Insights on the Fintech Blockchain Global Market to 2026 - North America Will Experience Significant Growth - ResearchAndMarkets.com

·5 min read

The "Fintech Blockchain Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The fintech blockchain market is expected to grow at a CAGR of 26.89% during the forecast period.

Companies Mentioned

  • AlphaPoint Corporation

  • Bitfury Group Limited

  • Oracle Corporation

  • Amazon Web Services, Inc.

  • Digital Asset Holdings LLC

  • Cambridge Blockchain, LLC

  • Circle Internet Financial Limited

  • Coinbase, Inc.

  • Accenture Plc

  • Earthport Plc

  • Factom, Inc.

  • GuardTime AS

  • IBM Corporation

  • Microsoft Corporation

  • RecordesKeeper

  • Ripple Lab Inc.

Key Market Trends

Insurance Segment is Expected to Experience Significant Growth

  • As insurance companies are incurring huge losses because of false claims and scams that happen every day in the industry, so most of the players are implementing technologies like blockchain in their existing workflow. For instance, according to the SAP Digital Transformation Executive Study, banking and insurance executives plan to more than double their investments in blockchain by 2019.

  • The blockchain offers transparent information about the transactions, which creates a sense of trust since the department that is responsible for verifying the authenticity of the claim and decide on how much percentage of the claim can be covered is always in need of a trustworthy repository of data.

  • Due to the rapid advancement of technology such as IoT, the amount of data created by the numerous connected devices is increasing multifold and thus require technology that can manage a large volume of data. With blockchain, insurance companies can manage large, complex networks by having the devices communicate and manage each other on a peer-to-peer basis, securely, instead of building an expensive data center to handle the processing and storage load. Having these devices manage themselves is significantly cheaper than the data center model and, thus, expected to drive the market in the future.

North America Will Experience Significant Growth and Drive the Market

  • Global cross-border payments are tightly regulated, and expensive distributed ledger technology has reduced some of the costs and improved traceability. Most fintech vendors are rapidly developing and innovating new platforms for the provision of online financial services. Global financial technology companies are partnering with local cellular operators, money transfer operators, and banks across the borders of the United States, Mexico, and Canada.

  • However, the recent COVID-19 outbreak has highlighted the demand for digital transformation in banking sectors as people are forced to use online services and limit their bank visit. Due to this, most of the banking companies are collaborating with fintech vendors to offer differentiated and competitive services as in the future digital customer experience will be the primary area of competitive advantage and is expected to drive the market.

  • For instance, in June 2020, the Peoples Community Bank has broadened its existing relationship with Finastra to accelerate its own innovation and product rollouts. The bank plans to upgrade its infrastructure to adopt Finastra's Phoenix core platform, and will further adopt Finastra's Fusion Digital Banking, LaserPro, and other products as part of its digitization initiative.

  • Moreover, the most significant effect of blockchain technology offered by fintech vendors is reduced fraud and cyber-attacks in the financial world. Blockchain assists in curbing data breaking and other comparable fraudulent operations to enable fintech businesses to share or transfer safe and unaltered information through a decentralized network.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Rising R&D Activities for Transformative and Highly Intelligent Programmable Blockchain Platform

4.2.2 Increasing Adoption of Blockchain Technology for Applications in Banking Sector Such As Payments, Smart Contracts, Etc.

4.2.3 Reduced Total Cost of Ownership

4.3 Market Challenges

4.3.1 Uncertain Regulatory Standards and Frameworks

4.4 Market Opportunities

4.5 Industry Attractiveness - Porter's Five Forces Analysis

4.6 Impact of COVID-19

5 MARKET SEGMENTATION

5.1 By Provider

5.1.1 Middleware Providers

5.1.2 Application and Solution Providers

5.1.3 Infrastructure and Protocol Providers

5.2 By Application

5.2.1 Payments, Clearing, and Settlement

5.2.2 Exchanges and Remittance

5.2.3 Smart Contract

5.2.4 Identity Management

5.2.5 Compliance Management/ KYC

5.2.6 Others

5.3 By Organization Size

5.3.1 Large Enterprises

5.3.2 Small and Medium-Sized Enterprises

5.4 By Verticals

5.4.1 Banking

5.4.2 Non-Banking Financial Services

5.4.3 Insurance

5.5 By Geography

5.5.1 North America

5.5.1.1 United States

5.5.1.2 Canada

5.5.2 Europe

5.5.2.1 Germany

5.5.2.2 United Kingdoms

5.5.2.3 France

5.5.2.4 Rest of Europe

5.5.3 Asia-Pacific

5.5.3.1 China

5.5.3.2 India

5.5.3.3 Japan

5.5.3.4 Rest of Asia-Pacific

5.5.4 Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share

6.2 Mergers & Acquisitions

6.3 Company Profiles

7 FUTURE OUTLOOK OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/z5c964

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005361/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900