PUBLISHER: Allied Market Research | PRODUCT CODE: 1193385
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193385
A public ledger called blockchain is able to track the beginning, movement, and transfer of anything of value. To process a payment or transfer a good, blockchain needs the unanimous consent of all connected nodes, as opposed to relying on a central authority, like banks. In addition, it can keep records of information such as who owns a specific plot of land or, say, a bond. The technology allows for the maintenance of an unchangeable record of ownership and the facilitation of the transfer of the asset between parties that are skeptical.
With evolving technologies, adoption of blockchain technology has increased in banking industry, which promotes growth of the blockchain in the retail banking market. In addition, massive adoption of blockchain in retail banking for fraud prevention and development of the mobile payments industry drives the market growth. These factors notably contribute toward the growth of the global blockchain in retail banking market. However, high costs for implementation of blockchain technology restrain the market growth. On the contrary, surge in adoption of blockchain in retail banking across emerging economies and rapid technological advancements in banking sector are expected to provide lucrative opportunities for the market growth in the coming years.
The blockchain in retail banking market is segmented into component, deployment mode, organization size, application, and region. By component, the market is differentiated into solution and services. By deployment, the market is segmented into on-premise and cloud. Depending on organization size, it is fragmented into large enterprises and small and medium-sized enterprises. The application segment is segmented into remittances, identity management, compliance management, payment & smart contracts, fraud prevention and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The blockchain in retail banking market analysis includes top companies operating in the market such as IBM Corporation, Amazon Web Services Inc., Microsoft, SAP SE, Goldman Sachs, Oracle, Bitpay, Cegeka, Bitfury Group Limited, and Intel Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the blockchain in retail banking industry.
By Deployment Mode
By Enterprise Size
By Component
By Application
By Region