Global Blockchain in Retail Market for blockchain in retail is estimated to reach USD 1.76 billion by 2024 growing at a 78.49% CAGR during the forecast period 2018–2024
— Blockchain in Retail Market Synopsis:
The global market for blockchain in retail is estimated to reach USD 1.76 billion by 2024 growing at a 78.49% CAGR during the forecast period 2018–2024. The growing adoption of blockchain technology by retailers to streamline business processes such as inventory management, database management, payment and order management, incorporate supply-chain visibility, and ensure product authenticity and safety are some of the major factors expected to promote the growth of the market in the coming years.
Blockchain technology that was initially introduced by Satoshi Nakamoto to serve as a public transaction ledger for the cryptocurrency bitcoin is poised to revolutionize the retail industry. Blockchain allows secure and quick and uninterrupted data transactions and consists of a peer-to-peer network, a distributed ledger for recording the transactions and a consesus mechanism to validate the transactions. This distributed ledger acts as a layer of trust for retailers and the supply chain trade partners offering visibility, tracebility, and transperency. The technology has immense potential to reinvent business functions and facilitate secured transactions across the retail industry. With the help of blockchain technology, retailers can streamline supply chain management, accounting processes, auditing, compliance and inventory by eliminating redundant database systems. Further, the blockchain technology helps the retail companies to ensure quality, reliability, authenticity, and product safety.
The Blockchain in Retail Market unveils various potentials for retail organizations to address business challenges. One of the major challenge faced by retailers across the globe is accurate sales forecasting due to short product life cycles. However, with the implementation of blockchain solutions, the enterprises and their supply chain partners are able to utilize smart contracts to automate payments and orders, thereby promoting enhanced inventory management. An improved supply chain visibility allows greater operational efficiency and more accurate forecast preventing over-ordering and reducing lost sales due to out-of-stock items. Moreover, blockchain solutions permit consumers to scan codes inscribed on the product and access the product history and ownership details ensuring the product authenticity of luxury consumer goods.
Supermarket and grocery stores are adopting blockchain solutions to increase the customer’s confidence in their organic product line by allowing the customers to track the journey of the products from the farm to the store. Several retailers offer customers with loyalty and reward points every year to increase customer satisfaction and reduce liabilities. However, consumers find it challenging to track the number of loyalty programs they are enrolled into due to which the loyalty points go unused. To counter this, retailers are now offering blockchain applications to target audience allowing them to redeem loyalty and reward points across various merchants and platforms such as iOS, Android, and web. This reduces liability and facilitates customer retention as well as limits the number of fraudulent activities.
However, procuring talent and expertise that better understand blockchain technology, interoperability among various blockchains, lack of standards, and integration of legacy systems with blockchain technology are some factors that may restrict the market growth in the coming years.
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Major Key Players:
• IBM Corporation
• Microsoft Corporation
• SAP SE
• Amazon Web Services
• Oracle Corporation
• Bitfury USA Inc
• Cisco Systems Inc
• Auxesis Group
• Blockpoint Systems
• BlockApps, R3
• Tata Consultancy Services Limited
• Coin Sciences Ltd., and Cognizant
The other market players include Coinbase, Bitpay, Blockverify (Venture Proxy Ltd), and Guardtime. The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
The global market for blockchain in retail is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographic analysis of the blockchain in retail market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America region dominates the market due to the presence of key market players of blockchain technology solutions that drives the market growth in this region. Many retail companies in the US, Canada, and Mexico have adopted blockchain technology to streamline critical business processes such as payments, supply chain, transportation, logistics, auditing and consumer loyalty schemes.
The market is witnessing a substantial growth in European countries, namely Germany, France, the UK, Spain, and Russia. European retailers are adopting cyptocurrencies to promote cross-border trade. For instance, a French retail giant, Carrefour SA has adopted blockchain ledger technology solution— IBM Food Trust—developed by IBM Corporation, to track and trace chicken, eggs, and tomatoes shipped from farms to stores.
The market in Asia-Pacific region is expected to grow at a higher rate owing to the wide-scale adoption of blockchain solutions by retail enterprises in China, Japan, India, Australia, and Singapore. Adoption of blockchain by e-commerce enterprises and fashion brands is also expected to drive the market growth in this region.
The Middle East and Africa region presents immense opportunities for key market players as the retail and e-commerce enterprises in this region highly adopt blockchain technology.
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• By type, the market has been segmented into public, private and consortium.
• By platform, the market has been segmented into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger Fabric, Multichain, Quorum and others
• By organization size, the market has been segmented into Large enterprises and SMEs.
• By application, the market has been segmented into compliance management, database management, auditing, payment management, inventory management, loyalty and rewards management, fraud management and others.
• Blockchain solution providers
• Retail blockchain solution providers
• Blockchain application developers
• Retail enterprises
• Retail supply chain partners
• Research institutes and organizations
• Blockchain platform providers
• E-commerce enterprises
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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List of Tables
Table1 Global Blockchain In Retail Market: By Country, 2019–2024
Table2 North America: Blockchain In Retail Market, By Country, 2019–2024
Table3 Europe Blockchain In Retail Market: By Country, 2019–2024
List of Figures
Figure 1 Global Blockchain In Retail Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Blockchain In Retail Market
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