Blockchain in Retail Banking Market Report 2025 (Global Edition)

Global Blockchain in Retail Banking Market Report 2024 Market Size Split by Type (Public, Private, Hybrid), by Component (Application & Solution, Infrastructure & Protocols, Middleware), by Enterprise...

Blockchain in Retail Banking Market Report Description

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Blockchain in Retail Banking Market Insights Video

Competitive Landscape of the Blockchain in Retail Banking Market

In the retail banking industry, blockchain technology is primarily concentrated among a small number of prominent participants. The primary objective of prominent participants is to broaden their customer base by implementing new business strategies and technologies. International banking has also created numerous business opportunities to expand its services to a broader global audience. For instance, in 2022, PayBito, a US-based exchange, expanded its presence in Japan by providing its primary crypto-banking solutions to prominent Japanese financial organizations. As a result, this market offers crypto-venturing institutions the chance to expand their services globally, which is anticipated to further accelerate the industry's expansion.

In October 2022, The blockchain solutions platform "Quartz" was introduced by Tata Consultancy Services Ltd. Commercial and central banks can utilize this product to facilitate transactions, bookkeeping, and the entire lifecycle of Central Bank Digital Currency (CBDC) issuance. (Source: https://www.tcs.com/who-we-are/newsroom/press-release/tcs-quartz-help-central-banks-financial-institutions-introduce-central-bank-digital-currencies) In June 2022, Santander Bank, N.A. executed an agreement with ICICI Bank, India's private sector bank. Santander would establish a framework between partnered institutions to satisfy the financial service needs of corporate customers in India through this agreement. -UK corridor. (Source: https://www.icicibank.com/about-us/article/news-icici-bank-signs-mou-with-santander-uk-plc-20221005162425856) In January 2022, Zinia, a new buy-now, pay-later (BNPL) platform, was recently introduced by Santander Bank, N.A. This product would provide consumers with interest-free installments from either the point of sale or online. (Source: https://www.santander.com/en/press-room/press-releases/2022/01/santander-launches-zinia-its-new-buy-now-pay-later-service#:~:text=Zinia's%20BNPL%20service%20simplifies%20shopping,exclusive%20offers%20and%20financing%20alternatives.)

Top Companies Market Share in Blockchain in Retail Banking Industry: (In no particular order of Rank)

• Cegeka
• Microsoft
• BitPay
• IBM
• Goldman Sachs
• Amazon Web Services
• Inc.
• SAP SE
• Intel Corporation
• Oracle
• Bitfury Group Limited.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Blockchain in Retail Banking Market

Which Region Dominates the Blockchain in Retail Banking Market in 2024?

According to Cognitive Market Research, North America currently dominates the Blockchain in Retail Banking market, and the region is expected to have significant growth during the projected period. One of the most significant growth determinants for this region is the *aggressive adoption of blockchain technology* by prominent financial entities, including Morgan Stanley and JP Morgan Chase. There are significant opportunities for blockchain integration in retail banking due to the utilization of remittance services, digital identification solutions, and smart contracts.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Financial institutions' *implementation of blockchain technology* to serve a vast consumer market with improved efficacy is a significant development driver in this region. Additionally, blockchain adoption is bolstered by government endorsement in countries such as China, India, and Japan, which capitalizes on the region's technology-savvy, adolescent demographicx.

The current report Scope analyzes Blockchain in Retail Banking Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Blockchain in Retail Banking

According to Cognitive Market Research, the global Blockchain in Retail Banking market size was estimated at USD 1154.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 461.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 81.3% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Blockchain in Retail Banking market with a market size of USD 364.27 million in 2024 and is anticipated to grow at a CAGR of 81.1% during the projected period. The U.S. high level of blockchain adoption for the prevention of KYC/ID fraud.
• The Canada Blockchain in Retail Banking market had a market share of USD 55.40 million in 2024 and is anticipated to grow at a CAGR of 82.1% during the projected period. Canada’s significant interest in financial products that are founded on blockchain technology.
• The Mexico Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.8% during the projected period, with a market size of USD 42.01 million in 2024.

