Blockchain is a distributed and decentralized ledger that facilitates collaboration and trust in the internet space. The blockchain technology provides secured sharing of information while making it transparent and immutable for all the participants. The integration of the blockchain technology in the retail sector gradually increasing to enhance business decision-making process, ease of compliance and regulations management, and reduce the overall costs. MarketsandMarkets expects the global blockchain in retail market to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.
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Reason For Growth:
- Rapidly transforming business processes across the retail sector
- High adoption of blockchain technology for various application areas (smart contracts, identity management, and compliance management)
- Increasing venture funding and investments in the blockchain technology
- Need to reduce the total cost of ownership
- Upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems
- Increasing need to prevent data manipulation
- Increasing efficiency and speed in retail and supply chain systems.
Major players in the blockchain in retail market
IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel) and Blockchain Foundary (Singapore).
IBM is one of the pioneers in the blockchain in retail marketspace. Since its foundation, the company has expanded its business significantly across the globe. IBM provides its blockchain platform for various retail-specific applications, such as payments, loyalty program management, supply chain management and compliance management, identity management, and smart contracts. IBM has adopted various organic as well as inorganic growth strategies to improve its market share and increase the annual revenue
Amazon Web Services (AWS) is one of the leading providers of blockchain technology solutions for the retail sector. The compnay provides a flexible and cost-effective blockchain technology that establishes a peer-to-peer network and ensures verified and secured transactions. The major focus of AWS is on the organic growth strategies of new product launches, product upgradations, and business expansions, for achieving consistent market growth. The company frequently releases product upgrades to stay competitive in the market and serve the dynamic needs of its customers. It also consistently develops new products to gain a competitive edge over other major market players.
North America is estimated to hold the largest market size in the overall market in 2018. The region is considered as the most advanced in technology and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor for the blockchain in retail market. Retail companies in this region are adopting the blockchain technology. Retailers have recognized the blockchain technology’s potential for the efficiency of supply chain systems, and started adopting the technology to develop business applications. Moreover, the US government is exploring the blockchain technology to boost the innovation economy.
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