The global FinTech blockchain market was valued at $204 million in 2017 and is expected to reach around $8.3 billion by 2024, growing at a CAGR of around 69.72% between 2018 and 2024.
That's according to a new report from Zion Market Research, “FinTech Blockchain Market by Provider (Middleware Providers, Application and Solution Providers, and Infrastructure and Protocol Providers), by Application (Exchanges and Remittance, Smart Contract, Payments, Clearing, and Settlement, Compliance Management/KYC, Identity Management, and Others), by Organization Size (Small- and Medium-Sized Enterprises and Large Enterprises), and by Vertical (Banking, Non-Banking Financial Services, and Insurance): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global FinTech blockchain market was valued at USD 204 million in 2017 and is expected to reach around USD 8,311 million by 2024, growing at a CAGR of around 69.72% between 2018 and 2024.
"FinTech is considered as a promising solution that offers accurate solutions to the financial institutions in terms of mobile payments, crowdfunding, and distributed ledger, such as blockchain. It reduces the operational costs making it convenient for consumers and organizations. Technology plays a major role in the finance industry," analysts projec.t. "The finance sector is the first to adopt the blockchain technology to deliver financial services that were previously delivered by traditional means. The use of distributed ledger technology will benefit financial services providers by lowering the cost of cross-border payments, compliance, and securities trading. The blockchain is an advanced technology that enables litecoin, bitcoin, dogecoin, and other virtual currencies to be open and secure. The blockchain is a future-proof technology that can be used by private organizations and individuals to build private financial networks. Large organizations could use it to build financial systems internally for employees or external vendors."