Blockchain in retail banking market to reach $40.4 billion globally by 2031 at a CAGR of 40.4%: AMR

Rising adoption of blockchain in retail banking for online payments due to reduced transaction time and convenience is driving the growth of global blockchain in retail banking market.

PORTLAND, Oregon., November 16, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, Blockchain in the retail banking market by Component (Solution, Service), by Deployment Mode (On-Premise, Cloud), by Company Size (Large Enterprises, Small and Medium Enterprises), by Application (Remittances, Identity Management, Compliance Management, Payments and Smart Contracts , Fraud Prevention, Others): Global Opportunities Analysis and Industry Forecast, 2021-2031”. According to the report, the global blockchain in the retail banking sector has been taken into account $1.4 billion in 2021, and should reach $40.4 billion by 2031, growing at a CAGR of 40.4% from 2022 to 2031.

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Drivers, constraints and opportunities

Rising adoption of blockchain in retail banking for online payments due to reduced transaction time and convenience is driving the growth of global blockchain in retail banking market. However, the complexity of implementing blockchain technologies is hampering the growth of the market. On the contrary, the growth of developments and initiatives towards the digitization of the banking sector would open up new opportunities in the future.

Covid-19 scenario:

  • The market has suffered badly during the pandemic due to changing corporate culture, business closures and general uncertainty in the retail industry.

  • However, as public and private organizations plan to get back on track, the demand for blockchain would increase.

The on-site segment held the largest share

By mode of deployment, the on-premises segment held the largest share in 2021, accounting for nearly three-fifths of the global blockchain in retail banking market. On-premises solutions are known for better server maintenance, and the seamless system makes it easier to implement blockchain 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 efficient process automation and data maintenance as well as cost-effective management.

The large enterprise segment dominates the market

By company size, the large enterprise segment held the lion’s share in 2021, contributing nearly two-thirds of the global blockchain in the retail banking market. Blockchain in retail banking has provided business benefits such as cost savings, increased accuracy, and faster delivery of results. Because people are error-prone when performing repetitive tasks, this has led to improved customer satisfaction in large companies. However, the small and medium business segment is estimated to show the highest CAGR of 42.9% from 2022 to 2031. Small and medium businesses will benefit from the flexibility and non-intrusive architecture of blockchain, which naturally lowers the barrier to entry. .

The solutions segment held the largest share

By component, the solutions segment held the lion’s share in 2021, accounting for more than two-thirds of the global blockchain in the retail banking market. Blockchain technology features high-level security in collecting and sending data, transparency, simple interface support, decentralization, and low operating cost. Additionally, blockchain technology helps automate typical rule-based procedures to respond to requests quickly and efficiently in real time, thereby reducing turnaround times. These factors are fueling the growth of the segment. However, the service segment is expected to register the highest CAGR of 43.3% during the forecast period. To improve security measures in the retail banking platform’s blockchain, several banks are adopting machine learning to anticipate fraud before it even happens.

Asia Pacific 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 through North America dominated in 2021, holding almost two-fifths of the global blockchain in the retail banking market. The major retail banking companies in North America use blockchain services for the welfare of customers and also to prevent fraud. Additionally, 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 are fueling the growth of the market.

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Main market players

  • IBM Corporation

  • Amazon Web Services Inc.

  • Microsoft

  • SAP SE

  • Goldman Sachs

  • Oracle

  • bitpay

  • Cegeka

  • Limited Bitfury Group

  • intel company

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