Blockchain in RetailMarket Synopsis:
The blockchain technology is a decentralized method of maintaining records in blocks. The information is encrypted using cryptography and allows information to be distributed but not copied.
The retail industry has undergone various changes after the boom of the Internet and ecommerce to sustain. The global Blockchain in Retail Marketreport by Market Research Future (MRFR) outlines the various challenges faced by the retail industry and the use of blockchain to overcome them.
Key market players include Cisco Systems Inc., SAP SE, Tata Consultancy Services Limited, Blockpoint Systems, R3, Microsoft Corporation, Amazon Web Services, BlockApps, Cegeka, Auxesis Group, Oracle Corporation, Coin Sciences Ltd., Bitfury USA Inc., IBM Corporation, and Cognizant.
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The global blockchain in retail market is predicted to accrue revenue close to USD 1.76 billion by exhibiting a CAGR of 78.49% till 2024, as per MRFR. The security associated with blockchain is the primary driver of the market. In addition, the use of the technology to streamline operations and improve efficiency along the supply chain is likely to augur well for the market. The scope for processes such as inventory management, supply chain visibility, product authenticity, and database management are expected to be secure in this manner.
Smart contracts can be created for an added layer of security between distributors and retailers to ensure the successful transportation of goods. The barcodes attached to the products can outline ownership history and product details to create transparency and promotes authenticity. Adoption of the technology by supermarket and grocery stores can push market demand exponentially. In addition, customer loyalty programs powered by the technology and capacity to run on multiple operating systems such as Android and iOS can foster market growth.
Automated shopping powered by blockchain can ensure the accurate delivery of goods to customers. The data sharing system protected by the technology can let retailers glean customer wants and preferences and ensure their delivery with the help of internet of things (IoT).
Lack of uniform standards, shortage of skilled personnel, and integration of blockchain with legacy systems can impede its growth.
The global blockchain in retail market is segmented by type, application, organization size, and platform.
- By type, it is segmented into public, private, and consortium.
- By application, it is segmented into database management, compliance management, payment management, inventory management, loyalty and rewards management, fraud management, and auditing.
- By organization size, it is segmented into large enterprises and SMEs.
- By platform, it is segmented into Hyperledger Fabric, Ripple, Ethereum, R3 Corda, Bitcoin, Quorum, Multichain, and others.
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are major regions studied in the global blockchain in retail market report.
North America holds the largest market share owing to a large number of retail chains operating in the U.S., Canada, and Mexico. Convenience and rapid customer service can push the adoption rate of the technology and spur market demand.
Europe has assumed the second position in the global market due to adoption of cryptocurrencies for trading across borders. Acceptance of the technology by retail chains for tracking goods can be beneficial to the market. This is exemplified by adoption of blockchain solution created by IBM Corporation for Carrefour, a European retail giant.
The APAC region is expected to showcase a vertical growth trajectory due to blockchain being implemented in stores across Singapore, Australia, India, China, and Japan. The high use of the technology for pinpointing spurious or counterfeit goods and preventing fraud can push market demand. Furthermore, its use in reducing waste, cut down on tracking times, and enhance transparency can bode well for the market.
Target, one of the biggest U.S. retail chains, has developed ConsenSource, a blockchain solution for streamlining its supply chain in 2019.
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- Blockchain solution providers
- Retail blockchain solution providers
- Blockchain application developers
- Retail enterprises
- Retail supply chain partners
- Research institutes and organizations
- Blockchain platform providers
- E-commerce enterprises
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