The blockchain technology offers the retail industry an opportunity to accept cryptocurrencies for payments, enabling cross-border payments and micro-payments. Several retail companies such as Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, and Shopify are leading the way by adopting Bitcoin transactions.
The report provides information on Blockchain in Retail market trends and development, growth drivers, technologies & forecast with expert review.
Blockchain has immense potential to streamline transport and logistics processes to track every stage of a product’s journey with real-time information resulting in the reduction of stolen, lost, or damaged goods. Walmart Inc., an American multinational retail corporation, has already adopted the blockchain technology to keep track of each piece of pork sourced from China with detailed information regarding origin, processing and storage of the product. With the help of blockchain technology retailers are implementing transparency in the supply chain management. Wave, an Isreali company, provides blockchain technology to retailers to assist them in tracking their supply chains with the secured and paperless process.
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Blockchain allows retailers to capture data at every stage of customer interaction to assess customer buying patterns and trends. Retailers are proactively exploring blockchain’s capabilities along with artificial intelligence and big data analysis for customer loyalty schemes to store loyalty points within a single wallet making it easier to track and redeem the reward points.
Regional Analysis
The global market for blockchain in retail is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographic analysis of the blockchain in retail market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America region dominates the market due to the presence of key market players of blockchain technology solutions that drives the market growth in this region. Many retail companies in the US, Canada, and Mexico have adopted blockchain technology to streamline critical business processes such as payments, supply chain, transportation, logistics, auditing and consumer loyalty schemes.
The market is witnessing a substantial growth in European countries, namely Germany, France, the UK, Spain, and Russia. European retailers are adopting cyptocurrencies to promote cross-border trade. For instance, a French retail giant, Carrefour SA has adopted blockchain ledger technology solution— IBM Food Trust—developed by IBM Corporation, to track and trace chicken, eggs, and tomatoes shipped from farms to stores.
The market in Asia-Pacific region is expected to grow at a higher rate owing to the wide-scale adoption of blockchain solutions by retail enterprises in China, Japan, India, Australia, and Singapore. Adoption of blockchain by e-commerce enterprises and fashion brands is also expected to drive the market growth in this region.
The Middle East and Africa region presents immense opportunities for key market players as the retail and e-commerce enterprises in this region highly adopt blockchain technology.
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Key players
The prominent players in the market of Global Blockchain in Retail are IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services,Oracle Corporation, Bitfury USA Inc., Cisco Systems Inc., Cegeka, Auxesis Group, Blockpoint Systems, BlockApps, R3, Tata Consultancy Services Limited, Coin Sciences Ltd., and Cognizant.
The other market players include Coinbase, Bitpay, Blockverify (Venture Proxy Ltd), and Guardtime.
According to new study "Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Blockchain in Retail Market expected to grow from $80.0 million in 2019 to $2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.The major factors driving the Blockchain in Retail Market include need to reduce the total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, an increasing need to prevent data manipulation and for increasing efficiency and speed in retail and supply chain systems.Browse in-depth TOC on "Blockchain in Retail Market”41- Tables29- Figures 125- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=79569008The supply chain management segment is estimated to hold the largest market size in the Blockchain in Retail Market in 2019The supply chain management segment is expected to dominate the Blockchain in Retail Market in terms of its contribution to the overall market, as retail companies are deploying blockchain-based supply chain management applications to reduce frauds and errors, improve inventory management, reduce delays from paperwork, identify issues faster, and increase the customer and partners trust.
The blockchain technology helps organization overcome the existing limitations of supply chain systems in terms of privacy, scalability, auditability, confidentiality, and performance.The application providers segment is expected to grow at the highest CAGR in the global Blockchain in Retail Market during the forecast periodThe Blockchain in Retail Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers.
These providers offer infrastructure to develop in the blockchain-based platforms.
The introduction of technologically advanced blockchain solutions are projected to a drive their adoption in the retail vertical thereby fueling the overall market growth.North America is expected to hold the largest market size in the Blockchain in Retail Market during the forecast periodNorth America is estimated to hold the largest market size in the overall market in 2019.
Moreover, the US government is exploring the blockchain technology to boost the innovation economy.Speak to our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=79569008Major vendors in Blockchain in Retail Market are IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel), and Blockchain Foundary (Singapore).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
The highly preferred study on “Blockchain in Retail Market” done by MarketsandMarkets™ provides broad analysis about Blockchain in Retail Industry on the basis of Types, Applications and key players.According to new study "Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Blockchain in Retail Market expected to grow from USD 80.0 million in 2019 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.The major factors driving the Blockchain in Retail Market include need to reduce the total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, an increasing need to prevent data manipulation and for increasing efficiency and speed in retail and supply chain systems.Browse in-depth TOC on "Blockchain in Retail Market”41- Tables29- Figures 125- PagesAsk for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=79569008The supply chain management segment is estimated to hold the largest market size in the Blockchain in Retail Market in 2019The supply chain management segment is expected to dominate the Blockchain in Retail Market in terms of its contribution to the overall market, as retail companies are deploying blockchain-based supply chain management applications to reduce frauds and errors, improve inventory management, reduce delays from paperwork, identify issues faster, and increase the customer and partners trust.
The blockchain technology helps organization overcome the existing limitations of supply chain systems in terms of privacy, scalability, auditability, confidentiality, and performance.The application providers segment is expected to grow at the highest CAGR in the global Blockchain in Retail Market during the forecast periodThe Blockchain in Retail Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers.
These providers offer infrastructure to develop in the blockchain-based platforms.
The introduction of technologically advanced blockchain solutions are projected to a drive their adoption in the retail vertical thereby fueling the overall market growth.Speak to our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=79569008North America is expected to hold the largest market size in the Blockchain in Retail Market during the forecast periodNorth America is estimated to hold the largest market size in the overall market in 2019.
Moreover, the US government is exploring the blockchain technology to boost the innovation economy.Major vendors in Blockchain in Retail Market are IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel), and Blockchain Foundary (Singapore).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
Several retail companies such as Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, and Shopify are leading the way by adopting Bitcoin transactions.
Walmart Inc., an American multinational retail corporation, has already adopted the blockchain technology to keep track of each piece of pork sourced from China with detailed information regarding origin, processing and storage of the product.
With the help of blockchain technology retailers are implementing transparency in the supply chain management.
Wave, an Isreali company, provides blockchain technology to retailers to assist them in tracking their supply chains with the secured and paperless process.
Retailers are proactively exploring blockchain’s capabilities along with artificial intelligence and big data analysis for customer loyalty schemes to store loyalty points within a single wallet making it easier to track and redeem the reward points.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7703Key playersThe prominent players in the market of Global Blockchain in Retail are IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services,Oracle Corporation, Bitfury USA Inc., Cisco Systems Inc., Cegeka, Auxesis Group, Blockpoint Systems, BlockApps, R3, Tata Consultancy Services Limited, Coin Sciences Ltd., and Cognizant.The other market players include Coinbase, Bitpay, Blockverify (Venture Proxy Ltd), and Guardtime.
Blockchain in Retail Market SegmentationBy type, the market has been segmented into public, private and consortium.By platform, the market has been segmented into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger Fabric, Multichain, Quorum and othersBy organization size, the market has been segmented into Large enterprises and SMEs.By application, the market has been segmented into compliance management, database management, auditing, payment management, inventory management, loyalty and rewards management, fraud management and others.Regional AnalysisThe global market for blockchain in retail is estimated to grow at a significant rate during the forecast period from 2018 to 2024.
