FinTech Blockchain Market Size, Share & Industry Analysis, 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) and Regional Forecast, 2024-2032

FinTech is the emerging financial technology that focuses on innovations and delivering technology advanced financial solution and services. FinTech is active in development and innovation around blockchain technology as well. For instance- smart contracts uses blockchain technology to execute the contract between buyer and seller automatically.

Rising adoption of the blockchain in financial industry, as reducing infrastructure cost and improves their working efficiency.

According to PWC report 2017 blockchain has been adopted in finance sector – 55% in Payment Infrastructures, 50% in Fund Transfer Infrastructure and 46% in Digital Identity Management. Further, rising investment in FinTech industry for introduction of technological advanced solutions for financial and non-financial industry. This is likely to drive FinTech blockchain market. Oreover, there is increasing demand for FinTech blockchain applications in financial industry will support in the growth of market in coming years.

Key Market Driver -

• Increasing adoption of advanced solutions in financial industry likely to drive market • Rising investment for blockchain technology

Key Market Restraint -

• Uncertainty in regulations and policies will hinder market growth.

Key Players Covered:

Some solution providers in the FinTech blockchain market are Microsoft Corporation, Ripple, Amazon.com, Inc., Oracle, Digital Asset Holdings, LLC, Bitfury Group Limited., BTL., Liquefy Limited., Earthport PLC. and others.

JPMorgan Chase & Co and Microsoft Corporation partnered for enterprise blockchain. Distributed ledger platform- Ethereum blockchain is the first platform available through Microsoft Azure Blockchain service. It will offer customers to build and scale blockchain networks on the cloud. This platform will offer customers built-in governance to focus on application development in lower costs and simplified deployment.

Liquefy Limited partnered with Amazon Web Services network. This partnership offers Real Asset Tokenization Solutions by leveraging blockchain technology to its customers. Additionally, it helps to tokenize their assets and issue digital securities secured by digital register of members on blockchain.

Regional Analysis

North America is expected to show a majority growth in FinTech blockchain market. Referring to Blockchain -International Financial Corporation 2019 report, the United States contributes up to 54% market share in blockchain globally. Additionally, according to UNCTAD report -Digital Economy Report 2019- US and China will have 75% of patent applications of blockchain technologies in future. Therefore, it is anticipated that North America will have majority of share in the FinTech blockchain technology market.

Europe is expected to be a frontrunner in the FinTech blockchain market. Further, UK is a global hub in FinTech as there are more than 1600 FinTech firms in UK and is expected to be increase by 2030. Furthermore, according to the report published by Department of International Trade 2019 - London is the global hub for global financial innovations as majority of the investors put more money into UK FinTech.

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Asia Pacific market is expected grow in this market. The market in this region is majorly driven by China and India etc. The Chinese Fintech company Shenzhen Hande Financial Technology Holdings Co., Ltd  will be investing USD 1 Billion into blockchain technology which will support market growth. In India, according to Indian Fintech report 2019, there are more than 4000 FinTech startups which have emerged in the past few years due to government initiatives that focus on financial innovations.

Segmentation

Key Industry Developments

• February 2019 – Under University Blockchain Research Initiative (UBRI) Ripple has partnered with the leading universities such as Carnegie Mellon University, Cornell University, Duke University, Georgetown University etc. to support the industry to grow the blockchain ecosystem. This global initiative that was launched in 2018 and is now expanding to China and Singapore. This initiative will accelerate technical development, innovation and academic research in blockchain, digital payments and crypto currency.

• April 2019 - Auxesis Services & Technologies (P) Ltd. launched blockchain certificate Issuance Platform. This platform is launched on Auxledger Network. This was the initiative taken by NITI Aayog, Government of India which signed a SOI agreement with Auxesis Services & Technologies (P) Ltd. The platform is based on complete “trust-free” approach with capabilities of smart contracts