Europe Blockchain in Retail Banking

According to Cognitive Market Research, the global Blockchain in Retail Banking market size was estimated at USD 1154.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 346.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 81.6% from 2024 to 2031.

• The United Kingdom Blockchain in Retail Banking market had a market share of USD 58.17 million in 2024 and is anticipated to grow at a CAGR of 82.4% during the projected period. In the UK, Blockchain in Retail Banking sales see an upswing due to the widespread implementation of digital finance solutions.
• The France Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 80.8% during the projected period, with a market size of USD 31.86 million in 2024.
• According to Cognitive Market Research, the German Blockchain in Retail Banking market size was valued at USD 68.56 million in 2024 and is anticipated to grow at a CAGR of 81.8% during the projected period. In Germany, The increasing popularity of financial products and cryptocurrency that are founded on blockchain technology.
• The Italy Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.0% during the projected period, with a market size of USD 29.78 million in 2024.
• The Russia Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 80.6% during the projected period, with a market size of USD 53.67 million in 2024.
• The Spain Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 80.7% during the projected period with a market size of USD 28.39 million in 2024
• The Luxembourg Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.7% during the projected period, with a market size of USD 10.73 million in 2024.
• The Portugal Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.4% during the projected period, with a market size of USD 7.27 million in 2024.
• The Greece Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.9% during the projected period, with a market size of USD 4.16 million in 2024.
• The Rest of Europe's Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 80.3% during the projected period, with a market size of USD 53.67 million in 2024.

Asia Pacific Blockchain in Retail Banking

According to Cognitive Market Research, the global Blockchain in Retail Banking market size was estimated at USD 1154.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 265.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 85.1% from 2024 to 2031.

• According to Cognitive Market Research, the China Blockchain in Retail Banking market size was valued at USD 119.46 million in 2024 and is anticipated to grow at a CAGR of 84.6% during the projected period. Blockchain in Retail Banking surged in China due to digital transformation and rapid urbanization.
• The Japan Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 83.6% during the projected period, with a market size of USD 36.63 million in 2024.
• The India Blockchain in Retail Banking market had a market share of USD 31.86 million in 2024 and is anticipated to grow at a CAGR of 86.9% during the projected period. India's governmental initiatives that advocate for blockchain technology.
• The South Korean Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 84.2% during the projected period, with a market size of USD 26.55 million in 2024.
• The Australian Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 84.8% during the projected period, with a market size of USD 13.80 million in 2024.
• The South East Asia Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 86.1% during the projected period, with a market size of USD 18.32 million in 2024.
• The Rest of Asia Pacific Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 84.9% during the projected period, with a market size of USD 18.85 million in 2024.

South America Blockchain in Retail Banking

According to Cognitive Market Research, the global Blockchain in Retail Banking market size was estimated at USD 1154.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 57.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 82.5% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Blockchain in Retail Banking market size was valued at USD 24.70 million in 2024 and is anticipated to grow at a CAGR of 83.1% during the projected period. Blockchain in Retail Banking flourished in Brazil due to increasing governmental initiatives to enhance the infrastructure of healthcare.
• Argentina's Blockchain in Retail Banking market had a market share of USD 9.70 million in 2024 and is anticipated to grow at a CAGR of 83.4% during the projected period. Argentina's growing consciousness regarding mental health concerns.
• Colombia Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 82.3% during the projected period, with a market size of USD 5.14 million in 2024.
• Peru Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 82.7% during the projected period, with a market size of USD 4.73 million in 2024.
• Chile Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 82.8% during the projected period, with a market size of USD 4.16 million in 2024.
• The Rest of Latin America's Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.6% during the projected period, with a market size of USD 9.29 million in 2024.

Middle East and Africa Blockchain in Retail Banking

According to Cognitive Market Research, the global Blockchain in Retail Banking market size was estimated at USD 1154.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 23.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 82.8% from 2024 to 2031.

