The Blockchain in Retail Market report focuses on growth prospects, restraints, and market analysis trends.
PORTLAND, OR, USA, September 28, 2022 /EINPresswire.com/ — The rapid evolution of the retail sector and international trade is expected to create a number of opportunities for major players in the industry. The increase in the need to ensure product quality, reliability, authenticity and safety, the increase in investment by retail industries in blockchain-based solutions, and the increase in transparency of transactions are fueling the growth of global blockchain in the retail market.
the Global blockchain in retail size grossed $83.00 million in 2018 and is expected to reach $11.18 billion by 2026, growing at a CAGR of 84.6% from 2019 to 2026.
Major Market Players like – Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE and Tata Consultancy Services Limited.
On a component basis, the platform segment held the bulk in 2018, generating more than two-thirds of the global blockchain in the retail market. The growing need for safe and secure transmission of data throughout the supply chain is driving the growth of this segment. At the same time, the services segment would register the fastest CAGR of 89.3% during the study period. Blockchain services allow retailers to bring innovation to the industry and help them create new value for their businesses, increasing the growth of the segment.
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Based on geography, North America accounted for more than two-fifths of the global blockchain in retail market revenue in 2018 and is expected to dominate throughout the forecast period. This is attributed to the presence of major players in the market, and rising fraud concerns in the regions are driving the growth.
Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 92.0% by the end of 2026. Factors such as growing data security concerns and customer demands, and increasing number of counterfeit products propel the growth of the market.
Based on the application, the payments and smart contracts segment contributed more than two-fifths of the global blockchain retail market in 2018 and is expected to maintain its dominance through 2026. This is attributed to the increased demand from businesses to fill the analog gap between contracts, increased need to streamline online payments and reduce fraud. On the other hand, the Loyalty and Rewards Management segment would grow at the fastest CAGR of 97.0% from 2019 to 2026. The growing need to streamline the development and redemption of loyalty points among retailers and various programs is the main growth factor. . Additionally, with a time-stamped and tamper-proof transaction database, retailers can track and secure loyalty program transactions seamlessly, which is also driving the market growth.
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Key drivers propelling the growth of the market included in the report. Additionally, the challenges and restraining factors that may restrain the market growth are highlighted by analysts to prepare manufacturers for future challenges in advance.
Finally, this report provides market insights in the most comprehensive way. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
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