FinTech Blockchain Market growth outlook with industry reviews
Posted by Ashish on February 10th, 2020
The FinTech blockchain market is growing at a fast pace, due to the rising cryptocurrency market cap and Initial Currency Offering (ICO), high computability with financial services ecosystem, faster transactions, and reduced total cost of ownership.
The global FinTech blockchain market size is expected to grow from USD 370.3 Million in 2018 to USD 6,228.2 million by 2023, at a Compound Annual Growth Rate (CAGR) of 75.9% during the forecast period.
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The FinTech blockchain ecosystem comprises vendors, such as AWS (US), IBM (US), Microsoft (US), Ripple (US), Chain (US), Earthport (UK), Bitfury (US), BTL Group (Canada), Oracle (US), Digital Asset Holdings (US), Circle (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Abra (US), Auxesis Group (India), BitPay (US), BlockCypher (US), Applied Blockchain (UK), RecordesKeeper (Spain), Symbiont (US), Guardtime (Estonia), Cambridge Blockchain (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius). These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to accomplish development and sustain in the competitive market. In addition, new product launches and upgradations, business expansions, and venture funding are some of the other significant strategies embraced by these market players to grow in the blockchain market.
IBM has undertaken partnerships as its major development strategy to create a leading market edge. As a part of its inorganic growth strategy, in October 2017, IBM partnered with Stellar, the blockchain startup company, and KlickEx Group, the payment company, to launch cross-border payment systems using blockchain that lowers the cost of completing global payments for business and consumers. This partnership would assist IBM to further enhance its client portfolio in banking, as well as non-banking financial services areas, and penetrate its presence in the growing FinTech blockchain market.
Microsoft operates in several countries and primarily serves regions including the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific (APAC). Microsoft has been adopting organic growth as a long-term strategy and consistently introducing multiple solutions and upgrading its product portfolio. In May 2018, the company launched Azure Blockchain Workbench, a set of new tools to build apps easily in minimum time. In July 2017, Microsoft launched its Enterprise Smart Contracts for making Blockchain-as-a-Service (BaaS) more usable for businesses in real-time scenarios. Enterprise smart contracts solutions and Microsoft Azure is a framework that enables users to build the blockchain-based applications platform for running shared business logic, with a cryptographic proof system that integrates with multiple blockchains.
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About the AuthorAshish
Joined: September 20th, 2019
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