The Europe Blockchain In Retail Banking Market would witness market growth of 80.6% CAGR during the forecast period (2022-2028).
The hesitancy of retail banking about blockchain contrasts with initiatives witnessed elsewhere. In an effort to reduce costs and improve transparency, governments, investment institutions, and infrastructure providers are experimenting with the technology. For instance, investment banks picture a scenario in which transaction execution, post-trade processing and settlement all occur instantly, doing away with several middle- and back-office procedures.
Additionally, they are concentrating on the potential for smart contracts to boost automation. The fundamental components of the retail banking business model may benefit from blockchain technology. Retail banks have been reluctant to participate, and there are issues with scaling, trust, and the volatility of cryptocurrencies with this technology. Additionally, there is few evidence that incumbents have accepted the necessity of working together and sharing data.
The United Kingdom is one of the key global centers for financial services, and fintech is among the Europe’s fastest-growing sectors. Digital banking systems are beginning to thrive in the UK. Due to early legislation & acceptance of open banking, the subsequent growth of fintech disruptors, and other factors, the UK has an advantage over other Western countries in a variety of digital domains. The banking industry is anticipated to invest a sizeable sum in these technologies—roughly a third of all European blockchain spending due to an increase in trade finance and post-trade or transaction resettlement, cross-border payments & settlements, and transaction agreements.
The Germany market dominated the Europe Blockchain In Retail Banking Market by Country in 2021; thereby, achieving a market value of $2,377.5 million by 2028. The UK market is anticipated to grow at a CAGR of 79.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 81.9% during (2022 - 2028).
Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. Based on Type, the market is segmented into Public, Private and Hybrid. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Remittances, Risk Assessment and KYC & Fraud Prevention. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Blockchain In Retail Banking Market will Hit $37.8 Billion by 2028, at a CAGR of 81.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Cognizant Technology Solutions Corporation, IBM Corporation, Microsoft Corporation, Digital Asset Holdings, LLC, Tata Consultancy Services Ltd., Unicsoft LP, Axoni (Schvey, Inc.), Ping An Insurance (Group) Company of China, Ltd., and Santander Bank, N.A.
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