Blockchain in Retail Market worth USD 3,704 Million By 2024
Zion Market Research has published a new report titled “Blockchain in Retail Market by Product (Public, Private, and Hybrid) and by Application (Supply Chain & Inventory Management, Payments & Accounting, Loyalty & Rewards, Advertising and Consumer Data, Fraud Detection, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024’’. According to the report, the global blockchain in retail market was valued at USD 49 million in 2017 and is expected to reach USD 3,704 million by 2024, at a CAGR of 85.4% between 2018 and 2024.
The blockchain is a ledger type used for maintaining a record of transactional data. It is a decentralized database managed by computers in a peer-to-peer network. Each computer in the network has a ledger copy and is regularly updated to eliminate errors and track transactions. Blockchain facilitates retailers to track and authenticate products, detect fraud, reduce cost due to automation, record contracts, and transactions.
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The increasing acceptance of blockchain for payments in the retail sector is likely to garner the demand during the forecast time period. Numerous retailers and their suppliers have opted to use blockchain to simplify transactional processes and reduce additional expenses. UMT AG, the financial services company based in Germany, entered into an agreement with blockchain specialist Coinsilium to explore the use of blockchain technology in its service areas for retailers concerning B2C payments. Further, online retailers, such as Etsy, have accepted the use of bitcoins for payments. These transitions are anticipated to fuel the blockchain in retail market growth during the forecast timeframe.
Usage of blockchain for loyalty and rewards in the retail sector is anticipated to drive the blockchain in retail market during the estimated timeframe. UMT AG is working with retailers for payback loyalty schemes using blockchain. Furthermore, in 2018, Japan’s online retailer Rakuten, Inc. announced a blockchain-based loyalty program, in which reward points will be offered in the form of an alt-coin—‘Rakuten Coin’. The company has moved USD 9 billion worth of existing super points into the blockchain to boost ‘Rakuten Coin’. Fraud detection is one of the major applications that are driving the growth of blockchain in retail market. Alibaba announced to use blockchain technology in the fight against the occurrence of fraud in the food sector. The organization is collaborating with companies from Australia and New Zealand to utilize blockchain solutions.
Blockchain in retail market is segmented on the basis of the product as public, private, and hybrid. The hybrid segment is likely to hold a significant share during the forecast time period, owing to the increasing demand of blockchain in retail activities across the Asia Pacific region. By application, the blockchain in the retail market is classified into the supply chain and inventory management, payments and accounting, loyalty and rewards, advertising and consumer data, fraud detection, and others. The payments and accounting segment is projected to grow at a substantial rate during the estimated timeframe, due to rising investments made by various institutes to develop blockchain solutions.
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North America is likely to capture a significant chunk of the blockchain in the retail market share by 2024, due to the presence of major market players, such as IBM Corporation, Microsoft Corporation, and Oracle Corporation, among others. The Middle East and Africa are projected to register significant growth in the blockchain in retail market and is projected to witness a huge demand during the forecast time period. Technological innovations, such as virtual shopping and 3D sound environments, are driving the retail sector in this region.
Prominent players of the global blockchain in retail market are Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Amazon Web Services, Inc., Coinbase, BitPay, BTL Group Ltd., Earthport PLC, and BitFury Group Limited.
The report segments global blockchain in retail market as follows:
Blockchain in Retail Market: Product Segment Analysis
Blockchain in Retail Market: Application Segment Analysis
- Supply Chain & Inventory Management
- Payments & Accounting
- Loyalty & Rewards
- Advertising and Consumer Data
- Fraud Detection
Blockchain in Retail Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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