• The GCC Countries Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 83.6% during the projected period, with a market size of USD 9.88 million in 2024. Enhanced transparency and security in financial transactions are the primary factors propelling the adoption of blockchain in retail banking.
• The Egypt Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 83.1% during the projected period, with a market size of USD 2.42 million in 2024.
• The South Africa Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 83.8% during the projected period, with a market size of USD 3.65 million in 2024. The growth of blockchain in retail banking is being driven by the necessity for financial inclusion and efficient cross-border payments.
• The Turkey Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 82.3% during the projected period, with a market size of USD 1.99 million in 2024.
• The Nigeria Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.9% during the projected period, with a market size of USD 2.42 million in 2024.
• The Rest of the MEA Blockchain in Retail Banking market is anticipated to see growth at a CAGR of 81.8% during the projected period, with a market size of USD 2.72 million in 2024.

Blockchain in Retail Banking Market Analysis

How are Segments Performing in the Global Blockchain in Retail Banking Market?

Blockchain in Retail Banking Market Type Segment Analysis

According to Cognitive Market Research, Public Blockchain in Retail Banking are likely to dominate the Blockchain in Retail Banking Market over the forecast period. Miners and cryptocurrency traders utilize public blockchains. Any user may operate nodes and examine the blockchain's data, making it transparent and open, its biggest strength. Public blockchain gives participants unrestricted access, enabling them to explore applications, and eliminates regulatory boundaries, which is projected to boost sector growth throughout the projection period.

The Hybrid is the fastest-growing segment in the Blockchain in Retail Banking Market. The hybrid blockchain combines public and private blockchains. Hybrid blockchain combines the advantages of private and public blockchains. Hybrid blockchains' capacity to keep transactions secret and validate them via smart contracts is expanding their acceptance in retail banking. The hybrid-type blockchain sector in retail banking is predicted to grow due to banks' requirement to protect and validate their data.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Blockchain in Retail Banking Industry. Request a Free Sample PDF!

Blockchain in Retail Banking Market Component Segment Analysis

According to Cognitive Market Research, the Infrastructure & Protocols segment holds the largest share of the market. Hyperledger, Ethereum, Corda, and Quorum are blockchain protocols. These protocols offer blockchain application standards, rules, and frameworks. Under continual surveillance, retail banking must fulfill security and regularization demands. Blockchain infrastructure & protocols protects data, promoting development.

In the Blockchain in Retail Banking Market, the Application & Solution has been expanding at a rapid pace. Blockchain applications include asset management, KYC, and fraud detection via private blockchains. Retail banks may improve operations, manage clients, remove middlemen, and handle trust and data using these apps. These software and solutions verify and record transactions without third-party permission, growing the category.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Blockchain in Retail Banking Enterprise Size Segment Analysis

Blockchain in Retail Banking Market Enterprise Size Segment Analysis

According to Cognitive Market Research, The Large Enterprises segment holds the largest market share. Large companies handle plenty of employee and consumer data. Blockchain technology lets major companies anonymize and safeguard vast amounts of data via encryption algorithms. Retail banks may access other banks' blockchain data and learn for their business procedures. Large organizations are growing due to blockchain technology's advantages.

In the Blockchain in Retail Banking market, the rapidly growing sector is the Small & Medium Enterprises category. SME owners are often looking for funding, Fintech businesses, venture capitalists, and investors are investing more in blockchain, therefore SMEs are using it to raise finance. Small & medium retail banks may use blockchain to streamline business operations, improve security, and satisfy customers, as well as raise funds to develop the sector.

• Large Enterprises
• Small & Medium Enterprises

Blockchain in Retail Banking Application Segment Analysis

Blockchain in Retail Banking Market Application Segment Analysis

According to Cognitive Market Research, the Remittances segment dominates the market. The rise of fintech in cross-border transfers improves value chain efficiency. APIs that smoothly connect into existing treasury infrastructure, provide real-time FX rate insight, and help financial institutions manage risks are part of this emerging. With these sophisticated technology, retail banks are using blockchain to provide real-time, low-cost remittance services, predicted to boost the category.

KYC & fraud prevention is anticipated to rise significantly. Retail banks struggle with identity verification and fraud. Identity theft costs banks $15–$20 billion yearly, and they're under pressure to secure consumer data. Blockchain may help solve these problems. Blockchain simplifies and verifies account opening and onboarding. Blockchain automates information verification for retail banks, boosting KYC and fraud prevention acceptance and segment development.

• Remittances
• KYC & Fraud Prevention
• Risk Assessment

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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