The Latin America, Middle East and Africa Blockchain In Retail Banking Market would witness market growth of 93.1% CAGR during the forecast period (2022-2028).
Blockchain acceptance in the banking industry has been gradual. However, there is a clear increase in the use of technology in the industry. Banking's adoption of digitalization is relatively delayed in the domain of accounting. It is only necessary to comply with the regulatory obligations related to data integrity and validation. As a result, blockchain needs to alter accounting.
The blockchain is essential in streamlining double-entry bookkeeping practices and simplifying compliance. Blockchain allows for the direct addition of a transaction to the joint register despite maintaining separate records of transaction receipts. Therefore, the blockchain can distribute each entry in this register. It will guarantee the security and transparency of banking information.
For the purpose of confirming transaction details, a blockchain can function similarly to a digital notary. Smart contracts would make it possible to pay for bills that were generated. Efficiency, reporting, and data availability are all improved by blockchain in accounting and book-keeping.
The UAE has been swiftly and closely following BFSI digitalization trends. The United Arab Emirates and the Middle East region in general are expanding and prospering marketplaces when it comes to cutting-edge banking trends and technologies. The Middle East region has a lot of untapped potentials and is well-positioned to become the next major hub for advancements in digital banking. Nations in the Middle East are increasingly realizing how urgently needed it is for digital services to meet their needs.
The Brazil market dominated the LAMEA Blockchain In Retail Banking Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $777.8 million by 2028. The Argentina market is experiencing a CAGR of 94.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 92.6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Blockchain In Retail Banking Market is Predict to reach $37.8 Billion by 2028, at a CAGR of 81.8%
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.
By Component
By Type
By Enterprise Size
By Application
By Country
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