New York, U.S., Dec. 13, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in the retail market information by type, by platform, by organization size and by region – forecasts until 2027the market size to reach USD 4.63 billion, growing at a compound annual growth rate of 89.9% by 2028.
Growing business activities across the globe for growing customer needs coupled with increasing investments by retailers for easy, fast and secure transactions will provide strong opportunities for the market over the forecast period. The scarcity of qualified experts may pose a challenge for the market during the forecast period.
The Top Key Blockchain Players in the Retail Market Covered Are:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Amazon Web Services
- Oracle Corporation
- Bitfury USA Inc.
- Cisco Systems Inc.
- Auxesis group
- Blocking systems
- Block apps
- Tata Consultancy Services Limited
- Coin Sciences Ltd.
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Exclusively encompassed USP market:
Growing need to monitor supply chain transactions to drive market growth
The growing need to monitor supply chain transactions for easy traceability will drive the market growth over the forecast period.
Lack of awareness to act as market restriction
Lack of awareness coupled with lack of technical understanding of blockchain technology may act as a restraint for the market during the forecast period.
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Market Segmentation Covered by Research:
The global blockchain in retail market is divided based on application, organization size, platform, and type.
Based on the type, the global blockchain in the retail market is divided into private, consortium, and public.
Based on the platform, the global blockchain in the retail market is segmented into quorum, multichain, hyperledger fabric, R3 corda, ethereum, ripple, bitcoin, and others.
By organization size, large enterprises will dominate the market during the forecast period.
By application, payment management will dominate the market over the forecast period.
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North America to Dominate Blockchain in the Retail Market
North America will remain the dominant blockchain in the retail market over the forecast period. The presence of various retail companies in the United States and Canada, the early adoption of new technologies, the presence of various key market players, several companies in Mexico, Canada and the United States adopting blockchain technology to streamline critical business processes such as consumer loyalty programs, auditing, logistics, transportation, supply chain and payments, and the region being the most advanced in infrastructure and adoption of technologies, add to the global blockchain in the growth of the retail market in the region. Additionally, the broad presence of major industry players, the presence of key multinational retailers like Walmart as well as supply chain management or logistics companies like FedEx and UPS adopting blockchain technology, developments in course in blockchain technology, increasing data security concerns among retailers, growing adoption in the United States of the country being a key e-commerce market, large presence of key e-commerce companies , substantial investments made by organizations, government facilitating blockchain solutions, international players leveraging R&D strengths to explore the technology, growing incidences of data breaches and counterfeits, and increasing government regulations all contribute also to market growth.
APAC to See Admirable Blockchain Growth in Retail Market
The APAC region will witness admirable blockchain growth in the retail market over the forecast period. Increase blockchain technology-funded start-up activities aimed at transforming the retail industry scenario, the region’s government facilitating blockchain solutions, international players are leveraging their R&D strengths to explore the technology and increasing investments in blockchain-based start-ups are adding to the global blockchain in retail market growth in the region.
Europe will see significant blockchain growth in the retail market
Europe will witness significant blockchain growth in the retail market over the forecast period. Growing adoption in Russia, Spain, UK, France, and Germany, and European retailers adopting cryptocurrencies to promote cross-border trade add to global blockchain in retail market growth in the region. A French retail giant, for example, Carrefour SA has adopted the blockchain ledger technology solution – IBM Food Trust which is developed through IBM Corporation for tracking and tracing of tomatoes, eggs and chicken shipped from farms at the stores.
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Impact of COVID-19 on Global Blockchain in Retail Market
Supply chain disruptions, fluctuations in demand share, economic situations, as well as the long-term and immediate impact of the COVID-19 pandemic have negatively impacted blockchain in growth of the retail market. The crisis slowed economic activity and pushed the economy into a deep recession. With the roots present in China, supply chains around the world are facing a shutdown accompanied by unprecedented disruption. But following the easing of containment measures, this market should soon return to normal.
The global blockchain in the retail market is both fragmented and competitive for the presence of different international and domestic industry players. These players have used countless innovative strategies to stay ahead and also meet the growing needs of customers, including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, expansions geographical, etc. Besides, they also invest in a lot of research and development activities.
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