Blockchain in Retail Banking Market to Hit $140.26 Billion by 2030

Grand View Research, Inc. - Seite 2

Blockchain In Retail Banking Market Growth & Trends

Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking. Blockchain technology uses distributed, decentralized ledger that records transactions across many networks, which cannot be altered once registered. This provides banks with the necessary infrastructure to maintain their data confidentiality, real-time information, and payment transactions. Additionally, no single entity controls the ledger and every time a transaction is added, everyone on the network gets a copy of it. This provides the utmost transparency to retail banks, contributing to the market's growth.

Blockchain technology also facilitates real-time payments, enabling users to make payments 24/7. Adopting this technology helps banks save on costs and meet the latest security standards while providing a sophisticated customer experience. Leading banks across the globe are adopting blockchain for operational efficiency, which is anticipated to boost the demand for these platforms, further propelling the industry's growth.

The COVID-19 outbreak played a crucial role in the development of blockchain in the retail banking market. Significant banks and non-banking financial corporations in the retail segment have shifted from traditional technologies to digital infrastructure. Thus, market leaders' introduction of advanced blockchain financial software in retail banking and increasing digital infrastructure fueled during the pandemic are some critical factors contributing to the market's growth.

Blockchain In Retail Banking Market Segmentation

Grand View Research has segmented the global blockchain in retail banking market based on type, component, enterprise size, application, and region:

Blockchain in Retail Banking Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

• Public
• Private
• Hybrid

Blockchain in Retail Banking Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Application & Solution
• Infrastructure & Protocols
• Middleware

Blockchain in Retail Banking Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises
• Small & Medium Enterprises

Blockchain in Retail Banking Market - Application Outlook (Revenue, USD Million, 2017 - 2030)