contracts in the fintech industry is expected to help increase the demand for blockchain fintech in the coming years.
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SMEs maintain their position as the main adopters of Fintech Blockchain
Small and medium-sized enterprises (SMEs) lack the resources to invest in developing new and advanced technologies, which is why they mostly opt for off-the-shelf solutions or outsource them from leading companies. Blockchain fintech solutions are highly advanced and developing or operating them is not an easy feat for SMEs. The rapid adoption of Blockchain technologies among SMEs is also set to open up new opportunities for blockchain fintech providers in the future. Capital raising and crowdfunding are expected to help SMEs invest in developing their own blockchain fintech offerings.
On the other hand, large companies are investing in developing their own fintech blockchain solutions to have better control and provide new features to their customers. This segment will be highly rewarding for blockchain fintech companies that are focusing on developing customized blockchain fintech solutions.
Application and solution providers remain the backbone of the blockchain Fintech market
Fintech applications and solutions are used directly by customers and organizations, which is why they should be extremely intuitive yet secure. Integrating Blockchain technologies with Fintech applications to create unique Fintech blockchain offerings will help market players maintain their high market share. The growing adoption of Blockchain technology in the financial sector will also create a new revenue scope for middleware providers and infrastructure and protocol providers in the future. Large companies’ high investments in designing their own Fintech blockchain solutions will help infrastructure and protocol providers maximize their revenue-generating potential in the future.
To summarize, the growing need for greater security and faster transactions is changing the landscape of the financial sector, thus creating an opportune environment for blockchain fintech companies. Almost all segments are expected to offer a profitable growth scope, but investing in SMEs will be highly rewarding for both new and established blockchain fintech providers.
Related reports:
Blockchain as a services market
Blockchain in the healthcare market
Blockchain in the manufacturing market
Who we are:
SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator. We provide access to technologies, markets and financing across all sectors, i.e. Life Sciences, CleanTech, AgriTech, NanoTech and Information and Communication Technologies.
We work closely with innovators, inventors, innovation researchers, entrepreneurs, corporations and investors to leverage external sources of research and development. We also help them optimize the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach to North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology