The fintech blockchain market has experienced exponential growth, projected to rise from $2.94 billion in 2023 to $4.36 billion in 2024, demonstrating a CAGR of 48.1%. This growth is driven by enhanced security, cost reductions, and increased efficiency. By 2028, the market is expected to reach $21.05 billion, with a CAGR of 48.3%. Factors contributing to this growth include rising demand for cross-border payments, increased investment, and consumer preferences for privacy. Key trends include advancements in blockchain technology, the rise of decentralized finance, AI and machine learning integration, and expanded blockchain use cases.
Major Driver In The FinTech Blockchain Market
The broader acceptance of cryptocurrencies is set to accelerate the growth of the fintech blockchain market. Cryptocurrencies, which operate on decentralized blockchain networks, offer enhanced security, reduced transaction costs, and improved financial privacy. This technology transforms financial transactions by providing secure and transparent platforms for digital currencies. According to Security.org, cryptocurrency ownership in the U.S. rose from 30% of adults in 2023 to 40% in 2024, representing approximately 93 million people. Valued at about $5 billion in 2023, the fintech blockchain market is anticipated to grow to $6 billion in 2024 and exceed $8 billion by 2028.
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FinTech Blockchain Market Competitive Landscape
Microsoft Corporation, Amazon Web Service Inc., International Business Machines Corporation (IBM), Oracle Corporation, Binance Holdings Limited, Coinbase Global Inc., Ripple Labs Inc., Payward Inc., Celsius Network Limited, eToro Group Limited, Gemini Trust Company LLC, Huobi Global Limited, Chainalysis Inc., Circle Internet Financial Limited, ConsenSys Inc., Paxos Trust Company LLC, Bitstamp Ltd., Bitfury Group Limited, Ledger SAS, Earthport Plc, Digital Asset Holdings LLC, BitPay Inc., BlockFi Inc., BTL Group, Factom Inc.
Key FinTech Blockchain Market Trend
In the fintech blockchain market, firms are developing advanced solutions such as blockchain-based motor insurance platforms to streamline operations and enhance security. XA Group introduced Addenda in September 2022, a platform designed to modernize motor recovery receivables reconciliation. This innovative approach addresses inefficiencies in the insurance sector, fostering centralized communication and management of claims.
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FinTech Blockchain Market Segmentation
The fintech blockchain market covered in this report is segmented –
1) By Provider: Application And Solution Providers, Middleware Providers, Infrastructure And Protocols Providers
2) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Application: Payments, Clearing, And Settlement, Exchanges And Remittance, Smart Contracts, Identity Management, Compliance Management Or Know Your Customer (KYC), Other Applications
4) By Industry Vertical: Banking, Non-Banking Financial Services, Insurance
By Geography:The regions covered in the fintech blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the fintech blockchain market in 2023.
The FinTech Blockchain Global Market Report 2024 furnishes information about the global fintech blockchain market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
