Blockchain In Retail Banking Market to Reach $40.4 Bn, Globally, by 2031 at 40.4% CAGR: AMR

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.

PORTLAND, Ore., Nov. 16, 2022 /PRNewswire/ -- 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.

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

Major market players

• IBM Corporation
• Amazon Web Services Inc.
• Microsoft
• SAP SE
• Goldman Sachs
• Oracle
• Bitpay
• Cegeka
• Bitfury Group Limited
• Intel Corporation

Buy This Research Report – https://bit.ly/3TGM90t

Similar Reports We Have on BFSI Industry:

Blockchain Distributed Ledger Market by Component (Solution and Service), Type (Private, Public and Hybrid), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Application (Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance and Others) and End User (BFSI, Government & Public, Manufacturing, Retail & E-Commerce, Media & Entertainment, Transportation & Logistics, Healthcare, Energy & Utilities and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

Retail Cash Management Market by Component (Solution, Service), by Application (Balance & Transaction Reporting, Cash Flow Forecasting, Corporate Liquidity Management, Payables & Receivables, Others), by Deployment Mode (On-Premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2021-2031

Online Retail Mobile Payment Transactions Market by Type (Proximity Payment, Remote Payment), by Payment Type (Push Payment, Pull Payment), by Age Group (18 to 30 Year, 31 to 54 Year, 55 to 73 Year, Others), by End User (Personal, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031

Remittance Market By Application (Consumption, Savings, and Investment), Remittance Channel (Banks, Money Transfer Operator, and Others), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2021-2030

Insurance Fraud Detection Market by Component (Solution, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Applications (Payment Fraud and Billing Fraud, Identity Theft, Claims Fraud, Money Laundering): Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us

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 of "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 domain.

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 utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

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
help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg