The global FintTech blockchain market is anticipated to grow at a significant rate over the forecast period between 2018 and 2026. The key factor behind this growth is the increasing cryptocurrency market cap and Initial Coin Offerings across the globe. Reducing overall cost of ownership, faster transaction, and increasing compatibility with financial industry ecosystem are also driving the demand in the FinTech blockchain market.
The global fintech blockchain market could be categorized on the basis of middleware providers, application and solution providers, and infrastructure and protocols providers. Of these, the application and solution providers is projected to lead the market and is expected to grow significantly in the coming years. Rapid adoption of blockchain technology as a solution in various financial companies has provided a fillip to this market.
Introduction of advanced technology in financial industry has enhanced its efficiency largely. FinTech blockchain applications are the ones that are highly in demand in the financial industry.
The applicability of fintech blockchain is seen in smart contracts, payments, and compliance management/KYC that are benefitting insurance companies, banks, and investment banks. This helps in reducing infrastructure cost and improves their working efficiency. The growing importance of FinTech blockchain applications in the non-banking financial services is also expected to provide a fillip in this market.
Geographically, the global fintech blockchain market covers Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these regions, North America is expected to hold maximum number of share in the coming years. This growth is attributed to the presence of key industry players in the region driving the growth of the fintech blockchain market. Financial companies in this region are focusing on adopting blockchain technology to fast track the day-to-day work.
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Moreover, Asia Pacific is expected to grow significantly in the coming years. Countries such as Singapore and Hong Kong offer huge opportunities for adoption of blockchain technology. The major reason behind the growth of fintech blockchain in Asia Pacific is rising investment in blockchain technology solutions with the aim to change the business processes in the financial industry.
However, limited technical knowledge and awareness about the blockchain technology is the key restraining factors that might obstruct the growth of the fintech blockchain market across the globe.