Blockchain in Fintech Market 2020: Size, Landscape by Forecast to 2023

Posted by Eshu Gupta on November 16th, 2020

Overview:

MRFR concludes in a recent research study that one out of three fintech companies is planning to adopt blockchain solutions by 2020 owing to improved capital optimization, reduced counterparty risks, enhanced transparency, and reduction in error handling & reconciliation. Major uses of blockchain in fintech can be seen in post-trade settlement, digital identity management, payment infrastructure, fund transfer infrastructure, securitization, regulatory compliance and audit, trade finance, syndication in lending and insurance. Out of these use cases, more than 60% of post-trade settlement services use blockchain technology, followed by digital identity management and payment infrastructure.

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Blockchain in the near future is expected to offer tremendous potential to a wide range of industries by bringing radical changes into business models and operating processes such as payment settlement, accounting or the use of customer and loyalty cards. One of the MRFR findings suggest that implementation of blockchain in fintech would help fintech companies to save cost by 70–80% for a syndicate loan transaction facilitated by banks. Furthermore, blockchain based startups in the fintech industry are growing tremendously, as blockchain technology provides universal solution and fits most of the fintech objectives. MRFR has predicted that more than 65% of startups are expected to implement blockchain technology in their processes by 2020.

Blockchain technology is expected to play a role in some aspects of operational risk management (ORM) that includes anti-money laundering, conduct risks, counter terrorist financing, cybersecurity, and geopolitical issues among others. Most of the fintech companies are integrating blockchain technology into apps that optimize offerings via mobile platforms. MRFR has also analyzed that mobile banking and payments through blockchain are expected to reach billion by 2019.

Blockchain in fintech market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period.

Segmentation:

The global blockchain in fintech market is segmented on the basis of service provider, interaction channel, organization size, application, and region. Based on service provider, the market is segmented into middleware and services, application and solutions, and infrastructure and base protocols. Based on interaction channels, the global blockchain in fintech market is segmented into mobile application, bank branches, call centers, and websites. Based on organization size, the global market for blockchain in fintech is segmented into large enterprise and SME. Based on application, the market is studied for the market segments of banking, smart contracts, payment, trade & supply chain finance, risk management & compliance, capital market, insurance, and digital identity management.

Regional Analysis:

The global market for blockchain in fintech is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of blockchain in fintech market is covered for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to contribute the highest market share owing adoption of the blockchain technology to develop business applications, rapid adoption of advanced technology & infrastructure, and presence of a significant number of key industry players in this region. Furthermore, Asia-Pacific is expected to be the fastest growing region owing to an increase in the overall investments in the blockchain technology solutions in the finance industry. Financial hubs like Hong Kong and Singapore are expected to provide huge opportunities for the adoption of blockchain applications in the financial industry..

Key Players:

The prominent players in the blockchain in fintech market are Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Chain Inc (US), Earthport PLC. (UK), Bitfury Group Limited (US), BTL Group (Canada), Oracle Corporation (US) and Digital Asset Holdings (US). However, by eliminating the intermediaries and increasing the efficiency, blockchain is expected to minimize the cost incurred in transaction processes and infrastructure for finance companies by over 50%.

Other players in the blockchain in fintech market are Circle Internet Financial Limited (Ireland), Factom (US), AlphaPoint (US), Coinbase (US), Plutus Financial, Inc. (US), Auxesis Group (India), BitPay (US), BlockCypher, Inc. (US), Applied Blockchain Ltd. (UK), RecordesKeeper (Spain), Symbiont.io (US), Guardtime (Estonia), Cambridge Blockchain, LLC. (US), Tradle (US), and Blockchain Advisory Mauritius Foundation (Mauritius) among others.

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