New York, US, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in Retail Market information by Type, by Platform, by Organization Size and Region – forecast to 2027” market size to reach USD 4.63 billion, growing at a compound annual growth rate of 89.9% by 2028.
Market Scope:
The growing trading activities across the world for the growing customer needs coupled with the rising investments by retailers for easy, speed, and secure transactions will offer robust opportunities for the market over the forecast period. The scarcity of skilled experts may act as a market challenge over the forecast period.
Dominant Key Players on Blockchain in Retail Market Covered are:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Amazon Web Services
- Oracle Corporation
- Bitfury USA Inc.
- Cisco Systems Inc.
- Cegeka
- Auxesis Group
- Blockpoint Systems
- BlockApps
- R3
- Tata Consultancy Services Limited
- Coin Sciences Ltd.
- Cognizant
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Market USP Exclusively Encompassed:
Growing Need to Monitor Supply Chain Transactions to Boost Market Growth
The growing need to monitor supply chain transaction for the easy traceability will boost market growth over the forecast period.
Lack of Awareness to act as Market Restraint
The lack of awareness coupled with lack of technical understanding regarding blockchain technology may act as market restraints over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Blockchain in Retail Market:
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Segmentation of Market Covered in the Research:
The global blockchain in retail market is bifurcated based on application, organization size, platform, and type.
Based on type, the global blockchain in retail market is bifurcated into private, consortium, and public.
Based on platform, the global blockchain in retail market is segmented into quorum, multichain, hyperledger fabric, R3 corda, ethereum, ripple, bitcoin, and others.
By organization size, large enterprises will lead the market over the forecast period.
By application, the payment management will dominate the market over the forecast period.
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Regional Analysis
North America to Domineer Blockchain in Retail Market
North America will remain the domineer in the blockchain in retail market over the forecast period. The presence of various retail enterprises in the US and Canada, the early adoption of new technology, the presence of various key market players, several companies in Mexico, Canada, and the US adopting blockchain technology for streamlining critical business processes like consumer loyalty schemes, auditing, logistics, transportation, supply chain, and payments, and the region being the most advanced with regards to infrastructure and technology adoption are adding to the global blockchain in retail market growth in the region. Besides, the wide presence of top industry players, the presence of key multinational retailers like Walmart as well as supply chain management or logistics companies such as FedEx and UPS adopting the blockchain technology, the on-going developments in blockchain technology, rise in data security concerns among retailers, growing adoption in the US for the country being a key e-commerce market, the significant presence of key e-commerce companies, substantial investments made by organizations, the government facilitating blockchain solutions, international players leveraging in R&D strengths for exploring the technology, growing incidences of breaching data and counterfeits, and increasing government regulations are also adding market growth.
APAC to Have Admirable Growth in Blockchain in Retail Market
The APAC region will have admirable growth in the blockchain in retail market over the forecast period. Increasing funding-backed startup activities in the blockchain technology aimed at transforming the retail industry scenario, the government in the region facilitating blockchain solutions, the international players are leveraging their R&D strengths for exploring the technology, and increased investments in blockchain-based start-ups are adding to the global blockchain in retail market growth in the region.
Europe to Have Significant Growth in Blockchain in Retail Market
Europe will have significant growth in the blockchain in retail market over the forecast period. Growing adoption in Russia, Spain, the UK, France, and Germany, and European retailers adopting crypto-currencies for promoting cross-border trade are adding to the global blockchain in retail market growth in the region. A French retail giant, for instance, Carrefour SA has adopted the blockchain ledger technology solution- IBM Food Trust that is developed via IBM Corporation for tracking and tracing tomatoes, eggs, and chicken shipped from farms to stores.
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COVID-19 Impact on the Global Blockchain in Retail Market
Supply chain disruptions, fluctuations in demand share, economic situations, as well as long term & immediate impact of the COVID-19 pandemic possessed a negative impact on the blockchain in retail market growth. The crisis has slowed down the economic activity as well as pushed the economy towards a steep recession. With the roots being present in China, supply chains in the globe are facing shutdown along with unprecedented disruption. But following the relaxation of lockdowns, this market is likely to get back to normalcy soon.
Competitive Analysis
The global blockchain in retail market is both fragmented as well as competitive for the presence of different international and also domestic industry players. These players have utilized innumerable innovative strategies for remaining at the vanguard and also sufficing to the rising need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
