Efficiency gains, transparent supply chains, and enhanced security are driving blockchain adoption in the retail market.
PORTLAND, ORIGON, UNITED STATES, December 8, 2023 /EINPresswire.com/: Based on components, the platform segment held the major share 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 across 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 across the industry and help them create new value for their businesses, which augments the growth of the segment.
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The rise in need to ensure quality, reliability, authenticity, and product safety, the increase in investment by retail industries in blockchain-based solutions, and the upsurge in transaction transparency fuel the growth of the global blockchain in the retail market. On the other hand, the scarcity of skilled experts hampers growth to some extent. However, rapid change in the retail sector and international trade is expected to create a number of opportunities for the key players in the industry.
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Based on application, the payments and smart contracts segment contributed to more than two-fifths of the global blockchain in the retail market in 2018 and is expected to retain its dominance till 2026. This is attributed to an increase in demand from enterprises to fill the analog gap between contracts, an increase in the need to streamline online payments, and a reduction in 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 exchange of loyalty points across retailers and various programs is the major factor driving the growth. In addition, with a time-stamped and tamper-proof database of transactions, retailers can track and secure loyalty program transactions transparently, which leads to market growth as well.
Based on geography, North America accounted for more than two-fifths of the global blockchain in retail market revenue in 2018 and is anticipated to dominate throughout the forecast period. This is attributed to the presence of major market players, and the growing concerns about fraud in the regions drive the growth.
Simultaneously, the region across Asia-Pacific would have the fastest CAGR of 92.0% by the end of 2026. Factors such as growing data security concerns, customer demands, and the rise in counterfeit goods are propelling the growth of the market.
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Leading market players:
► Cognizant
► SAP SE
► Infosys Limited
► International Business Machines Corporation (IBM)
► Microsoft Corporation
► Amazon Web Services, Inc. (AWS)
► Auxesis Services & Technologies (P) Ltd.
► Bitfury Group Limited
► Oracle Corporation
► Tata Consultancy Services Limited.
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