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| Report Code: A02648 | Pages: 253 | ||
| Tables: 118 | Charts: 78 |
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The global blockchain in retail market size was valued at $83 million in 2018, and is projected to reach $11.18 billion by 2026, registering a CAGR of 84.6% from 2019 to 2026. Blockchain in retail provides on-time delivery, real-time information, and record-time service for retailers. Moreover, blockchain assures reliability, quality, product safety, and authenticity along with allowing supply chain partners to know about their products location. These factors drive the market growth for blockchain in retail industry.
By component, the platform segment garnered major blockchain in retail market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the growth in adoption of blockchain software among retailers due to rise in need for safe and secure transmission of data across supply chain. Also, the availability of cost-effective solutions is also the key factor driving the demand for blockchain platforms across numerous retailers. Further, the services segment is expected to exhibit highest growth rate throughout the forecast period.
North America dominated the global market in 2018 and is expected to remain dominant during the blockchain in retail market forecast period due to presence of major market players and on-going developments in blockchain technology. Also, rise in data security concerns among retailers is also the key factor that is expected to fuel the market growth in this region in upcoming years.
The report focuses on the growth prospects, restraints, and trends of the blockchain in retail market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global market.
Segment Review
The global blockchain in retail market is segmented based on component, application, organization size, and region. Based on component, the market is bifurcated into platform and services. Based on application, the market is divided into compliance management, identity management, loyalty and rewards management, payments & smart contracts, supply chain management, others. Based on organization size, the market is classified into large enterprises and small & medium enterprises. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market is dominated by the global blockchain in retail players such as Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited.
Top Impacting Factors
Current and future blockchain in retail market trends are outlined to determine the overall attractiveness of the market. Top impacting factors highlight the blockchain in retail market opportunity during the forecast period. Increase in demand for transparent transactions and smart contracts is the key factor driving the market growth for blockchain in retail industry. In addition, increase in investment by retail industries in blockchain-based solutions is also expected to boost the market growth. Moreover, increase in need to ensure quality, reliability, authenticity, and product safety are also some of the factors fueling the demand for blockchain solutions and services across global retailers. However, scarcity of skilled experts is expected to impede the blockchain in retail market growth during the forecast period. Furthermore, rapid changes in the retail industry due to technological advancements and international trade are expected to provide major growth opportunities for blockchain retail market in upcoming years.
Increased transactions transparency
Increase in demand for transparent transactions and smart contracts is the key factor driving the growth for the blockchain in retail market. Blockchain technology reorganizes the transaction management by replacing mediators with secure digital records. Moreover, instead of being managed by central intermediate, blockchain allows orchestration of all the data and transactions over the network. In addition, it allows all the parties to share and settle upon vital business information and transactions. It further offers faster transaction processing speed along with transaction and information traceability to all the entities involved in the network, which fuels the market growth. Furthermore, blockchain is typically known for its enhanced security as it provides cryptographic security for its databases and transactions, which is also the key factor that adds transparency and helps in fraud reduction thereby boosting the demand for blockchain solutions in retail.
Increase in investment by retail industries in blockchain-based solutions
Blockchain technology is transforming the entire retail industry due to numerous high valued distributed applications of this technology. Therefore, blockchain in the retail sector is bringing new business models in many areas, such as digital payment, smart contracts, internet/online shopping, and risk and compliance. Thus, these factors are driving retailers to invest huge amounts to explore blockchain technology. For instance, Walmart a retail giant has been investing in blockchain technology since 2017 and has partnered with IBM to digitize its food supply chain process using blockchain technology. Recently, Walmart used blockchain technology to trace seafood in Andhra Pradesh, India., and is planning to enhance its global food traceability with this strategy.
Blockchain in Retail Market Report Highlights
| Aspects | Details |
|---|---|
| By Component |
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| By Application |
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| By Organization Size |
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| By Region |
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| Key Market Players | SAP SE, Tata Consultancy Services Limited, Bitfury Group Limited, Oracle Corporation, International Business Machines Corporation, Amazon Web Services, Inc., Microsoft Corporation, Auxesis Services & Technologies (P) Ltd., Infosys Limited, Cognizant |
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According to the CXOs of the leading companies, the global blockchain in retail market in the U.S. and Asia-Pacific, experiencing rapid growth and has a huge scope for development. In addition, positive returns on investment in the blockchain technology are anticipated to offer opportunities for the improvement of existing blockchain platform and solutions. Majority of market players are collaborating with numerous government entities and retail institutions globally. For instance, through Horizon 2020, the EU is supporting blockchain pilot projects. EUs research and innovation programme has invested $169.1 million since 2017 in areas such as digital identity, energy, and E-health, and is further expected to reach $333 million by 2020. In addition, increase in demand for transparency in transactions and smart contracts is the key factor driving the market growth for blockchain in retail industry. Also, increase in investment by retail industries in blockchain-based solutions is also expected to boost the market growth.
Furthermore, surge in interest in blockchain in retail systems among investors and operators is one of the major factors fueling the market growth. Also, smart contract connects to various blockchains that allows to track multiple assets. These contracts are reducing procure-to-pay gaps, which results into integrated delivery and payment model in digital contracts across enterprises. Moreover, blockchain technology is in its initial stages of development and needs to overcome several technical as well as regulatory risks as well as challenges before its widespread adoption.
Furthermore, blockchain in retail is a consolidated market as players such as Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited hold a major share globally. However, the market is expected to become fragmented in near future, as many players in developing countries are evolving and coming up with enhanced and innovative blockchain solutions and strategies.
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