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The global blockchain in retail market is expected to grow at a CAGR of 95.4% during the forecast period with its market size predicted to reach USD 4,824.3 million by 2024.
Industry Insights by Provider (Middleware Provider, Application Provider, and Infrastructure Provider), by Application (Compliance Management, Identity Management, Loyalty and Rewards Management, Payments, Smart Contracts, Supply Chain Management, and Others)
Global blockchain in retail market has been driven by several key factors, including increasing adoption of blockchain from supply chain and retail sector, growing cases of fraudulent activities in the retail sector, increasing need to provide protection against data tempering, rise in the usage of blockchain technology to create transparent environment, and increasing demand for high efficiency and high speed in retail sector.
Globally, blockchain in retail industry players are leveraging market growth through the formulation of several policies and reforms by a government organization in various developed as well as developing economies along with entering into several partnership agreements. The key players in blockchain in retail market are launching new link for various supply chain experts. Furthermore, there are several software development enterprises that are embracing the technique at an extensive rate as it helps them in fighting against fraudulent activities.
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Application provider category is expected to witness fastest growth during the forecast period in the blockchain in retail market
Based on provider, the global blockchain in retail market is categorized into middleware provider, application provider, and infrastructure provider, wherein application provider category is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed towards increasing adoption of technologically advanced blockchain solutions in retail companies.
Geographically, North America has accounted for the largest share in blockchain in retail market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of players of blockchain technology in the region and also it is considered as the most advanced region in terms of advanced technology adoption. Major multinational retailers such as Walmart and supply chain management/logistics companies such as UPS and FedEx in this region are adopting the blockchain technology.
Some of the key players operating in the global blockchain in retail market are IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
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In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources those are included for the data collection of this study comprises of manufacturers, commercial growers, industry consultants and others key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global blockchain in retail market. Primary research in this report has been conducted for estimating market size, market dynamics and strategies adopted by the key players in this market.
Secondary sources referred for this research report includes association for blockchain in retail, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating overall market size and growth of blockchain in retail market that has been authenticated with the supporting facts gathered through primary data collection.
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Global Blockchain in Retail Market Coverage
Provider Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Blockchain in retail Market by Region
Rest of the World (RoW)
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