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The North America Blockchain In Retail Banking Market would witness market growth of 79.8% CAGR during the forecast period (2022-2028).
Customer satisfaction will increase with faster payments and lower processing costs. Therefore, BFSI institutions should rely on cutting-edge technology by offering a decentralized payment channel. By providing better security and more affordable payments, banks may eventually compete with innovative fintech firms by providing improved service quality, new products, and other advantages.
Banks will also be able to conduct typical bank agreements more quickly and decrease the need for third-party verification by integrating blockchain. Blockchain must fulfill a number of requirements before it can be considered a standard financial technology. Blockchain won't be able to change the industry unless it is extensively used. The investment will, nevertheless, be quite profitable. Blockchain is expected to enable banks to process payments more rapidly and accurately while also reducing transaction processing costs once fully adopted.
Over the past several years, the United States has been home to numerous blockchain development initiatives that have helped the industry growth due to growing investment in blockchain technology. BaaS services are all over the place. Furthermore, the integration of BaaS solutions with essential public services is expanding quickly, which is anticipated to open up new development potential for the local BaaS industry in the next few years. A cloud-based architecture called BaaS makes it possible for companies in this area to build and manage their blockchain applications.
The US market dominated the North America Blockchain In Retail Banking Market by Country in 2021; thereby, achieving a market value of $10,127.6 million by 2028. The Canada market is poised to grow at a CAGR of 83.8% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 82.2% 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 U.S., Mexico, Canada, and Rest of North America.
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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