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Blockchain in Retail Market is Expected to Reach $11.18 billion, Globally By 2020

03-31-2020 09:19 AM CET | IT, New Media & Software

Press release from: Allied Market Research

The Objective of the Blockchain in Retail Market report is to depict the trends and upcoming for Blockchain in Retail industry over the forecast years. Blockchain in Retail Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2019 to 2026 mulling over 2018 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

Blockchain as a digital technology has progressed a lot in the recent years. And among all the end users, the financial sector has been experiencing a major transformation. However, retailers are also exploring potential applications and benefits of blockchains across the retail industry. Online payments, card-based payment methods, and loyalty rewards and management have become dominant and gained huge traction in the recent past and, blockchain is expected to support all these changes by enabling increased speed of transaction and real-time processing.

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Retailers need to collaborate with numerous partners and external stakeholders on joint projects to test blockchains application into their business. These factors are expected to create major blockchain in retail market opportunity in forthcoming years.

Furthermore, with suitable and appropriate collaboration, blockchain can enhance supply chain visibility that can improve sales forecasting and inventory control while creating product authenticity and provenance. In addition, blockchain can reduce costs and increase operational efficiency by eradicating the need for redundant databases and management systems across retail organizations.

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The current compliance processes that are being used among retailers are time-consuming, which can lengthen other processes involved in the retail supply chain. The capability of blockchain to work in real time on shared common datasets and to enable secure compliance management offers better visibility to retailers. Thus, these features reduce the additional efforts for retailers, which in turn increases the adoption rate of blockchain technology for compliance management. Also, the traditional trade process in asset management involves huge cost and risks when it comes to cross-border transactions.

Based on component, the platform segment garnered major blockchain in retail market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to rise in adoption of blockchain software among retailers due to growing need for safe and secure transmission of data across supply chain. Also, the availability of cost-effective solutions is also driving the demand for blockchain platforms across numerous retailers. Further, the services segment is expected to exhibit highest growth rate throughout the market forecast period.

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Some of the key blockchain in retail industry players profiled in the report include 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.

By region, North America dominated the global market in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and on-going developments in blockchain technology. Also, rise in data security concerns among retailers is also a key factor that is expected to fuel the blockchain in retail market in this region in upcoming years. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.

According to Bhushan Jagtap, Research Analyst, ICT at Allied Market Research, "According to the blockchain in retail market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to rise in number of pirated and counterfeit goods in this region."

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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