High-end data analytics firm Zion Market Research has released a new publication that estimate the global financial technology (fintech) and blockchain market share to be valued at over USD 8.3 billion by the end of 2024.
More impressively, the annual growth rate is set to reach very high double digit figures of percentage over the next five years. A statement from the report reads:
“Global FinTech blockchain market 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.”
The comprehensive analysis measures the fintech and blockchain industry by types of provider and by application (exchanges and remittance, smart contract, payments, clearing and Settlement, compliance, KYC, identity management and others). It also distinguishes between the size of the enterprice and even by verticals, such as banking and non-banking financial services as well as insurance.
The report credits this huge prediction thanks to the intensive growth of digital payments in the past few years, as well as the adoption of blockchain tech to expand portfolios, with insurance and cross-border remittance now keen to adopt the innovation.
The key concepts of security, transparency and efficiency are also a boost, with the tech enabling industries to share information more securely and protect data integrity via distributed infrastructure.
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