Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Blockchain In Retail Banking Market size is expected to reach $37.8 billion by 2028, rising at a market growth of 81.8% CAGR during the forecast period.
The Application & Solution segment is showcasing a CAGR of 83.3% during (2022 - 2028). Asset management, Know Your Customer (KYC), and fraud detection solutions via private blockchain are examples of blockchain applications and solutions. Retail banks can use these technologies to streamline operations, effectively manage client relationships, get rid of middlemen, and give trust and data handling skills. The expansion of the segment is also fueled by these Programmes and services' ability to validate and record transactions without the need for outside authorization.
The Public segment acquired maximum revenue share in the Global Blockchain In Retail Banking Market by Type in 2021 thereby, achieving a market value of $23.1 billion by 2028. The main applications of public blockchains are the mining and trading of cryptocurrencies. A public blockchain is decentralized, allowing anybody to run nodes and access the data it stores. This gives the blockchain its most important benefit of transparency and openness.
The Small & Medium Enterprises segment has shown the growth rate of 84.4% during (2022 - 2028). Typically, SMEs lack the necessary cash and capital. As a result, SMEs are always looking for ways to get more financing. SMEs are taking advantage of the chance to receive a capital infusion by implementing blockchain in their operations as a result of the growing number of venture capitalists, fintech companies, and investors coming forward to invest in blockchain.
The Remittances segment is leading the Global Blockchain In Retail Banking Market by Application in 2021 thereby, achieving a market value of $17 billion by 2028. There is increased efficiency along some of the value chains due to the introduction of numerous fintech in cross-border remittances. Application programming interfaces (APIs) that smoothly integrate into current treasury infrastructure, provide real-time visibility into foreign exchange (FX) prices, and allow financial firms to manage risks effectively are part of this emerging technology.
The North America market dominated the Global Blockchain In Retail Banking Market by Region in 2021; thereby, achieving a market value of $14 billion by 2028. The Europe market is exhibiting a CAGR of 80.6% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 83.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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