Market Overview:

The Fintech blockchain Market size was valued at US$ 2.012 Billion. The total Fintech blockchain revenue is expected to grow by 75.80% from 2022 to 2030, reaching nearly US$ 183.56 Billion Growing at CAGR 75.9% during forcast period. 

The fintech ecosystem is made up of many different players who all want to improve the financial industry by coming up with new ideas and making it more competitive. This helps customers and the economy as a whole. The fintech ecosystem is made up of five different parts. These are fintech start-ups, technology developers, governments, financial stakeholders, and standard financial institutions. In the past ten years, there have been many technological revolutions, including ones in social media, AI, big data and cloud computing, virtual reality, and, most famously, blockchain. Based on how it is used and how new it is, fintech can be broken down into several categories. These include payments and banking, investments and capital markets, loans, crowdfunding, insurance services, and loyalty programs. Simply put, the Bitcoin white paper describes blockchain or distributed ledger technology as an open, trustworthy, shared ledger that is spread to all members of the community through a peer-to-peer network. Members of this community may or may not know each other. However, each member saves his or her own copy of the information, and all members must verify every change to the blockchain as a group.

Market Dynamics:

Market Trends: This market is growing because more and more people want to use KYC systems on blockchain platforms

With the use of blockchain in KYC compliance operations, the answer is creating a full audit trail that helps the bank comply with regulations and lowers the cost of data validation across the entire financial network.

Also, it has a lot of benefits, such as flexible security and better financial services, and it keeps people's info very private. Also, KYC verification with the help of blockchain can be a faster, easier, better, and more effective way to verify people than the old ways. Blockchain uses a decentralized computing design that makes it possible to combine data from different trusted service providers into a single database that can't be changed, has been checked, and is encrypted.

Leading software companies have put in place KYC banking systems based on blockchain for better customer service and risk management. This helps the FinTech blockchain market grow. 

North America will grow a lot, which will drive the market

Cross-border funds are tightly controlled all over the world, and the expensive distributed ledger technology has cut some of the costs and made it easier to track. Most fintech companies come up with new ideas and tools for online financial services fast. Global companies that make financial technology are working together with US, Mexican, and Canadian cell phone companies, money transfer companies, and banks.

But the current COVID-19 outbreak has shown how much the banking industry needs to change, since people are now forced to use online services and go to the bank less. Because of this, most banks are teaming up with fintech companies to offer different and more competitive services. This is because digital customer experience is likely to be the main source of competitive advantage in the future and will drive the market.

For instance, Peoples Community Bank has grown its partnership with Finastra to speed up the creation and rollout of its own products. The date was June 2020. The bank wants to improve its systems so it can use the Phoenix core platform from Finastra. The bank will use Fusion Digital Banking, LaserPro, and other tools from Finastra as part of its plan to digitize.

Also, fraud and hacking are less likely to happen in the financial world because fintech companies use blockchain technology. Blockchain helps stop data breaking and other scams like it, so that financial companies can use an open network to share or send information that hasn't been changed.

Driver: Smart contracts are becoming more popular

Accenture says that 82% of US bankers and 79% of bankers around the world think AI will change how banks collect data and talk to customers. Big data and artificial intelligence have affected every company. (AI). Using big data, businesses can find out about their customers' social status, spending habits, and what they do in apps, among other things. This information is very important to banks, especially when it comes to credit scores and other high-risk banking services. AI automates the whole process of finding fraud, analyzing risk, and handling deals in a way that works well by using big data. But when Fintech businesses try to use these technologies, they run into a lot of problems. They need to be fixed and kept up by professionals. It will be hard to make new tech work with old ways of doing things. In order to do this, not only will technology have to change, but so will companies, and both businesses and customers will have to change. Companies will have to use machine learning to teach AI how to work with large amounts of data. To teach the program what to do, they will need a lot of data. Most apps for managing money can't store and recover a lot of information. So, companies may be able to solve this problem by using a one-shot learning model, which lets them teach their machine learning system with less data.

Challenges: Reliance on a single system

Even though financial solutions made things seem easier, the real power was still held by third parties. Users are still waiting for a confirmation that they will be able to complete their transactions. This is because the transactions are still being held until they are approved by higher officials.

No reason to trust

When people use fintech apps to do anything, they don't know what's going on the other side. This causes a lot of misunderstanding and makes people more afraid of identity theft, which makes them less likely to trust. 

This fintech problem is solved by blockchain application creation services because blockchain is transparent and can't be changed.

