Blockchain in Retail Banking to Reach $40.4 Billion Globally by 2031 at 40.4% CAGR: AMR

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

PORTLAND, Ore., 16 November 2022 /PRNewswire/ — Allied Market Research recently published a report titled, “Blockchain in the retail market By Component (Solution, Service), By Deployment Mode (On-Premise, Cloud), By Enterprise Size (Large Enterprises, SMBs), By Application (Remittances, Identity Management, Compliance Management, Payments & Smart Contracts, Fraud Prevention, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global blockchain in the retail banking industry was explained 1.4 billion dollars in 2021, and is expected to reach 40.4 billion dollars by 2031, growing at a CAGR of 40.4% from 2022 to 2031.

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Drivers, constraints and opportunities

Increasing use of blockchain in retail banking for online payments due to reduced transaction time and convenience is driving the growth of the global blockchain in retail banking market. However, the complexity of implementing blockchain technologies is hindering the market growth. On the contrary, growth in the development and initiatives towards digitization of the banking industry will open up new opportunities in the future.

Covid-19 scenario:

• The market suffered severely during the pandemic due to a change in corporate culture, business closures and general retail uncertainty.

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

The on premise segment had the largest share

By distribution mode, the local segment held the largest share in 2021, accounting for nearly three-fifths of the global blockchain in the retail banking market. On-premise-based solutions are known for better maintenance of servers, and continuous system simplifies 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 retail blockchain is gaining popularity among investors as it ensures efficient automation of processes and data maintenance along with cost-effective management.

The story continues

The segment for large enterprises dominated the market

By enterprise size, the large enterprise 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 business benefits such as cost savings, increased accuracy and faster delivery of results. Because people are prone to error when performing repetitive tasks, this has resulted in improved customer satisfaction in large companies. However, the SME segment is estimated to manifest the highest CAGR of 42.9% from 2022 to 2031. SMEs will benefit from blockchain’s flexibility and non-intrusive architecture, which naturally lowers the barrier to entry.

The solution segment had 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 presents high-level security when collecting and sending data, transparency, easy interface support, decentralization and low operating costs. In addition, blockchain technology makes it possible to automate typical rule-based procedures to respond to inquiries quickly and efficiently in real time, reducing processing times. These factors are driving the growth of the segment. However, the services segment is expected to register the highest CAGR of 43.3% during the forecast period. To improve blockchain security measures in the retail banking platform, several banks are adopting machine learning to predict fraud even before it happens.

Asia-Pacific to manifest the highest CAGR by 2031

By region, 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 the retail banking market. Major retail banking services i North America uses blockchain services to improve the customers and also to prevent the fraud. Also, large companies operating in the banking and finance sectors in the region are adopting blockchain services to reduce fraudulent transactions. These factors are driving the market growth.

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Major market players

• IBM Corporation

• Amazon Web Services Inc.

• Microsoft

• SAP SE

• Goldman Sachs

• Oracle

• Bitpay

• Cegeka

• Bitfury Group Limited

• Intel Corporation

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