Blockchain In Retail Banking Market : Faster transactions through blockchain | IBM, Amazon Web Services, Inc., SAP SE, Goldman sachs, Oracle, BitPay

The global blockchain in retail banking market was valued at $1.4 billion in 2021, and is projected to reach $40.4 billion by 2031, growing at a CAGR of 40.4% from 2022 to 2031.

A blockchain is a shared distributed database or ledger between computer network nodes. A blockchain serves as an electronic database for storing data in digital form. The most well-known use of blockchain technology is for preserving a secure and decentralized record of transactions in cryptocurrency systems like Bitcoin.

Download Free Sample Report @ https://www.alliedmarketresearch.com/request-sample/32145

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.

Covid-19 scenario:

The market suffered severely during the pandemic due to shift in corporate culture, shutdown of businesses, and overall uncertainty in the retail industry.
However, as the public and private organizations are planning to get back on track, the demand for blockchain would increase.
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.

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.

Interested to Procure the Data? Inquire Here (Get Full Insights in PDF - 233+ Pages) @
https://www.alliedmarketresearch.com/purchase-enquiry/32145

The key players operating in the global blockchain in retail banking market include IBM Corporation, Amazon Web Services Inc., Microsoft, SAP SE, Goldman Sachs, Oracle, Bitpay, Cegeka, Bitfury Group Limited, and Intel Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the blockchain in retail banking industry.

Benefits of Purchasing Blockchain In Retail Banking Market Reports:

• Customer Satisfaction: Our team of experts assists you with all your research needs and optimizes your reports.

• Analyst Support: Before or after purchasing the report, ask a professional analyst to address your questions.

• Assured Quality: Focuses on the accuracy and quality of reports.

• Incomparable Skills: Analysts provide in-depth insights into reports.

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.

Want to Access the Statistical Data and Graphs, Key Players' Strategies@
https://www.alliedmarketresearch.com/blockchain-in-retail-banking-market/purchase-options

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

If you have any special requirements, please let us know@ https://www.alliedmarketresearch.com/request-for-customization/32145

More Reports:

Video Banking Service Market : https://www.alliedmarketresearch.com/video-banking-service-market-A31651

P&C Insurance Software Market :
https://www.alliedmarketresearch.com/p&c-insurance-software-market-A31324

Wearable Payment Market : https://www.alliedmarketresearch.com/wearable-payment-market-A06001

Digital Transformation in BFSI Market : https://www.alliedmarketresearch.com/digital-transformation-in-bfsi-market-A10570

AI in BFSI Market :
https://www.alliedmarketresearch.com/artificial-intelligence-in-BFSI-market

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.