Blockchain In Retail Banking Market is estimated to grow at a CAGR of 40.4% from 2022 to 2031. | IBM, Amazon Web Services, Inc., SAP SE, Goldman sachs

Allied Market Research recently published a report, titled, "Blockchain In Retail Banking Market by Component (Solution, Service), by Deployment Mode (On-Premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Application (Remittances, Identity Management, Compliance Management, Payments and Smart Contracts, Fraud Prevention, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global blockchain in retail banking industry was accounted for $1.4 billion in 2021, and is expected to reach $40.4 billion by 2031, growing at a CAGR of 40.4% from 2022 to 2031.

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Drivers, restraints, and opportunities

Rise in adoption of blockchain in retail banking for online payments due reduced transaction time & convenience drives the growth of the global blockchain in retail banking market. However, complexities in implementing blockchain technologies hinder the market growth. On the contrary, growth in developments & initiatives toward digitization of banking industry would open new opportunities in the future.

The on premise segment held the largest share

By deployment mode, the on premise segment held the largest share in 2021, accounting for nearly three-fifths of the global blockchain in retail banking market. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of blockchain in retail banking. However, the cloud segment is expected to register the highest CAGR of 43.6% during the forecast period. The cloud-based blockchain in retail banking is gaining popularity among investors as it ensures the effective automation of processes and data maintenance along with cost-friendly management.

The large enterprises segment dominated the market

By enterprise size, the large enterprises segment held the lion's share in 2021, contributing to nearly two-thirds of the global blockchain in retail banking market. Blockchain in retail banking has provided corporate benefits such as cost savings, increased accuracy, and faster results delivery. Because people are prone to mistakes when doing repetitive jobs, this has resulted in improved customer satisfaction in large enterprises. However, the small and medium-sized enterprises segment is estimated to manifest the highest CAGR of 42.9% from 2022 to 2031. Small- and medium-sized organizations will benefit from blockchain's flexibility and non-intrusive architecture, which naturally lowers the barrier to entry.

The solution segment held the largest share

By component, the solution segment held the lion's share in 2021, accounting for more than two-thirds of the global blockchain in retail banking market. Blockchain technology presents high-level security in collecting and sending data, transparency, simple interface support, decentralization, and low cost of operations. In addition, blockchain technology makes it possible to automate typical rule-based procedures to respond to inquiries quickly and efficiently in real-time, reducing turnaround times. These factors fuel 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 security measures in the blockchain in retail banking platform, several banks are adopting machine learning to anticipate fraud even before it occurs.

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Asia-Pacific to manifest the highest CAGR by 2031

By region, the market across Asia-Pacific is expected to register the highest CAGR of 44.5% during the forecast period. However, the market across North America dominated in 2021, holding nearly two-fifths of the global blockchain in retail banking market. Major retail banking service companies in North America are using blockchain services for the betterment of the customers and also to prevent the fraud. Moreover, major companies operating in the banking and financial services sectors in the region are adopting the use of blockchain services to reduce fraudulent transactions. These factors fuel the market growth.

Key Points from the Report-

• Top players operating in the sustainable finance market
• Major revenue-generating sectors with regional trends and opportunities
• Regulations and development inclinations
• Portfolios of companies, along with their financial information and investment strategies
• Venture Entrepreneurs

KEY BENEFITS FOR STAKEHOLDERS

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blockchain in retail banking market forecast from 2021 to 2031 to identify the prevailing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities of blockchain in retail banking market overview.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the blockchain in retail banking market segmentation assists to determine the prevailing blockchain in retail banking market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global blockchain in retail banking market trends, key players, market segments, application areas, and market growth strategies.

Blockchain In Retail Banking Market Report Highlights

Deployment Mode
On-Premise
Cloud

Enterprise Size
Large Enterprises
Small and Medium-sized Enterprises

Component
Solution
Service

Application
Remittances
Identity Management
Compliance Management
Payments and Smart Contracts
Fraud Prevention
Others

By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Market Players IBM, Amazon Web Services, Inc., SAP SE, Goldman sachs, Oracle, BitPay, cegeka, Bitfury Group Limited, Intel Corporation, Microsoft

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