Pune, Jan. 29, 2021 (GLOBE NEWSWIRE) — The global FinTech blockchain market is set to gain impetus from its increasing adoption in the financial industry. It helps in improving working efficiency and lowering infrastructure cost. This information is given by Fortune Business Insights™ in an upcoming report, titled, “FinTech Blockchain Market Size, Share & Industry Analysis, By Application (Smart Contracts, Exchanges and Remittance, Clearing and Settlements, Identity Management, Compliance Management/KYC, Others), By End User (Small and Medium Size Enterprises (SMEs), Large Enterprises), By Industry (Banking, Non-Banking Financial) and Regional Forecast, 2019-2026.” The report further mentions that persistent developments to innovate FinTech blockchain technology would affect the market positively.
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What Does This Report Contain?
- In-depth information about the segments in the FinTech Blockchain Market.
- Historical, estimated, and present sizes of the market.
- Profiles of key companies and their vital strategies.
- Details of the growth drivers, obstacles, and dynamics.
Drivers & Restraints-
Rising Investments in Developing Novel FinTech Blockchain Solutions to Aid Growth
The PWC report 2017 states that in the finance sector, blockchain has been adopted 46% in digital identity management, 50% in fund transfer infrastructure, and 55% in payment infrastructures. Apart from that, the increasing investments in the FinTech industry for developing technologically advanced solutions for non-financial and financial sectors would boost the overall market growth. However, the uncertainties in various policies and regulations may hamper the FinTech blockchain market growth in the coming years.
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Presence of Prominent FinTech Firms in the UK. to Favor Growth in Europe
North America is expected to procure the highest FinTech blockchain market share. The International Financial Corporation 2019 report indicated that globally, around 54% market share in blockchain is held by the United States. Another report by the United Nations Conference on Trade and Development (UNCTAD) declared that China and the U.S. would showcase approximately 75% of applications to patent their blockchain technologies in the forthcoming years. Hence, North America is set to exhibit high demand for FinTech blockchain solutions.
Europe, on the other hand, is projected to be a frontrunner in the near future because of the major contribution of the UK. It is considered to be a significant hub for the finance sector and houses more than 1600 firms, which is likely to surge by the end of 2030. As per a report by the Department of International Trade 2019, majority of investors are putting their money in innovating the FinTech technology in London. Lastly, Asia Pacific would show steady growth fueled by the rising government initiatives to bring about financial innovations in India and China.
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Key Players Focus on Strategic Collaborations to Intensify Competition
The players operating in the market for FinTech blockchain are persistently engaging in collaborations & partnerships with the other enterprise and educational institutions worldwide. Their main aim is to promote the adoption of FinTech blockchain solutions for several applications. Below are two of the latest industry developments:
- April 2019: The Auxesis Group collaborated with NITI Aayog to develop Certify, a full-blown certificate management solution. It is meant for the Indian universities for issuing degrees on blockchain. Prior to the launch, several pilots were conducted with IIT Bombay.
- February 2019: Ripple partnered up with ten renowned universities within its University Blockchain Research Initiative (UBRI) for augmenting digital payments, cryptocurrency, technical innovation & development in blockchain, and academic research.
Fortune Business Insights™ presents a list of all the FinTech blockchain market providers operating in the global market. They are as follows:
- Microsoft Corporation
- Amazon.com, Inc.
- Digital Asset Holdings, LLC
- Bitfury Group Limited.
- Liquefy Limited
- Earthport PLC.
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