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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The adoption of blockchain technology in retail banking has been increasing rapidly due to its potential to reduce transaction time and increase convenience in online payments. Blockchain technology can facilitate secure and efficient payment processing, reduce fraud, and lower transaction costs.
Despite these challenges, there are significant growth opportunities in the market due to ongoing developments and initiatives toward the digitization of the banking industry. As more banks and financial institutions adopt blockchain technology, the market is expected to grow further 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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The statement suggests that the blockchain in retail banking market is expected to grow at a high rate in the Asia-Pacific region, with a Compound Annual Growth Rate (CAGR) of 44.5% during the forecast period. However, the market is currently dominated by North America, which accounted for almost 40% of the global market in 2021.
The dominance of North America in the market can be attributed to the adoption of blockchain technology by major retail banking service providers to improve customer experience and prevent fraud. Furthermore, companies in the banking and financial services sectors in the region are increasingly using blockchain services to reduce fraudulent transactions.
These factors are expected to fuel the growth of the market in the region. However, given the high growth rate projected for the Asia-Pacific region, it is likely that the market share of North America may decrease in the future.
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