New Study from GIA Reports an $8.7 Billion Global Market for FinTech Blockchain by 2026
A new market study reported by Global Industry Analysts Inc.(GIA), the premier market research organization, titled "FinTech Blockchain - Global Market Trajectory & Analytics", highlights the updated outlooks on opportunities and complexities in an essentially changed COVID-19 marketplace as well as states that global Fintech Blockchain Market is expected to reach US$8.7 Billion by the Year 2026.
Blockchain technology is significantly advancing the activities in several sectors, especially the financial services sector. The inclusion of blockchain in fintech is emerging as the most encouraging technology blend that has possibilities of transforming the fintech industry. Fintech blockchain, the finance technology incorporation of blockchain technology, provides solutions, software, among several fintech blockchain services being utilized by organizations to achieve improved and automated finance solutions.
An increase in the requirements of the global fintech blockchain market can be due to several factors including growing customers’ willingness to own and invest in bitcoins, increasing need for less expensive, speedier, cross-border payment systems; improved compatibility with ecosystems in the financial services industry; and the raising necessity for thorough security instruments. Apart from this, the market is also likely to witness increasing growth during the pandemic as several legal authorities develop fintech blockchain facilities. The global pandemic was a great disaster for many industries in terms of finance, encouraging many sectors to consider digitization to make resilience. Since the information that is inserted into supply chains is not accessible to clients and is not reliable, more and more companies are adopting blockchain solutions for essential financial transactions.
The pandemic is also boosting the growth in the fintech blockchain market as an increasing number of people prefer work-from-home arrangements, consider telebanking services, teleconferencing services, teleconferencing, and telemedicine with the help of online and e-commerce payment methods, which in turn will accelerate the growth in the fintech blockchain market. The increasing use of web-based and e-learning methods has fueled the noticeable growth opportunities since digital platforms are utilized to process most of these transactions like fee payments.
Amid the Covid-19 emergency, the global market for Fintech Blockchain was anticipated at US$1 Billion in the year 2020 is expected to reach US$8.7 Billion by 2026, increasing at a CAGR of 44.8% over the evaluation period. Large Enterprises, one of the sections evaluated in the report, is estimated to grow at a 41.7% CAGR to reach US$8.8 Billion by the end of the evaluation period. After a deep analysis of the business implications of the pandemic and its persuaded economic crisis, development in the SMEs sectors is corrected to a change of 52.3% CAGR for the next 7-year period. This segment presently accounts for a 24.6% share of the global FinTech Blockchain market.
The U.S. The market is Estimated at $373.4 Million in 2021, While China is Forecast to Reach $874 Million by 2026
The Fintech blockchain market in the US is anticipated at US$373.4 Million in the year 2021. The nation presently represents a 32.8% share in the international market. China, the world’s second-largest economy, is anticipated to reach an estimated market size of US$874 Million in the year 2026 with a CAGR of 52.6% through the analysis period. Among other noticeable geographic markets are Japan and Canada, each anticipated to grow at 39.6% and 41.1% respectively over the analysis period. When it comes to Europe, Germany is forecast to develop at around 43.6% CAGR while the Rest of the European market will reach US$1.5 Billion by the end of the analysis period. North America is likely to demonstrate significant development potential, encouraged by the increasing adoption of IoT, Blockchain, and artificial intelligence (AI) technologies. The introduction of ideal government policies and increasing adoption of cryptocurrencies is likely to increase demand for blockchain systems in the area.
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