Blockchain

Fintech Blockchain Market to 2027: Growing Market Cap of Cryptocurrencies and Growing ICO Demand for Distributed Ledger Technology

Fintech Blockchain Market to 2027: Growing Market Cap of Cryptocurrencies and Growing ICO Demand for Distributed Ledger Technology

DUBLIN, March 09, 2022–(BUSINESS WIRE)–The “Fintech Blockchain Market – Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.

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

Growing market capitalization of cryptocurrencies and Initial Currency Offering (ICO), rising demand for distributed ledger technology and adoption of technologically advanced blockchain solutions in various financial instructions such as investment banks, commercial banks and insurance companies are some of the major determining factors. the growth of the fintech blockchain market.

Highlights

The growing digital transformation of the financial industry to deliver digital experiences and personalized digital products is changing the financial services landscape.

Digital banking technologies such as digital banks, wallets, blockchain technology, automated chatbots for customer service are some of the examples that are seeing increasing demand as they improve overall operational efficiency, offer real-time settlement , reduce processing times and the number of steps and intermediaries needed to achieve the same levels of confidence in traditional processes.

Additionally, the growing adoption of cryptocurrencies, digital tokens that are built on a distributed ledger infrastructure, often referred to as blockchain, to make payments is expected to drive the market.

According to statistical data collected by Crypterium, the Fintech company, shows that the volume of crypto payments and the average amount increased in 2019, reaching a seven-month high in April at around $1.6 billion. The industry’s cryptocurrency payment provider is expected to come up with new solutions for merchants and customers to get maximum returns.

Additionally, the number of wallet addresses has been steadily growing and the number of active wallets worldwide reached 34 million in the first quarter of 2019, increasing by 44% over the last 12 months. It will also strengthen the market in the future.

Main market trends

Insurance Segment Expected to Grow Significantly

As insurance companies suffer huge losses due to misrepresentations and scams happening every day in the industry, most players are implementing technologies like blockchain into their existing workflow. For example, according to the SAP Digital Transformation Executive Study, banking and insurance executives plan to more than double their blockchain investments by 2019.

Blockchain offers transparent information about transactions, which creates a sense of trust since the department in charge of verifying the authenticity of the claim and deciding what percentage of the claim can be covered still needs a reliable data repository. . .?

Due to rapid advancements in technologies such as the IoT, the amount of data created by the many connected devices is multiplying and therefore requires a technology that can handle a large volume of data.

With blockchain, insurance companies can manage large, complex networks by having devices communicate and manage each other securely, instead of building an expensive data center to handle the processing load and storage. Self-management of these devices is significantly cheaper than the data center model and hence is expected to drive the market in the future.

North America will witness 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 providers are rapidly developing and innovating new platforms for the provision of online financial services. Global fintech companies are partnering with local cellular carriers, money transfer operators and banks across the borders of the United States, Mexico and Canada.

However, the recent outbreak of COVID-19 has highlighted the demand for digital transformation in banking sectors as people are forced to use online services and limit their banking visits. For this reason, most banking companies are collaborating with fintech providers to offer differentiated and competitive services because in the future, digital customer experience will be the main area of ​​competitive advantage and is expected to drive the market.

For example, in June 2020, Peoples Community Bank expanded its existing relationship with Finastra to accelerate its own innovation and product rollout. The bank plans to upgrade its infrastructure to adopt Finastra’s core Phoenix platform, and will further adopt Fusion Digital Banking, LaserPro and other Finastra products as part of its digitization initiative.

Additionally, the most significant effect of blockchain technology offered by fintech vendors is the reduction of fraud and cyberattacks in the financial world. Blockchain helps curb data breaching and other comparable fraudulent operations to enable fintech companies to share or transfer safe and unaltered information through a decentralized network.

Companies cited

AlphaPoint Corporation

Limited Bitfury Group

Oracle Corporation

Amazon Web Services, Inc.

Digital Asset Holdings LLC

Cambridge Blockchain, LLC

Financial Internet Circle Limited

Coinbase, Inc.

Accenture Plc

Earthport Plc

Factom, Inc.

GuardTime AS

IBM Corporation

Microsoft Corporation

RecordsKeeper

Ripple Lab Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/9fm5f0.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220309005822/en/

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