Things take longer

Another reason why fintech needs blockchain is that the process often takes longer when third parties are involved. In the end, this makes people less happy and makes the business economy more unstable.

Fintech blockchain Market By-End-User Insights:

Large businesses are likely to lead the market in terms of size, since they are putting the most effort into integrating blockchain apps to increase customer loyalty and lower infrastructure costs overall. But because cloud-based deployments are easy to use and can be scaled up or down, it is expected that the Small and Medium-sized Enterprises (SMEs) sector will grow at a faster CAGR.

Fintech blockchain by Industry Insights:

The insurance sector was the biggest part of the global fintech blockchain market. This is because insurance companies lose a lot of money every day because of scams and fake claims, and most of them are using technologies like blockchain to improve their workflow. According to the SAP Digital Transformation Executive Study, executives from banks and insurance companies plan to spend more than three times as much in blockchain by 2019. For example, Bitfury Group and Nippon Angel Investment Company set up the first fund of its kind in Japan. It is called the digital currency infrastructure fund. (NAIC). Through the fund, both individual and institutional investors will be able to add digital money infrastructure to their portfolios.

Regional Insights:

The global Fintech blockchain market has been looked at in different parts of the world, such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. In the near future, this market will be dominated by the global area.

Most of the growth in the FinTech blockchain market is likely to happen in North America. According to Blockchain-International Financial Corporation's 2019 report, the United States had up to 54% of the world blockchain market share. Also, the UNCTAD study Digital Economy study 2019 says that in the future, 75% of blockchain patent applications will come from the United States and China. So, most of the market for FinTech blockchain technology is likely to be in North America.

On the fintech blockchain market, most people think that Europe will be in the lead. Also, the UK is a centre for fintech around the world because there are more than 1,600 fintech companies there, and this number is projected to grow by 2030. Also, a 2019 report from the UK Department for International Trade says that London is a world centre for financial innovation because most investors are putting more money into UK fintech.

In this market, the Asia-Pacific market is likely to grow. China, India, etc. are the key things that drive the market in this area. Shenzhen Hande Financial Technology Holdings Co. Ltd., a Chinese fintech business, will put $1 billion into blockchain technology to help the market grow. The India Fintech Report 2019 says that over the past few years, more than 4,000 fintech startups have been created in India because the government has been putting more attention on financial innovation.
Scope of Research:

Key vendor: 

• Accenture
• Amazon Web Services, Inc.
• Bitfury Group Limited
• BTL
• Chain, Inc.
• Digital Asset Holdings, LLC
• Earthport PLC
• Huawei Technologies Co. Ltd.
• IBM Corporation
• Infosys Limited
• Liquefy Limited
• Microsoft
• Oracle
• RecordesKeeper
• Ripple Labs Inc.
• SAP SE
• Symbiont
• Tata Consultancy Services Limited

• Accenture

Accenture plc is an Irish-American professional services company with offices in Dublin that focuses on IT services and consulting. As a Fortune Global 500 company, it made $61.6 billion in sales in 2022. 91 of the Fortune Global 100 and more than three-quarters of the Fortune Global 500 are clients of Accenture right now. As of 2022, Accenture has the most people working for it than any other consulting company in the world. Since September 1, 2019, Julie Sweet has been the CEO of Accenture.

• Amazon Web Services, Inc.

Amazon Web Services, Inc. (AWS) started exposing critical infrastructure services to businesses in the form of web services in 2006, coining the term cloud computing. The potential to leverage a new business strategy and turn capital infrastructure expenditures into variable costs is the ultimate benefit of cloud computing and AWS. Businesses no longer need to prepare and buy servers and other IT resources weeks or months ahead of time. Businesses can use AWS to access resources when they need them, delivering results quicker and at a lower cost by leveraging Amazon's expertise and economies of scale.

Amazon Web Services now offers a highly reliable, scalable, low-cost cloud infrastructure platform that powers hundreds of thousands of companies in 190 countries worldwide.

• Digital Asset Holdings, LLC

Digital Asset Holdings, LLC also called Digital Asset, is a financial technology company that was started in 2014. Works on blockchain, hyperledger, DAML, smart contracts, and cloud.

• Huawei Technologies Co. Ltd.

Huawei Technologies Co., Ltd. is a Chinese multinational technology company with its headquarters in Shenzhen, Guangdong province. It designs, develops, makes, and sells telecommunications devices, consumer electronics, smart devices, and different rooftop solar power products. Ren Zhengfei, who used to be a soldier in the People's Liberation Army, started the company in 1987. (PLA).

