Rapid change in retail sector and international trade is anticipated to create lucrative opportunities in the future. Increase in need to ensure quality, reliability, authenticity, and product safety, rise in investment by retail industries in blockchain-based solutions, and upsurge in transactions transparency drive the growth of the global blockchain in retail market.
The global blockchain in retail market was estimated at $83.00 million in 2018 and is expected to hit $11.18 billion by 2026, registering a CAGR of 84.6% from 2019 to 2026.
Major industry players – Auxesis Services & Technologies (P) Ltd., Tata Consultancy Services Limited, Bitfury Group Limited, Cognizant, Infosys Limited, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Amazon Web Services, Inc. (AWS).
The global blockchain in retail market is analyzed across component, application, organization size, and region. Based on component, the platform segment garnered the major share in 2018, holding more than two-thirds of the global market. Simultaneously, the services segment would grow at the fastest CAGR of 89.3% throughout the forecast period.
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Based on region, North America contributed to more than two-fifths of the global market in 2018, and is expected to maintain the lion’s share by 2026. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 92.0% from 2019 to 2026. The other provinces discussed in the report include Europe and LAMEA.
Based on application, the payments & smart contracts segment accounted for more than two-fifths of the total market revenue in 2018, and is anticipated to retain its dominance by the end of 2026. At the same time, the loyalty and rewards management segment would cite the fastest CAGR of 97.0% from 2019 to 2026.
Covid-19 scenario-
- The outbreak of the pandemic led to closure of several retail outlets across the world, which in turn decreased the demand for blockchain technology in the retail sector.
- However, the global blockchain in retail market is expected to revive post pandemic, as the technology comes with the potential to provide on-time delivery, real-time information, and record-time service for retailers.
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