Shorter transaction times and convenience will increase the adoption of blockchain in retail banking for online payments, driving the growth of global blockchain in the retail banking market.
Portland, Oregon., November 16, 2022 /PRNewswire/ — Allied Market Research recently published a report titled: “Blockchain in the retail banking market By Component (Solutions, Services), By Deployment Mode (On-Premises, Cloud), By Company Size (Large Enterprise, SMB), By Application (Remittance, Identity Management, Compliance Management, Payments, Smart Contracts, Fraud Prevention, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report describes the global blockchain in retail banking industry. $1.4 billion In 2021, and is expected to reach $40.4 billion By 2031, it will grow at a CAGR of 40.4% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Shorter transaction times and convenience will increase the adoption of blockchain in retail banking for online payments, driving the growth of global blockchain in the retail banking market. However, the complexity of implementing blockchain technology hinders the market growth. On the contrary, the growth of developments and initiatives towards the digitization of the banking industry will open up new opportunities in the future.
- During the pandemic, the market was severely hit by changes in corporate culture, business closures, and overall uncertainty in the retail industry.
- However, demand for blockchain will increase as public and private organizations plan to get back on track.
On-premise segment holds largest share
By deployment mode, the on-premises segment will account for the largest share in 2021, accounting for almost three-fifths of the global blockchain in retail banking market. On-premises-based solutions are known to improve server maintenance, and continuous systems facilitate blockchain implementations in retail banking. However, the cloud segment is expected to register the highest CAGR of 43.6% during the forecast period. Cloud-based blockchain in retail banking is gaining popularity among investors as it ensures effective automation and cost-friendly management of processes and data maintenance.
Large enterprise segment dominates the market
By firm size, the large enterprise segment will account for the largest share in 2021, contributing to nearly two-thirds of the global blockchain in retail banking market. Blockchain in retail banking has brought benefits to businesses, including reduced costs, increased accuracy, and faster delivery of results. Larger companies have improved customer satisfaction because people are prone to making mistakes when performing repetitive tasks. However, the SME segment is estimated to exhibit the highest CAGR of 42.9% from 2022 to 2031. SMEs benefit from blockchain’s flexibility and non-intrusive architecture, with naturally lower barriers to entry. .
Solutions segment holds the largest share
By component, the solutions segment will hold the largest share in 2021, accounting for more than two-thirds of the global blockchain in retail banking market. Blockchain technology offers a high level of security, transparency, simple interface support, decentralization, and low operating costs in data collection and transmission. In addition, blockchain technology can automate common rule-based procedures to respond to inquiries quickly and efficiently in real time, reducing turnaround times. These factors drive the growth of the segment. However, the service segment is projected to register the highest CAGR of 43.3% during the forecast period. To improve the blockchain security posture of retail banking platforms, several banks are employing machine learning to predict fraud before it happens.
Asia Pacific Achieve highest CAGR by 2031
Total market by region Asia Pacific It is expected to register the highest CAGR of 44.5% during the forecast period.However, the market as a whole North America It will dominate the retail banking market by 2021, accounting for nearly two-fifths of the global blockchain market.of leading retail banking services companies North America We use blockchain services for customer improvement and fraud prevention. Additionally, major companies operating in the region’s banking and financial services sector have adopted the use of blockchain services to reduce fraudulent transactions. These factors are boosting the growth of the market.
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major market players
- IBM Corporation
- Amazon Web Services, Inc.
- SAP SE
- goldman sachs
- bit pay
- Bitfury Group Limited
- Intel Corporation
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