The Blockchain in Retail Market grows due to demand for supply chain transparency, secure transactions, fraud prevention, and enhanced customer experience.

WILMINGTON, DE, UNITED STATES, November 21, 2024 /EINPresswire.com/ -- According to the report, the global blockchain in retail market size garnered $83.00 million in 2018, and is estimated to reach $11.18 billion by 2026, growing at a CAGR of 84.6% from 2019 to 2026.

Rise in need to ensure quality, reliability, authenticity, and product safety, an increase in investment by retail industries in blockchain-based solutions, and an upsurge in transaction transparency fuel the growth of the global blockchain in retail market. On the other hand, scarcity of skilled experts hampers the growth to some extent. However, rapid change in the retail sector and international trade is expected to create a number of opportunities for the key players in the industry.

Download Sample Report (Get Full Insights in PDF - 253 Pages) at: https://www.alliedmarketresearch.com/request-sample/2986

Blockchain as a digital technology has progressed a lot in recent years. And among all the end users, the financial sector has been experiencing a major transformation. However, retailers are also exploring the 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.

Retailers need to collaborate with numerous partners and external stakeholders on joint projects to test blockchain applications in 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 which 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.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2986

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 components, the platform segment held the major share in 2018, generating more than two-thirds of the global blockchain in retail market. The growing need for safe and secure transmission of data across supply chain is driving the growth of this segment. At the same time, the services segment would register the fastest CAGR of 89.3% during the study period. Blockchain services allow retailers to bring innovation across the industry and helps them create new value for their businesses, which augments the growth of the segment.

Based on application, the payments & smart contracts segment contributed to more than two-fifths of the global blockchain in retail market in 2018, and is expected to retain its dominance till 2026. This is attributed to increase in demand from enterprises to fill the analog gap between contracts, increase in need to streamline online payments, and cut down fraud. On the other hand, the loyalty and rewards management segment, would grow at the fastest CAGR of 97.0% from 2019 to 2026. The growing need to streamline the development and exchange of loyalty points across retailers and various programs is the major factor driving the growth. In addition, with a time-stamped and tamper-proof database of transactions, retailers can track and secure loyalty program transactions transparently which leads the market growth, as well.

Buy Now & Get Up to 50% off on This Report: https://www.alliedmarketresearch.com/blockchain-in-retail-market/purchase-options

On the basis of organization size, the large enterprises segment dominated the global blockchain in retail market in 2018 and it is expected to remain dominant throughout the forecast period. On the contrary, small & medium size enterprise segment is expected to exhibit highest growth throughout the forecast period. The increase in need to shift from conventional business models to digital business is the key factor driving retailers to adopt blockchain solutions hence, fueling the blockchain in retail market growth of this segment.

Based on geography, North America accounted for more than two-fifths of the global blockchain in retail market revenue in 2018, and is anticipated to dominate throughout the forecast period. This is attributed to the presence of major market players, and the growing concerns of fraud in the regions drives the growth.

Leading market players-

Cognizant
SAP SE
Infosys Limited
International Business Machines Corporation (IBM)
Microsoft Corporation
Amazon Web Services, Inc. (AWS)
Auxesis Services & Technologies (P) Ltd.
Bitfury Group Limited
Oracle Corporation
Tata Consultancy Services Limited

If you have any special requirements, Request customization: https://www.alliedmarketresearch.com/request-for-customization/2986

About Us:

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 in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost ata procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.