MarketsandMarkets expects the global Blockchain In Retail Market to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period. Blockchain is a distributed and decentralized ledger that facilitates collaboration and trust in the internet space. The blockchain technology provides secured sharing of information while making it transparent and immutable for all the participants. The integration of the blockchain technology in the retail sector gradually increasing to enhance business decision-making process, ease of compliance and regulations management, and reduce the overall costs.
Rapidly transforming business processes across the retail sector, high adoption of blockchain technology for various application areas, such as smart contracts, identity management, and compliance management, and increasing venture funding and investments in the blockchain technology would provide growth opportunities for blockchain technology vendors.
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The application segment includes compliance management, identity management, payments, smart contracts, loyalty and rewards management, supply chain management, and others (anti-counterfeiting, advertising, and consumer data management). The loyalty and rewards management is expected to be the fastest growing application in this marketspace. The blockchain technology benefits retailers in numbers of ways and eliminates reasons of inefficiency such as poor integration of reward programs, inflexibility of reward structures and lack of visibility. The loyalty and rewards management plays an important role in the retail sector as it allows tracking and management of reward points without adding frustration and friction among customers. The blockchain technology can be successfully implemented for the real-time liquidity of rewards points is easier and swappable between customers and retailers, therefore the global retail vertical is adopting the technology.
The application providers segment is estimated to hold the highest market size in 2018. Application providers are third-party entities that distribute and manage blockchain solutions for customers across the retail sector. Blockchain solutions are outsourced to meet the technological needs of businesses. Retailers often require certain applications, such as CRM, for their businesses, application providers provide such solutions over a network using standard protocols. These providers help enterprises implement the blockchain technology to fulfill the increasing need for customer services. The companies’ increasing adoption of the blockchain technology applications is responsible for this segment’s growth.
In terms of geographic coverage, the blockchain in retail market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is estimated to account for the highest share of the overall market in 2018. North America is considered the most advanced region in technology adoption 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. Furthermore, APAC is expected to grow at the highest rate during the forecast period, due to the increasing investments in the blockchain technology solutions to change the business processes in the retail sector.
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Major players in the blockchain in retail market include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain in retail market. The strategy of partnerships and new product launches has been the most dominating growth strategy adopted by major players from 2016 to 2018 to innovate on their offerings and broaden their customer base.
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