Allied Market Research
Loading...
0

Global Blockchain in Retail Market Expected to Reach $11.18 Billion by 2026

 

Report Code : A02648

quote According to the blockchain in retail market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to rise in number of pirated and counterfeit goods in this region. quote

Bhushan Jagtap
Research Analyst, ICT at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, "Blockchain in Retail Market by Component, Application, and Organization Size: Global Opportunity Analysis and Industry Forecast, 2018-2026," 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 as a digital technology has progressed a lot in the recent years. And among all the end users, the financial sector has been experiencing a major transformation. However, retailers are also exploring potential applications and benefits of blockchains across the retail industry. Online payments, card-based payment methods, and loyalty rewards and management have become dominant and gained huge traction in the recent past and, blockchain is expected to support all these changes by enabling increased speed of transaction and real-time processing. 

Retailers need to collaborate with numerous partners and external stakeholders on joint projects to test blockchains application into their business. These factors are expected to create major blockchain in retail market opportunity in forthcoming years.

Furthermore, with suitable and appropriate collaboration, blockchain can enhance supply chain visibility that can improve sales forecasting and inventory control while creating product authenticity and provenance. In addition, blockchain can reduce costs and increase operational efficiency by eradicating the need for redundant databases and management systems across retail organizations.

The current compliance processes that are being used among retailers are time-consuming, which can lengthen other processes involved in the retail supply chain. The capability of blockchain to work in real time on shared common datasets and to enable secure compliance management offers better visibility to retailers. Thus, these features reduce the additional efforts for retailers, which in turn increases the adoption rate of blockchain technology for compliance management. Also, the traditional trade process in asset management involves huge cost and risks when it comes to cross-border transactions.

Based on 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 rise in adoption of blockchain software among retailers due to growing need for safe and secure transmission of data across supply chain. Also, the availability of cost-effective solutions is also driving the demand for blockchain platforms across numerous retailers. Further, the services segment is expected to exhibit highest growth rate throughout the market forecast period.

By region, North America dominated the global market in 2018 and is expected to remain dominant during the 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 a key factor that is expected to fuel the blockchain in retail market in this region in upcoming years. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.

According to Bhushan Jagtap, Research Analyst, ICT at Allied Market Research, “According to the blockchain in retail market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to rise in number of pirated and counterfeit goods in this region.”

Key Findings of the Blockchain in Retail Market :

Based on application, the payments & smart contracts segment dominated the global blockchain in retail market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to increase in need to provide proof of delivery of any purchase that immediately triggers automatic payments and digital invoicing with zero-downtime analog gap between supplier and customer.

On the basis of organization size, the large enterprises segment dominated the global blockchain in retail market in 2018 and it is expected to remain dominant throughout the forecast period. On the contrary, small & medium size enterprise segment is expected to exhibit highest growth throughout the forecast period. The increase in need to shift from conventional business models to digital business is the key factor driving retailers to adopt blockchain solutions hence, fueling the blockchain in retail market growth of this segment.

Blockchain in Retail Market Players:

Some of the key blockchain in retail industry players profiled in the report include 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.
 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Blockchain in Retail Market by Component (Platform and Services), Application (Compliance Management, Identity Management, Loyalty and Rewards Management, Payments & Smart Contracts, Supply Chain Management, and Others), and Organization Size (Large Enterprises and Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2018-2026 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 4,226 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Global Blockchain in Retail Market"
Purchase Enquiry