Global Blockchain in Retail Market - Segmented, by Application, and Region - Growth, Trends, and Forecast (2022 - 2030)
The blockchain in retail market is expected to register a CAGR of over 60.12% during the forecast period 2018 - 2023. The report profiles the application of blockchain and its significance through peer-to-peer network distribution across the retail industries.
Blockchain is the consensus-based secure decentralized public database, which stores information immutably over peer network. It’s a highly secure network that uses cryptography to store information in the form of encrypted transactions, that can’t be accessed easily until and unless he/she is the owner or has its key. It uses the concept of distributed digital ledger to store information on a decentralized network across the retail sector. The major factors driving the blockchain in retail market are upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, need to reduce the total cost of ownership, growing need to prevent data manipulation, and for increasing efficiency and speed in retail and supply chain systems.
Retail Sector is expected to grow at a Significant Rate
The blockchain carries a chain of block that stores the retail information in a distributed network over a geographical location, where each copy is the computer ledger that keeps a copy/information about the credit and debit of digital asset. Since the blocks are built tightly on top of each other, so it is impossible to tamper the previous entry in the ledger without any warning or alert, which makes it more secure for the transection across the retail units. The retail sector is registering as an increasing demand from the growing integration of automation with blockchain application, as it offers instant access and improved service quality for everything. Benefits, such as improvement in service quality and business optimization have led to an increased penetration of these technology.
Europe is expected to Have Highest Market Share
The opportunities and disruptions of blockchain have reached the executive floor of European corporates, with business decision makers fully aware of the technology’s major impact on their processes and industry. Moreover, it goes much further than a hack-proof way of holding and exchanging credits. The blockchain can be used for any kind of exchange, agreement, or tracking. Across the supply chain, it can be applied to anything from self-executing supply contracts to automated cold chain management. The major forces driving the growth of the blockchain market across the region include the need of transparency and immutability in transaction and consumer protection, along with money laundering regulations. Moreover, secure transaction and improved auditability reduced transaction and transaction settlement time, by removal of intermediaries and distributed database.
Key Developments in the Market
July 2018: Oracle’s Blockchain Cloud Service, debuted at the Oracle OpenWorld event, and became generally available for public. Organizations have been developing an early adopter version of the technology to track global supply chain goods, as well as manage and secure transactions
June 2018: SAP has launched a cloud platform that is dedicated to helping corporates develop blockchain applications. The company is planning to provide enterprise blockchain services to build and extend application, allows management of blockchain-related data, infuses SAP manufacturing, supply chain, and other products with blockchain capabilities, and plans to advance the technology with industry peers.
Major Players: SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corp., Amazon Web Services Inc., Capgemini SE, Accenture PLC, Provenance Ltd, Cognizant Technology Solutions Corp., Reply S.p.A., Blockverify.io, Sofocle Technologies (OPC) Pvt Ltd, and Modultrade Ltd, among others.
Reasons to Purchase this Report
Impact of growth of blockchain across the retail Market
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Blockchain is the consensus-based secure decentralized public database, which stores information immutably over peer network. It’s a highly secure network that uses cryptography to store information in the form of encrypted transactions, that can’t be accessed easily until and unless he/she is the owner or has its key. It uses the concept of distributed digital ledger to store information on a decentralized network across the retail sector. The major factors driving the blockchain in retail market are upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, need to reduce the total cost of ownership, growing need to prevent data manipulation, and for increasing efficiency and speed in retail and supply chain systems.
Retail Sector is expected to grow at a Significant Rate
The blockchain carries a chain of block that stores the retail information in a distributed network over a geographical location, where each copy is the computer ledger that keeps a copy/information about the credit and debit of digital asset. Since the blocks are built tightly on top of each other, so it is impossible to tamper the previous entry in the ledger without any warning or alert, which makes it more secure for the transection across the retail units. The retail sector is registering as an increasing demand from the growing integration of automation with blockchain application, as it offers instant access and improved service quality for everything. Benefits, such as improvement in service quality and business optimization have led to an increased penetration of these technology.
Europe is expected to Have Highest Market Share
The opportunities and disruptions of blockchain have reached the executive floor of European corporates, with business decision makers fully aware of the technology’s major impact on their processes and industry. Moreover, it goes much further than a hack-proof way of holding and exchanging credits. The blockchain can be used for any kind of exchange, agreement, or tracking. Across the supply chain, it can be applied to anything from self-executing supply contracts to automated cold chain management. The major forces driving the growth of the blockchain market across the region include the need of transparency and immutability in transaction and consumer protection, along with money laundering regulations. Moreover, secure transaction and improved auditability reduced transaction and transaction settlement time, by removal of intermediaries and distributed database.
Key Developments in the Market
July 2018: Oracle’s Blockchain Cloud Service, debuted at the Oracle OpenWorld event, and became generally available for public. Organizations have been developing an early adopter version of the technology to track global supply chain goods, as well as manage and secure transactions
June 2018: SAP has launched a cloud platform that is dedicated to helping corporates develop blockchain applications. The company is planning to provide enterprise blockchain services to build and extend application, allows management of blockchain-related data, infuses SAP manufacturing, supply chain, and other products with blockchain capabilities, and plans to advance the technology with industry peers.
Major Players: SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corp., Amazon Web Services Inc., Capgemini SE, Accenture PLC, Provenance Ltd, Cognizant Technology Solutions Corp., Reply S.p.A., Blockverify.io, Sofocle Technologies (OPC) Pvt Ltd, and Modultrade Ltd, among others.
Reasons to Purchase this Report
Impact of growth of blockchain across the retail Market
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regional analysis of the market during the forecast period
Latest developments, market shares, and strategies employed by the major market players and key innovators
3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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