Global Blockchain in Retail Market Projected to Exhibit a Robust CAGR of 60.4% During 2019-2024
DUBLIN, Nov. 29, 2019 /PRNewswire/ — The “Blockchain in Retail Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Blockchain in Retail Market is poised to grow at a CAGR of 60.4% during the forecast period 2019-2024. Transparency in retail supply chain, as well as demand for improved customer service, is driving the market growth.
- Consumer demand for fast, frictionless transactions is leading to sharp increases in mobile and online e-commerce fraud – and their associated costs. According to the 2018 LexisNexis True Cost of Fraud report, the cost of fraud for midsized to large merchants is $3.20 for every $1 of fraud.
- Scalability and interoperability are the factors necessary for blockchain adoption. This is only possible when industry standards are set, which is at a lagging phase right now. Telecom sector is struggling with mass adoption of blockchain technology.
Key Market Trends
Smart Contracts to Dominate the Market
- Smart contracts allow computer code to execute on its own when specific conditions are met. In the telecom industry, it is expected to witness significant adoption as it provides scope for automation in their internal operations, like billing, supply chain management, and inventory management.
- Smart Contracts can help in automating payment process for online as well as offline transactions. It can help to save time and cost for companies by removing the merchant (middleman), who charges extra for authenticating the transaction.
- Furthermore, in doing so, companies also save money by spending less on auditing and accounting as the process is automated.
Asia-Pacific to Witness the Highest Growth
- Asia is a major player in the changing retail landscape, owing to the rise in e-commerce startups. China leads the e-commerce market, with Alibaba recently opening a pop-up store in Australia and reflecting the phygital’ trend toward digitally-enhanced offline experiences.
- To retain the data authenticity generated by retail industry (for instance, customers’ shopping data for personalization), there is a move toward cloud, and hence, its security is of utmost importance.
- Consumer goods industry is expected to adopt blockchain due to its potential in areas like customer loyalty, retail and supply chain management.
- In case of frauds, the retailers would be able to react faster and take proactive actions to identify and remove counterfeit products from their supply chain.
The market is fragmented with many existing and new vendors coming up with solutions for small and large, online as well as offline retailers.
Recent Industry Developments
- July 2019 – A consortium of Australia-based financial services companies teamed up with IBM and shopping center operator Scentre Group to launch a pilot that puts retail lease bank guarantees on a private blockchain.
- July 2019 – Nestle partnered with OpenSC, a blockchain platform, to develop the distributed ledger system which will be separate and distinct from Nestl’s ongoing participation with IBM Food Trust blockchain.
- June 2019 – Russia’s third largest food retail firm, Dixy implemented blockchain technology in its corporate finance system. The Moscow-based retailer has deployed blockchain in cooperation between suppliers and factoring firms, which represent third parties that purchase businesses’ invoices at a discount in order to help those businesses to raise funds.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Need for Retail Frauds Prevention and Detection is Driving the Market Growth
4.4 Market Restraints
4.4.1 Lack of Industry Standardisation for Blockchain is Discouraging the Market Growth
4.5 Industry Attractiveness – Porter’s Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Compliance Management
5.1.2 Smart Contract
5.1.3 Supply Chain and Inventory Management
5.1.4 Transaction Management
5.1.5 Automated Customer Service
5.1.6 Identity Management
5.2.1 North America
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SAP SE
6.1.2 IBM Corporation
6.1.3 Oracle Corporation
6.1.4 Microsoft Corp.
6.1.5 Amazon Web Services, Inc.
6.1.6 Capgemini SE
6.1.7 Accenture PLC
6.1.8 Provenance Ltd.
6.1.9 Cognizant Technology Solutions Corp.
6.1.10 Reply S.p.A.
6.1.12 Sofocle Technologies (OPC) Pvt. Ltd.
6.1.13 Modultrade Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xtltsn
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