The global blockchain in retail market is expected to grow at a CAGR of 95.4% during the forecast period with its market size predicted to reach USD 4,824.3 million by 2024. 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.
Globally, blockchain in retail industry players are leveraging market growth through the formulation of several policies and reforms by a government organization in various developed as well as developing economies along with entering into several partnership agreements. The key players in blockchain in retail market are launching new link for various supply chain experts. Furthermore, there are several software development enterprises that are embracing the technique at an extensive rate as it helps them in fighting against fraudulent activities.
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Application provider category is expected to witness fastest growth during the forecast period in the blockchain in retail market
Based on 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.
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.
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.
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global blockchain in retail market on the basis of provider, application, and region.
Global Blockchain in Retail Market Coverage
Provider Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Blockchain in retail Market by Region
Rest of the World (RoW)