Retailers are Aggressively Adopting Blockchain Technology to Ensure Enhanced Supply Chain Visibility
" The global blockchain in retail market is expected to witness a CAGR of more than 65% during the forecast period 2019–2025 "
Bangalore, India, August 28, 2019: With its recently published study “Global Blockchain in Retail Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for blockchain in retail will continue to grow, owing to the increasing need among retailers for high level of trust and transparency within the entire supply chain process.
Blockchain is a distributed database holding the records of events or digital data in a way that makes the stored data tamper-resistant. The users have rights to access, inspect, or add to the data, but they cannot change or delete it. Blockchain in retail is increasing the trust amongst the involved parties including customers by revealing the touchpoints & true origin of any product. Blockchain technology is not only about cryptocurrencies, it can record and verify any event which allow users to easily access the information which they are entitled to. Blockchain in retail is enabling the e-commerce and store retailers to enhance their supply chain management by using smart contracts.
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Eliminating the need for a middleman in supply chain management, fighting counterfeits, and enhancing the transaction processes are major factors steering the growth of the blockchain in retail market. This trend is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of around 65%.
North America is maintaining the dominant position in the blockchain in retail market followed by Europe and APAC. Being the early adopter of blockchain technology, North America is estimated to hold the largest market share during the forecast period. The high presence of key players including IBM and Microsoft in this region is further driving the market growth.
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In terms of segmentation, application providers contribute to a significant revenue share within the blockchain in retail market. In terms of applications, the supply chain tracking is estimated to hold the largest market share in blockchain in retail market. Currently, large enterprises have adopted the blockchain technology, but SME’s are expected to increase at the highest CAGR during the forecast period 2019–2025.
“Blockchain technology is supporting the retail and e-commerce sector by offering more security & visibility by enhancing consumer shopping experiences & ensuring supply chain transparency,” pointed out Sonam Chawla, Research Analyst, Infoholic Research
Key Segments of the Report Include:
- Application Providers
- Middleware Providers
- Infrastructure Providers
- Supply Chain Tracking
- Smart Loyalty Programs
- Identity Management
- Fraud and Counterfeit
- Smart Contracts
- Compliance Management
- Organization Size
- Large Enterprises
- North America
- Rest of Europe
- Rest of APAC
- North America
• Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP