|Status : Published||Published On : Sep, 2019||Report Code : VRICT5134||Industry : ICT & Media||Available Format :||Page : 123|
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.
Insight by Provider
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.
Insight by Application
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.
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.
Lack of awareness regarding the blockchain technique is hindering the growth of the blockchain in retail market, globally.
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, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research