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Blockchain in Retail Market Projected to Reach $2,339.5 Million by 2023
, October 23, 2019 ) 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.
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The supply chain management segment is estimated to hold the largest market size in the Blockchain in Retail Market in 2019
The 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 period
The 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. Among these types, the application providers segment is expected to be the fastest growing segment in the Blockchain in Retail Market. 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 period
North America is estimated to hold the largest market size in the overall market in 2019. The region is considered as the most advanced in technology and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the Blockchain in Retail Market. Retail companies in this region are adopting the blockchain technology. Retailers have recognized the blockchain technology’s potential for the efficiency of supply chain systems, and started adopting the technology to develop business applications. Moreover, the US government is exploring the blockchain technology to boost the innovation economy.
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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).
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. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
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