Blockchain in retail provides on-time delivery, real-time information, and record-time service for retailers.
PORTLAND, OR, UNITED STATE, November 8, 2023 /EINPresswire.com/: 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.
According to the report, the global blockchain retail market garnered $83.00 million in 2018 and is estimated to reach $11.18 billion by 2026, growing at a CAGR of 84.6% from 2019 to 2026.
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The current and future trends in the retail blockchain market are delineated to assess the market’s overall appeal. Key factors influencing the opportunity in blockchain in the retail market during the forecast period are highlighted. The primary driver of market growth in the retail blockchain industry is the rising demand for transparent transactions and smart contracts. Additionally, increased investments by retail businesses in blockchain-based solutions are anticipated to bolster market growth. Furthermore, the growing need to ensure quality, reliability, authenticity, and product safety are contributing factors driving the demand for blockchain solutions and services among global retailers. However, a shortage of skilled experts is expected to hinder the growth of the blockchain in the retail market during the forecast period. Moreover, the rapid changes in the retail industry due to technological advancements and international trade offer significant growth opportunities for the blockchain retail market in the years ahead.
The surge in demand for transparent transactions and smart contracts is the primary catalyst propelling the growth of the blockchain in the retail market. Blockchain technology revolutionizes transaction management by replacing intermediaries with secure digital records. It eliminates the need for central intermediaries and enables the orchestration of all data and transactions across the network. This allows all parties involved to share and reach consensus on crucial business information and transactions. It also provides swift transaction processing and traceability of transactions and information to all network entities, which fuels market growth. Furthermore, blockchain is renowned for its heightened security, as it offers cryptographic security for databases and transactions. This enhanced security not only adds transparency but also aids in fraud reduction, thus driving the demand for blockchain solutions in the retail sector.
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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.
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.
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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 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.
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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