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