Blockchain in Retail Market Analysis
The global blockchain in retail market will touch USD 4.63 billion at a stellar 89.9% CAGR during the forecast period 2021- 2028, states the latest Market Research Future (MRFR) analysis. Blockchain in retail offers on-time delivery, record-time service, and real-time information for retailers.
Various factors are fuelling the global blockchain in retail market growth. As per the recent MRFR market estimates, such factors include the growing adoption of blockchain technology by retailers for streamlining business processes like payment and order management, database management, and inventory management, ensure product authenticity and safety, incorporate supply-chain visibility, growing interest in the use of blockchain technology in supply chain management retail industry, increasing need for speed and efficiency in retail and supply chain transaction, rapidly transforming international trade, retail industry scenario backed by rising venture investments and funding towards the blockchain technology providers, and growing business sales opportunities.
The additional factors adding market growth include growing business sales opportunities, increasing authenticity and counterfeits of products, growing need to monitor supply chain transactions owing to easy traceability, growing trading activities across the world, rising customer demands, and increasing investments by retailers for easy, speedy, and secure transactions.
On the contrary, lack of regulatory standards to stop data breach in the retail sector due to smoothing transactions and reducing counterfeits, lack of awareness and technical expertise in retail sector, procuring expertise and talent that better understand blockchain technology, the interoperability among different blockchains, lack of integration of legacy systems with blockchain technology, and the impact of the COVID-19 pandemic may limit the global blockchain in retail market growth over the forecast period.
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Blockchain in Retail Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global blockchain in retail market based on type, platform, organization size, and application.
By type, the global blockchain in retail market is segmented into consortium, private, and public.
By platform, the global blockchain in retail market is segmented into Quorum, Multichain, Hyperledger Fabric, R3 Corda, Ethereum, Ripple, Bitcoin, and others,
By organization size, the global blockchain in retail market is segmented into small and medium size enterprises and large enterprises. Of these, large enterprises segment will lead the market over the forecast period.
By application, the global blockchain in retail market is segmented into fraud management, loyalty and rewards management, inventory management, payment management, auditing, database management, compliance management, and others.
Blockchain in Retail Market Regional Analysis
By region, the global blockchain in retail market covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will command the market over the forecast period.
The presence of several retail enterprises in Mexico, Canada, and the US, increasing focus on online security, data control, and personal identity between retailers and customers, increasing adoption of infrastructure and technology, the wide presence of key industry players and multinational retailers that are adopting blockchain technology, rise in data security concerns among retailers, increasing cases of breaching data and counterfeits, and increasing government regulations are adding to the global blockchain in retail market growth in the region.
In Europe, the global blockchain in retail market is predicted to hold the second-largest share over the forecast period for increasing adoption of blockchain in the UK, France, and Germany, and the adoption of crytocurrencies by European retailers to promote cross-border trade.
In the APAC region, the global blockchain in retail market is predicted to have promising growth over the forecast period. Increasing use in the retail industry, increasing funding-backed startup activities in the blockchain technology aimed to transform the retail industry scenario, and adoption of blockchain by e-commerce enterprises and fashion brands are adding to the global blockchain in retail market growth in the region.
In RoW, the global blockchain in retail market is predicted to have sound growth over the forecast period for the growing investments by retail enterprises to implement blockchain solutions for streamlining business operations and adoption by retail and e-commerce enterprises.
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Blockchain in Retail Market Key Players
The prominent players profiled in the global blockchain in retail market report include
- Tata Consultancy Services Limited (India)
- Microsoft Corporation (US)
- Guardtime (US)
- Oracle Corporation (US)
- Amazon Web Services (US)
- BlockApp (US)
- Bitpay (US)
- Microsoft Corporation (US)
- Bitfury USA Inc. (US)
- Cognizant (US)
- Cisco Systems (US)
- Blockpoint Systems (US)
- Coin Sciences Ltd. (UK)
- SAP SE (Germany)
- IBM Corpration (US)
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