FinTech Blockchain market to skyrocket to $57.84bn by 2031, led by advancements in payments and settlements
By Puja Sharma
According to SkyQuest, the global FinTech Blockchain Market size was valued at $2.2 billion in 2022 and is poised to grow from $3.16 billion in 2023 to $57.84 billion by 2031, growing at a CAGR of 43.8% in the forecast period (2024-2031).
The solutions focusing on integrating Blockchain technology with financial technology to improve transaction times and security are known as FinTech blockchain solutions. Growing advancements and acceptance of Blockchain technology are driving the FinTech blockchain market growth. The global FinTech blockchain market is segmented into application, provider, organisation size, industry vertical, and region.
Payments and Settlements to Helm the Global Fintech Blockchain Market Growth
Rising emphasis on improving the transactions by reducing the time taken to process them whilst maintaining security is projected to help promote the demand for FinTech blockchain solutions in the payments, clearing, and settlements sub-segment. The decentralised nature of FinTech blockchain systems helps keep transactions highly transparent yet secured as they are stored in distributed ledgers. Lower transaction fees, higher efficiency, and reduced reliance on cross-border intermediaries are other benefits of Blockchain in FinTech that help this segment hold a high market share.
Talk about Blockchain and miss out on smart contracts? This is simply not possible as smart contracts are a vital part of the FinTech blockchain market growth as well. Minimal involvement of third parties means more security and less risk, which is exactly what smart contracts provide through Blockchain technology. Increasing realisation of the benefits of smart contracts in the FinTech industry is projected to help boost the demand for FinTech blockchain over the coming years.
SMEs Hold Their Stance as Leading Adopters of FinTech Blockchain
Small and medium enterprises (SMEs) do not have the resources to invest in the development of new and advanced technologies, which is why they mostly opt for available solutions or outsource them from leading companies. FinTech blockchain solutions are highly advanced, and developing or managing them is no easy feat for SMEs. The rapid adoption of Blockchain technologies among SMEs is also slated to open up new opportunities for FinTech blockchain providers going forward. Capital raising and crowd financing are expected to help SMEs invest in the development of their own FinTech blockchain offerings.
On the other hand, large enterprises are investing in developing their own FinTech blockchain solutions to have better control and provide novel features for their customers. This segment will be highly rewarding for FinTech blockchain companies who are focusing on developing customised FinTech blockchain solutions.
Application & Solution Providers Remain the Backbone of the FinTech blockchain Market.
FinTech applications and solutions are directly used by customers as well as organisations, and this is why they should be highly user-friendly yet secure. Integrating Blockchain technologies with FinTech applications to create unique FinTech blockchain offerings will help market players maintain their high market share. The growing adoption of Blockchain technology in the financial sector will also create a new moneymaking scope for middleware providers and infrastructure & protocol providers going forward. High investments of large enterprises in designing their own FinTech blockchain solutions will help infrastructure and & protocol providers maximise their revenue generation potential in the future.
To sum it up, the growing need for better security and faster transactions is changing the landscape of the financial industry, thereby creating an opportune setting for FinTech blockchain companies. Almost all segments are projected to offer lucrative growth scope but investing in SMEs will be highly rewarding for new as well as established FinTech blockchain providers.
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