Inkwood Research predicts the Global Fintech Blockchain Market to surge with a 40.66% CAGR during the assessment period 2023-2032.
“Browse 64 market data Tables and 47 Figures spread over 155 Pages, along with an in-depth TOC on the Global Fintech Blockchain Market Forecast 2023-2032.”
Blockchain technology allows for the development of a secure value transfer system that simplifies business processes within financial industries. Its adoption increases transparency and auditability, reducing the need for trust between stakeholders (as noted by Startupbootcamp). Moreover, blockchain solutions that use cryptographic protection help banks keep information secure yet still share an up-to-date record with different parties.
Growing Market Capitalization & Cryptocurrencies Offerings Drive the Market Growth
The market growth of blockchain technology is fueled by growing market capitalization and cryptocurrency offerings. Blockchain provides a platform for cryptocurrencies and serves as a distributed ledger that forms the network responsible for transactions and the transfer of value and information. The entrance of various innovative cryptocurrencies into the bitcoin market has been influential, leading to token systems or pre-selling becoming popular with startups as a way to raise funds and gain support in terms of market share.
Application & Solution to lead the Provider Segment
Application and solution providers are in high demand due to the increasing popularity of advanced blockchain-based applications/solutions, such as smart contracts and decentralized applications (dApps). Such factors as deploying technologically advanced blockchain-based solutions in financial institutions drive global application and solution provider market growth during the forecast period.
North America – Dominating Region
North America appears to dominate this space, thanks to government initiatives to promote blockchain technology and its adoption for payments, digital identities, smart contracts, etc., as well as government funding for blockchain projects, all contributing towards its growth during the forecast period.
The competitive rivalry within this market is set to remain high, with companies developing new products, mergers & acquisitions and collaborations to remain competitive in the marketplace.