June 01, 2020
According to the research report titled ‘Global Blockchain in Retail Market Size study, by Component (Platform and Services), Application (Compliance Management, Identity Management, Loyalty and Rewards Management, Payments & Smart Contracts, Supply Chain Management, and Others), by Organization Size (Large Enterprises and Small & Medium Enterprises) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global blockchain in retail market was worth USD 0.15 billion in the year 2019 and is expected to grow with a CAGR of 84.6% during 2020-2026.
Notably, blockchain is a type of technology which is used to store the data digitally in public databases and utilizes distributed databases as well as cryptography to document and secure transactions. Blockchain technology is widely adopted in various industry applications, particularly in supply chain management for guaranteeing authenticity, transparency, smoothing logistics, reducing counterfeits and offer fast delivery.
Growing demand for smart contracts and transparent transactions will aid the expansion of blockchain in retail market. Shifting focus towards improving efficiency, supply chain transactions, speed, and reducing total ownership is also fostering the market share. Additionally, increasing investments towards blockchain technology is stimulating the industry outlook. According to Statista, the global investments on blockchain solutions is estimated to grow UDS 15.9 billion by the year 2023 from USD 1.5 billion in 2018. This humongous increase is slated to help the industry in registering astonishing revenues in the upcoming timeline. However, analysts believe that strict regulatory scenario and stringent environmental regulations may act as restraining factors to the overall market growth.
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As per component type, the blockchain in retail market is split into services and platform. Based on the application spectrum, the market is divided into supply chain management, payments & smart contracts, loyalty & rewards management, identity management and compliance management. In terms of organization size, the industry is classified into small & medium enterprises and large enterprises.
Regionally, blockchain in retail market in Asia-Pacific is expected to register significant growth during the forecast period. Rising adoption of advanced technologies such as blockchain and availability of state-of-the-art infrastructure are favoring the market scenario in the region.
Tata Consultancy Services Ltd., SAP SE, Oracle Corp., Microsoft Corp., International Business Machines Corp. (IBM), Infosys Ltd., Cognizant, Bitfury Group Ltd., Auxesis Services & Technologies (P) Ltd. and Amazon Web Services Inc. (AWS) are the major contenders in worldwide blockchain in retail market.