According to a new market research report "Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected 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.
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The major factors driving the Blockchain in Retail Market include need to reduce the total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, an increasing need to prevent data manipulation and for increasing efficiency and speed in retail and supply chain systems.
The supply chain management segment is estimated to hold the largest market size in the Blockchain in Retail Market in 2018
The supply chain management segment is expected to dominate the Blockchain in Retail Market in terms of its contribution to the overall market, as retail companies are deploying blockchain-based supply chain management applications to reduce frauds and errors, improve inventory management, reduce delays from paperwork, identify issues faster, and increase the customer and partners trust. The blockchain technology helps organization overcome the existing limitations of supply chain systems in terms of privacy, scalability, auditability, confidentiality, and performance.
The application providers segment is expected to grow at the highest CAGR in the global Blockchain in Retail Market during the forecast period
The Blockchain in Retail Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers. These providers offer infrastructure to develop in the blockchain-based platforms. Among these types, the application providers segment is expected to be the fastest growing segment in the Blockchain in Retail Market. The introduction of technologically advanced blockchain solutions are projected to a drive their adoption in the retail vertical thereby fueling the overall market growth.
North America is expected to hold the largest market size in the Blockchain in Retail Market during the forecast period
North America is estimated to hold the largest market size in the overall market in 2018. The region is considered as the most advanced in technology 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. Retail companies in this region are adopting the blockchain technology. Retailers have recognized the blockchain technology's potential for the efficiency of supply chain systems and started adopting the technology to develop business applications. Moreover, the US government is exploring the blockchain technology to boost the innovation economy.
Major blockchain vendors in market are 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).
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