Blockchain in the fintech market is projected to reach $31.4 million by 2030, as the penetration of this cutting-edge technology in the financial industry has boosted app-based operations.
The Market Research Future (MRFR) study noted that a compound annual growth rate (CAGR) of 47.9% would be recorded in the forecast period between 2021 and 2030.
Open banking and high adoption of international payment platforms are the key driving forces behind the market expansion.
Since blockchain technology aids in transparency, transaction security, and detection of fraudulent activity, it has been a major catalyst in the growth of the fintech industry even during the pandemic.
Working capital has become essential in today’s era where inflation and rising interest rates continue to wreak havoc. As a result, the fintech sector is looking to fill the void as companies look to achieve greater economies in the mission-critical cash cycle.
Therefore, blockchain is expected to unlock more opportunities by automating supply chain finance.
North America takes the lion’s share in the fintech and blockchain market, followed by Europe and Asia Pacific. According to the report:
“North America leads the global blockchain in the fintech market, witnessing the increasing adoption of advanced technologies. In addition, the growing fintech industry and the growing demand for secure payment processes from online applications drive market shares in the region”.
In addition, market growth in Europe is expected to skyrocket based on growing needs for payment security and Internet connectivity.
On the other hand, the growing number of call centers, websites and mobile applications in the Asia Pacific region is expected to encourage further development of blockchain in the fintech market.
Meanwhile, the fintech sector in Singapore made notable gains in 2021 reaching $3.94 million, with cryptocurrency and blockchain funding contributing nearly half to $1.48 million. Blockchain.News reported.