FinTech Blockchain Market Report 2024: Rise of Decentralized Finance (DeFi), Emergence of Central Bank Digital Currencies (CBDCs), Adoption of Blockchain in Supply Chain Management
Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) — The “FinTech Blockchain Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The fintech blockchain market size has grown exponentially in recent years. It will grow from $2.94 billion in 2023 to $4.36 billion in 2024 at a compound annual growth rate (CAGR) of 48.1%. The growth in the historic period for fintech blockchain can be attributed to several factors, including enhanced security, cost reduction, increased efficiency, regulatory compliance, rising adoption of cryptocurrencies, innovation in financial services, and partnerships and collaborations within the industry.
The fintech blockchain market size is expected to see exponential growth in the next few years. It will grow to $21.05 billion in 2028 at a compound annual growth rate (CAGR) of 48.3%. The growth in the forecast period for fintech blockchain can be attributed to several factors, including growing demand for cross-border payments, increased investment and funding, consumer demand for privacy and control, innovation in financial services, regulatory compliance, partnerships and collaborations, and expansion into new industries.
Major trends in this period include advancements in blockchain technology, the rise of decentralized finance (DeFi), integration of artificial intelligence (AI) and machine learning (ML), expansion of blockchain use cases, emergence of central bank digital currencies (CBDCs), increasing interoperability between blockchain networks, and the adoption of blockchain in supply chain management.
The fintech blockchain market is set to experience significant growth driven by the increased adoption of cryptocurrencies. Cryptocurrencies, which are digital or virtual currencies secured by cryptography and operating on decentralized blockchain networks, are gaining traction due to their enhanced security, lower transaction costs, faster processing times, and the rising demand for financial autonomy and privacy. Blockchain technology is transforming the fintech landscape by offering secure, transparent, and decentralized platforms for cryptocurrency transactions and financial services, leading to more efficient and cost-effective financial operations. For instance, recent data from Security.org shows a notable surge in cryptocurrency ownership among American adults, with 40% now holding digital assets, up from 30% in the previous year, indicating a growing market of up to 93 million individuals.
Key players in the fintech blockchain market are concentrating on developing innovative solutions, such as blockchain-based platforms for motor insurance, to enhance transaction security, streamline processes, and improve transparency in financial activities. These platforms leverage blockchain technology to combat fraud, ensure data integrity, automate transactions, and enhance operational efficiency in the insurance sector. For example, XA Group introduced Addenda, a blockchain-based digital platform, in September 2022. Addenda aims to modernize and simplify the reconciliation of motor recovery receivables among insurers by centralizing communication and management, thereby addressing longstanding industry challenges caused by decentralized and paper-based processes. Several major insurers in the UAE have already joined this platform.
In May 2024, JanOne Inc. made a strategic move by acquiring ALT 5 Sigma Inc., a US-based fintech company specializing in advanced blockchain-based technologies for trading, clearing, settlement, payment, and custody of digital assets. This acquisition enables JanOne Inc. to expand its presence and offerings in the blockchain financial technology sector, diversifying its business and capitalizing on the rapid growth of next-generation blockchain-powered technologies.
Asia-Pacific was the largest region in the fintech blockchain market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the fintech blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
This report focuses on fintech blockchain market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Markets Covered:
- By Provider: Application And Solution Providers; Middleware Providers; Infrastructure And Protocols Providers
- By Organization Size: Small And Medium-Sized Enterprises (SMEs); Large Enterprises
- By Application: Payments, Clearing, And Settlement; Exchanges And Remittance; Smart Contracts; Identity Management; Compliance Management Or Know Your Customer (KYC); Other Applications
- By Industry Vertical: Banking; Non-Banking Financial Services; Insurance
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled:
- Microsoft
- Amazon Web Service Inc.
- IBM
- Oracle
- Binance Holdings Limited
- Coinbase Global Inc.
- Ripple Labs Inc.
- Payward Inc.
- Celsius Network
- eToro Group
- Gemini Trust Company
- Huobi Global
- Chainalysis
- Circle Internet Financial Limited
- ConsenSys Inc.
- Paxos Trust Company
- Bitstamp Ltd.
- Bitfury Group Limited
- Ledger SAS
- Earthport
- Digital Asset Holdings
- BitPay Inc.
- BlockFi Inc.
- BTL Group
- Factom Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rynvp8
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