Increasing adoption of block chain-as-a-service segment and smart contract services in the retailers are the drivers mushrooming the speed of the market. Also, the growing use of technology and the supply chain management in the retailers in the management industry is also one of the few drivers of the block chain in retail market.
According to the current analysis of Introspective Market Research, the global Blockchain in Retail Market was valued at USD 69.38 Million in 2019 and is expected to reach USD 3066.93 Million by the year 2026, at a CAGR of 72.54%.
Retail industry is developing continuously and is becoming more personalized by offering product recommendations and frictionless customer shopping experience. Customers today demand for more personalized shopping experience and faster transaction times, which is fueling the growth of advanced technologies impacting the block chain in retail market. Blockchain technology is supporting retail and e-commerce sector by offering more security, visibility and enhanced supply chain transparency. For enhancing the business models and store requirement, many retailers are acknowledging and accepting blockchain technology. Retailers are also taking initiatives to integrate cryptocurrencies into their operations. A Japan-based online retailer, Rakuten, accepts bitcoin payments, a new cryptocurrency that will support the company’s loyalty services and benefits the customers as well as the organization.
According to the analyst, the main factors that are driving the growth of the blockchain in retail market are the increasing adoption of blockchain-as-a-service and smart contract services in the retailers. Also, the growing use of technology and the supply chain management in the retailers in the management industry is also one of the few drivers of the block chain in reality market. High presence of retailers such as Walmart, Amazon Services Inc, The Home Depot, IBM, Oracle and Microsoft in this region, which are focusing towards adoption of blockchain is one of the major factors leading to the growth of the market in North America. The Asia Pacific region is expected to witness the fastest growth rate due to increased investments in blockchain-based start-ups.
The Blockchain in retail market is segmented by Providers (Application Provider, Middleware Provider, and Infrastructure Provider), by Component (Platform and Services), by Organization Size (Large Enterprises and Small & Medium Enterprises), by Application (Compliance Management, Identity Management, Automated Customer Service, Payments & Smart Contracts, Supply Chain Management and Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- Scalability and interoperability are the factors necessary for blockchain adoption. This is only possible when industry standards are set, which is at a lagging phase right now.
- Telecom sector is struggling with mass adoption of blockchain technology which is improving the market in the developing regions rapidly.
- The segment application provider is the fastest growing segment in the components and is expected to grow more in the forecast period due to the high usage of technology after the pandemic hit the globe.
- Smart contracts allow computer code to execute on its own when specific conditions are met. In the telecom industry, it is expected to witness significant adoption as it provides scope for automation in their internal operations, like billing, supply chain management, and inventory management.
Key Participants like IBM, SAP, Microsoft, Oracle, AWS, Bitfury, Auxesis Group, Cegeka, BTL, Guardtime, Coin Base, Loyyal, Sofocle, BigChainDB, RecordsKeeper, BitPay, Abra, Reply, Provenance, ModulTrade, Blockverify, OGYDocs, Warranteer, Amazon Web Services Inc., Capgemini SE, Accenture PLC, Cognizant Technology Solutions Corp., and Blockchain Foundary.
For this report, Introspective Market Research have segmented the Blockchain in retail markets market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM