DUBLIN–(BUSINESS WIRE)–The “Blockchain In Retail Banking Market Size, Share & Trends Analysis Report By Type (Public, Private, Hybrid), By Component, By Enterprise Size, By Application, By Region, And Segment Forecasts, 2022 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global blockchain in retail banking market size is expected to reach USD 140.26 billion by 2030, advancing at a CAGR of 83.9% from 2022 to 2030.
Companies Mentioned
- Unicsoft
- Accenture plc
- Cognizant Technology Solutions Corp.
- International Business Machines Corporation (Ibm)
- Microsoft Corporation
- Digital Asset Holdings, LLC
- Tata Consultancy Services (Tcs)
- Axoni (Schvey, Inc.)
- Ping An Insurance (Group) Company of China, Ltd.
- Santander Bank, N. A.
The rise in the fintech industry, the IT industry revolution, the rise in competition, and evolving customer expectations are some of the reasons that are driving the market growth. Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking.
Blockchain technology uses distributed, decentralized ledger that records transactions across many networks, which cannot be altered once registered. This provides banks with the necessary infrastructure to maintain their data confidentiality, real-time information, and payment transactions.
Additionally, no single entity controls the ledger and every time a transaction is added, everyone on the network gets a copy of it. This provides the utmost transparency to retail banks, contributing to the market’s growth.
Blockchain technology also facilitates real-time payments, enabling users to make payments 24/7. Adopting this technology helps banks save on costs and meet the latest security standards while providing a sophisticated customer experience. Leading banks across the globe are adopting blockchain for operational efficiency, which is anticipated to boost the demand for these platforms, further propelling the industry’s growth.
The COVID-19 outbreak played a crucial role in the development of blockchain in the retail banking market. Significant banks and non-banking financial corporations in the retail segment have shifted from traditional technologies to digital infrastructure. Thus, market leaders’ introduction of advanced blockchain financial software in retail banking and increasing digital infrastructure fueled during the pandemic are some critical factors contributing to the market’s growth.
Blockchain in Retail Banking Market Report Highlights
- The hybrid segment is expected to witness significant growth over the forecast period. Hybrid blockchain combines the benefits provided by both public and private blockchains. It allows retail banks to establish a private-permission-based system, with data stored on the blockchain being administered and public, contributing to the segment’s growth
- The application & solution segment is expected to witness significant growth over the forecast period. Blockchain provides applications & solutions, which include remittance, KYC, and fraud detection, enhancing retail banks’ business processes. The extensive end use of these applications & solutions is flourishing the segment’s growth
- The large enterprise segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. Large enterprises deal with enormous amounts of data that must be processed, verified, and streamlined for better employee and consumer experience. Blockchain provides all these benefits, which are driving the segment’s growth
- The remittances segment is expected to register significant growth over the forecast period. Some of the challenges faced by traditional remittance services include higher processing time and higher service costs. Blockchain eliminates these roadblocks and provides real-time remittance at a lower price, which is expected to drive the segment’s growth
- Asia Pacific is expected to register rapid growth during the forecast period. The region is a hotspot for technologically inclined youth, who are more adaptable to technologies. Additionally, the favorable government initiatives to promote blockchain and many retail banks adopting advanced technologies to offer enhanced customer experience are driving the region’s growth
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Blockchain in Retail Banking Industry Outlook
3.1. Market Segmentation and Scope
3.2. Market Size and Growth Prospects
3.3. Blockchain in Retail Banking Market – Value Chain Analysis
3.4. Blockchain in Retail Banking Market – Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Growing demand for blockchain technology in the financial industry
3.4.1.2. Advanced security provided by blockchain technology
3.4.2. Market challenge analysis
3.4.2.1. Regulatory concerns
3.5. Blockchain in Retail Banking Market – Porter’s Five Forces Analysis
3.6. Blockchain in Retail Banking Market – PESTEL Analysis
Chapter 4 Investment Landscape
4.1. Investments Raised by Companies
4.2. Investment Strategies by Companies
4.3. Blockchain in Retail Banking Investment Opportunities
4.4. Investors’ Vision & Goal Analysis
Chapter 5 Blockchain in Retail Banking Type Outlook
Chapter 6 Blockchain in Retail Banking Component Outlook
Chapter 7 Blockchain in Retail Banking Enterprise Size Outlook
Chapter 8 Blockchain in Retail Banking Application Outlook
Chapter 9 Blockchain in Retail Banking Regional Outlook
Chapter 10 Competitive Analysis
Chapter 11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/9jdd40
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
