Blockchain in Retail Market Synopsis:
As per the report published by Market Research Future (MRFR), the global blockchain in retail market is expected to demonstrate a staller CAGR of 78.49% between 2019 and 2024. The market is expected to reach a valuation of USD 1.76 Bn by the end of the forecast period. The rapid adoption of blockchain in the retail sector to simplify various business processes including database management, incorporate supply-chain visibility, ensure product authenticity and safety, payment and order management and inventory management.
Blockchain is viewed as a revolutionary technology, which is enabling streamlining of procedures and making transaction activities transparent and simpler. The technology facilitates faster and uninterrupted transactions and develops a peer-to-peer network system. Moreover, it also simplifies the ledger for recording the transaction and ensures a transparent consensus mechanism for transaction validation.
Blockchain in Retail Market holds tremendous potential and is touted as a technology that is going to reinvent business functions. Enterprises are inclining towards blockchain to secure their transaction systems. Using blockchain, businesses can streamline supply chain activities, auditing, accounting processes, compliance and inventory management. It also enables, enterprises remove redundant database systems. Retail companies the increasingly relying on retail companies to raise authenticity standards, and product safety and product quality. Most importantly blockchain allows retail companies to improve bottom-line.
Retail brands are implementing blockchain solutions to develop smart contracts and automate payment modules and thereby improve inventory management systems. The need for effective operational structure and precise assessment required inventory size is influence the adoption of blockchain in retail. The technology not only improves operational efficiency but also greatly enhances payment convenience for customers. The global blockchain in retail market is also benefiting from growth of e-commerce and robust internet penetration.
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Blockchain in Retail Market Competition Analysis:
IBM Corporation, SAP SE, Bitfury USA Inc., Cegeka, Blockpoint Systems, Bitpay, Guardtime, Microsoft Corporation, Coin Sciences Ltd., Amazon Web Services, Cognizant, Blockverify (Venture Proxy Ltd), Oracle Corporation, Tata Consultancy Services Limited, Cisco Systems Inc., Coinbase, Auxesis Group, and BlockApps are among the leading companies covered in MRFR’s report.
Blockchain in Retail Market Segmental Analysis:
The segmental analysis of the market has been conducted based on application, organization size, platform and type.
- On the basis of application, key segments include database management, payment management, loyalty and rewards management, compliance management, fraud management, inventory management, auditing and others.
- On the basis of organization size, small & medium enterprises (SMEs) and large enterprises.
- On the basis of platform, key segments include ripple, R3, hyperledger fabric, quorum, bitcoin, ethereum, multichain, corda and others.
- On the basis of type, key segments include consortium, private and public.
Blockchain in Retail Market Regional Analysis:
North America currently dominates the global blockchain in retail market in terms of revenue. The region is expected to remain highly profitable during the forecast period. Countries such as the US, Mexico and Canada continue to undergone tremendous digitization, which is creating application opportunities. Moreover, presence of massive retail enterprises is supporting the market growth in the region. Europe is the second largest market for blockchain in retail.
In terms of revenue, countries such as France, the UK, Germany are expected to makes considerable contribution to the Europe Blockchain in retail market during the forecast period. Asia Pacific is third in the pecking order and is likely to emerge as a high growth market for blockchain in retail in future. Fast adoption of blockchain technology in the retail sector is primarily driving the market in APAC. The market in regions such as the Middles East and South America is also expected to witness a healthy growth but from a smaller base.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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List of Tables
Table1 Global Blockchain In Retail Market: By Country, 2019–2024
Table2 North America: Blockchain In Retail Market, By Country, 2019–2024
Table3 Europe Blockchain In Retail Market: By Country, 2019–2024
List of Figures
Figure 1 Global Blockchain In Retail Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Blockchain In Retail Market
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