• IBM Corporation

International Business Machines Corporation (IBM) is also known as Big Blue, is an American global technology company with headquarters in Armonk, New York, and operations in more than 175 countries. It focuses on hardware, middleware, and software for computers. It also offers hosting and advising services in areas as diverse as mainframe computers and nanotechnology. IBM is the biggest industrial research organization in the world. It has 19 research facilities in 12 different countries. From 1993 to 2021, IBM held the record for the most U.S. patents created by a business each year.

IBM began in 1911 as the Computing-Tabulating-Recording Company (CTR), which was a holding company for companies that made tools for keeping records and measuring things.

Industry Development:

April 2019: Auxesis Services & Technologies (P) Ltd. starts a website for issuing blockchain certificates. On Auxledger Network, the platform went live. This is a project of the Indian government, and NITI Aayog and Auxesis Services & Technologies (P) Ltd. signed an SOI deal. The platform is based on a method that has nothing to do with trust and uses smart contracts.

February 2019: Under the University Blockchain Research Initiative (UBRI), Ripple has teamed up with top universities like Carnegie Mellon University, Cornell University, Duke University, Georgetown University, etc. to help the blockchain community grow. This world project began in 2018 and is now being taken to China and Singapore. This initiative will speed up technical development, innovation, and academic study in blockchain, digital payments, and crypto currency.

Market segmentation:

By Application

• Smart Contracts
• Exchanges and Remittance
• Clearing and Settlements
• Identity Management
• Compliance Management/KYC
• Others

By End User

• Small and Medium Size Enterprises (SMEs)
• Large Enterprises
• By Industry
• Banking
• Non-Banking Financial

By Industry Outlook:

• Banking
• Non-Banking Financial
• Insurance

Fintech blockchain Market Regional Insights:

• North America

• US
• Canada
• Mexico
• Rest of North America

• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries

• Denmark
• Finland
• Iceland
• Sweden
• Norway

• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe

• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conclusion:

In this Fintech blockchain Market report the various key trends, drivers, restraints, segmentation insights, key vendors are clarified. On the basis of application insights service is divided into Smart Contracts, Exchanges and Remittance, Clearing and Settlements, Identity Management, Compliance Management/KYC, Others. The insurance sector was the biggest part of the global fintech blockchain market. This is because insurance companies lose a lot of money every day because of scams and fake claims, and most of them are using technologies like blockchain to improve their workflow. According to the SAP Digital Transformation Executive Study, executives from banks and insurance companies plan to spend more than three times as much in blockchain by 2019. For example, Bitfury Group and Nippon Angel Investment Company set up the first fund of its kind in Japan. It is called the digital currency infrastructure fund. (NAIC). Through the fund, both individual and institutional investors will be able to add digital money infrastructure to their portfolios. On the basis of application insights Fintech blockchain market is divided into small and medium size enterprises (smes), large enterprises.

 By industry, banking, and non-banking financial large businesses are likely to lead the market in terms of size, since they are putting the most effort into integrating blockchain apps to increase customer loyalty and lower infrastructure costs overall. But because cloud-based deployments are easy to use and can be scaled up or down, it is expected that the Small and Medium-sized Enterprises (SMEs) sector will grow at a faster CAGR.

 On the basis of the geography the market is divided into North America, Europe, Asia-pacific, The Middle East & Africa and Latin America. Most of the growth in the FinTech blockchain market is likely to happen in North America. According to Blockchain-International Financial Corporation's 2019 report, the United States had up to 54% of the world blockchain market share. Also, the UNCTAD study Digital Economy study 2019 says that in the future, 75% of blockchain patent applications will come from the United States and China. So, most of the market for FinTech blockchain technology is likely to be in North America.

On the fintech blockchain market, most people think that Europe will be in the lead. Also, the UK is a center for fintech around the world because there are more than 1,600 fintech companies there, and this number is projected to grow by 2030. Also, a 2019 report from the UK Department for International Trade says that London is a world center for financial innovation because most investors are putting more money into UK fintech.

In this market, the Asia-Pacific market is likely to grow. China, India, etc. are the key things that drive the market in this area. Shenzhen Hande Financial Technology Holdings Co. Ltd., a Chinese fintech business, will put $1 billion into blockchain technology to help the market grow. The India Fintech Report 2019 says that over the past few years, more than 4,000 fintech startups have been created in India because the government has been putting more attention on financial innovation.