Global Blockchain in Retail Market – Analysis and Forecast (2019-2024)

1. Global Blockchain in Retail Market

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3. Global Blockchain in Retail Market The global blockchain in retail market is projected to reach USD 4,824.3 million by 2024, registering a CAGR of 95.4% during the forecast period. Increasing adoption of blockchain from retail and supply chain sector, and increasing investment towards the blockchain technology, propelling the growth of the market.

4. Global Blockchain in Retail Market On the basis of provider, the global blockchain in retail market is categorized into middleware provider, application provider, and infrastructure provider, wherein application provider category is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed towards increasing adoption of technologically advanced blockchain solutions in retail companies. Based on application, the blockchain in retail market is segmented into compliance management, identity management, loyalty and rewards management, payments, smart contracts, supply chain management, and others (anti-counterfeiting, advertising, and consumer data management). Among all these segments, the supply chain management category contributes the largest revenue globally, owing to the increase in deployment of blockchain technologies across various business processes to cut down in costs of verification, execution, arbitration, and fraud prevention by the various multinational retail and supply chain management corporations.

5. Global Blockchain in Retail Market Rapidly transforming international trade and retail Sector across the globe is the key trends observed in the blockchain in retail market, globally. Global blockchain in retail market has been driven by several key factors, including increasing adoption of blockchain from supply chain and retail sector, growing cases of fraudulent activities in the retail sector, increasing need to provide protection against data tempering, rise in the usage of blockchain technology to create transparent environment, and increasing demand for high efficiency and high speed in retail sector.

6. Global Blockchain in Retail Market Geographically, North America has accounted for the largest share in blockchain in retail market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of players of blockchain technology in the region and also it is considered as the most advanced region in terms of advanced technology adoption. Major multinational retailers such as Walmart and supply chain management/logistics companies such as UPS and FedEx in this region are adopting the blockchain technology. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to huge investment towards the development of blockchain technology to change the business processes in the retail sector. Some of the key players operating in the global blockchain in retail market are IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDBGmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.

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