A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “FinTech Blockchain – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global FinTech Blockchain Market to Reach US$8.7 Billion by the Year 2026
Blockchain technology is transforming the operations in various industries, including the financial services sector. The combination of blockchain and fintech is emerging as the most promising technology mix, which has the potential to transform the fintech industry. Fintech blockchain, the finance technology application of blockchain technology, offers solutions, software, among various fintech blockchain services leveraged by businesses that deliver improved and automated financial services. Growth in the global fintech blockchain market can be attributed to factors such as growing consumer demand to own and invest in bitcoins; rising need for cheaper, quicker, cross-border payment systems; greater compatibility with ecosystems in the financial services industry; and the escalating requirement for comprehensive security mechanisms.
The market is likely to register rapid growth during the pandemic as various governments establish fintech blockchain facilities. The global pandemic was a huge financial blow to many industries, prompting many sectors to embrace digitization to build resilience. Since the data that is fed into supply chains is not accessible to users and is not reliable, more and more organizations are leveraging blockchain solutions for critical financial transactions. The pandemic is also stimulating growth in the fintech blockchain market as an increasing number of people make work-from-home arrangements, adopt telebanking services, teleconferencing, and telemedicine using online and e-commerce payment methods, which in turn, will fuel growth in the fintech blockchain market. The growing use of web-based and e-learning methods has set the stage for significant growth opportunities since digital platforms are used to process most of these transactions like fee payments.
Amid the COVID-19 crisis, the global market for FinTech Blockchain estimated at US$1 Billion in the year 2020, is projected to reach a revised size of US$8.7 Billion by 2026, growing at a CAGR of 44.8% over the analysis period. Large Enterprises, one of the segments analyzed in the report, is projected to grow at a 41.7% CAGR to reach US$8.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the SMEs segment is readjusted to a revised 52.3% CAGR for the next 7-year period. This segment currently accounts for a 24.6% share of the global FinTech Blockchain market.
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The U.S. Market is Estimated at $373.4 Million in 2021, While China is Forecast to Reach $874 Million by 2026
The FinTech Blockchain market in the U.S. is estimated at US$373.4 Million in the year 2021. The country currently accounts for a 32.8% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$874 Million in the year 2026 trailing a CAGR of 52.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 39.6% and 41.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 43.6% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the end of the analysis period. North America is likely to exhibit significant growth potential, propelled by growing adoption of IoT, Blockchain, and artificial intelligence (AI) technologies. Introduction of favorable government policies and growing acceptance of crypto currencies is likely to fuel demand for Blockchain systems in the region.
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