Global Blockchain in Retail Market, 2023 - Focus on Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management
DUBLIN, Oct 30, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The blockchain in retail 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.
The major drivers of the market include the growing interest in the adoption of blockchain technology in retail and supply chain management industry, and increasing need efficiency and speed in retail and supply chain transaction. Additionally, rapidly transforming international trade and retail industry scenario backed by increasing venture funding and investments towards the blockchain technology providers has further proliferated the growth prospects for the market.
The blockchain in retail market study aims at estimating the market size and future growth potential of the market across segments, such as provider, application, and region. The application segment includes compliance management, identity management, loyalty and rewards management, payments, smart contracts, supply chain management, and others (anti-counterfeiting, advertising, and consumer data management). The supply chain management segment is expected to dominate the application segment in terms of contribution to the overall market, as various multinational retail and supply chain management corporations are deploying blockchain technologies across various business processes to bring reduction in costs of verification, execution, arbitration, and fraud prevention.
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 the blockchain-based platforms. Among these types, application providers is the fastest growing segment in the overall market. The introduction of technologically advanced blockchain solutions has witnessed certain level of adoption in retail and supply chain management corporations thereby fueling the overall market growth.
Blockchain in Retail Market
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 largest share of the overall market in 2018. North America is considered as the most advanced region with regard to technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor responsible for the growth of the blockchain in retail market.
Major multinational retailers such as Walmart and supply chain management/logistics companies UPS and FedEx in this region are adopting the blockchain technology. Europe is expected gain pace in terms of adoption in the coming years, as companies across different business processes are increasingly adopting the blockchain technology. Furthermore, APAC is expected to record the highest growth rate during the forecast period, due to the increasing funding-backed startup activities in the blockchain technology aimed at transforming the retail industry scenario.
The key financial and retailing hubs, and massive shipping and trading markets, including Hong Kong and Singapore, provide huge growth opportunities for the adoption of the blockchain in the retail and supply chain management sector in APAC. However, lack of awareness and technical understanding about blockchain technology could restrain the blockchain in retail market growth across regions.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Blockchain in Retail Market
4.2 Blockchain in Retail Market, By Provider
4.3 Blockchain in Retail Market, By Application
4.4 Blockchain in Retail Market, By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Interests in the Adoption of the Blockchain Technology in the Retail Industry
5.2.1.2 Rising Efficiency and Speed in Retail and Supply Chain Transactions
5.2.1.3 Reduced Total Cost of Ownership
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory and Compliance Environment
5.2.3 Opportunities
5.2.3.1 Rapidly Transforming International Trade and Retail Sector
5.2.3.2 Increasing Venture Funding and Investments in the Blockchain Technology
5.2.4 Challenges
5.2.4.1 Lack of Standards and Best Practices
5.2.4.2 Lack of Awareness and Technical Understanding About the Blockchain Technology
5.3 Industry Trends
5.3.1 Types of Blockchain Technology
5.3.1.1 Private Blockchain
5.3.1.2 Public Blockchain
5.3.2 Blockchain Associations and Consortiums
5.3.2.1 Enterprise Ethereum Alliance
5.3.2.2 Hyperledger Consortium
5.3.2.3 Blockchain Collaborative Consortium
5.3.2.4 R3cev Blockchain Consortium
5.4 Use Cases
5.4.1 Blockchain Technology for Automated Customer Services
5.4.2 Blockchain Project for Supply Chain and Inventory Management
5.4.3 Blockchain for Payments and Ecommerce
5.4.4 Blockchain for Kyc Compliance in Retail
6 Blockchain in Retail Market, By Provider
6.1 Introduction
6.2 Application Providers
6.3 Middleware Providers
6.4 Infrastructure Providers
7 Blockchain in Retail Market, By Application
7.1 Introduction
7.2 Compliance Management
7.3 Identity Management
7.4 Loyalty and Rewards Management
7.5 Payments
7.6 Smart Contracts
7.7 Supply Chain Management
7.8 Others
8 Blockchain in Retail Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Blockchain in Retail Market, By Region
9.1 Introduction
9.2 North America
9.2.1 By Provider
9.2.2 By Application
9.2.3 By Organization Size
9.2.4 By Country
9.2.4.1 United States
9.2.4.2 Canada
9.3 Europe
9.3.1 By Provider
9.3.2 By Application
9.3.3 By Organization Size
9.3.4 By Country
9.3.4.1 United Kingdom
9.3.4.2 Germany
9.3.4.3 Rest of Europe
9.4 Asia Pacific
9.4.1 By Provider
9.4.2 By Application
9.4.3 By Organization Size
9.4.4 By Country
9.4.4.1 China
9.4.4.2 India
9.4.4.3 Australia and New Zealand
9.4.4.4 Rest of Asia Pacific
9.5 Middle East and Africa
9.5.1 By Provider
9.5.2 By Application
9.5.3 By Organization Size
9.5.4 By Subregion
9.5.4.1 Middle East
9.5.4.2 Africa
9.6 Latin America
9.6.1 By Provider
9.6.2 By Application
9.6.3 By Organization Size
9.6.4 By Country
9.6.4.1 Brazil
9.6.4.2 Mexico
9.6.4.3 Rest of Latin America
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking and Key Players
10.3 Competitive Scenario
10.3.1 New Product Launches and Product Enhancements
10.3.2 Partnerships, Agreements, and Collaborations
11 Company Profiles
11.1 IBM
11.2 Microsoft
11.3 SAP
11.4 AWS
11.5 Oracle
11.6 Bitfury
11.7 Cegeka
11.8 Auxesis Group
11.9 Blockpoint
11.10 Coinbase
11.11 Loyyal
11.12 Abra
11.13 Bitpay
11.14 Blockverify
11.15 BTL Group
11.16 Modultrade
11.17 Recordskeeper
11.18 Guardtime
11.19 Blockchain Foundry
11.20 Bigchaindb
11.21 Sofocle Technologies
11.22 OGY Docs
11.23 Reply
11.24 Project Provenance
11.25 Warranteer Digital
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