Global Blockchain Market in Retail Sector 2019-2023

Below are some of the key findings from the blockchain market analysis report

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Global Blockchain Market in Retail Industry Overview

With an increase in online transactions and the dependence of retailers on digital centralized platforms to connect with their customers, there are rising concerns regarding data control and personal identity. These digital platforms are susceptible to hacking as hackers can steal social security numbers such as credit card numbers and addresses. This drives the need for decentralized identity like blockchain to overcome the risk of identity theft and fraud. End-users can decide the amount of information to be shared using the blockchain network. Additionally, the use of this identity management also allows a secured identity exchange during transactions in real-world applications.

Moreover, the growth of quantum computing will also drive blockchain market growth in the retail sector during the forecast period. Payment transactions in the retail sector use blockchain technologies and public key cryptography. Public key cryptography can be decrypted using quantum computing. This poses a threat to blockchain systems in the retail sector for carrying out transactions. As a result, organizations have developed quantum-based blockchain solutions such as quantum-resistant cryptographic blockchain systems. The advanced blockchain technology maintains data security for end-users and prevents the hacking of data. Such factors will drive the growth of the blockchain in retail market size, and the market will register a CAGR of almost 81% by 2023. However, the market’s growth momentum is expected to decelerate in the coming years because of the decline in year-over-year growth.

Top companies covered in the blockchain market in the retail sector research report

The global blockchain market in the retail sector is fairly fragmented. By offering a complete analysis of the market’s competitive landscape and with information on the companies, the report on the industry will help clients identify new growth opportunities and design innovative strategies to make the most of the increasing blockchain in retail market size.

The report offers a complete analysis of various companies including:

• Accenture
• IBM
• Microsoft
• Oracle
• SAP SE

Segmentation of the blockchain market in retail sector based on geographic regions

• APAC
• Europe
• MEA
• North America
• South America

North America will account for the largest share of the blockchain in retail market size throughout the forecast period. The growing popularity of e-retail, the increasing need to digitize the supply chain, and the need to boost the efficiency of enterprises by creating more visibility of information for their customers and users are some of the major reasons for the high growth of the blockchain market in the retail sector in the region.

Segmentation of the blockchain market in retail sector based on end-users

• Large enterprises
• SMEs

The large enterprises will account for the highest blockchain market share in the retail sector because of the growing adoption of this solution among large enterprises, primarily led by affordability. Blockchain technology benefits large enterprises by allowing enterprise-class scalability and easy management of shared sensitive information such as digital identities, passwords, and documents. The report provides an accurate prediction of the contribution of various segments to the growth of the blockchain in retail market size.

Key highlights of the global blockchain market in retail sector for the forecast years 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the blockchain market in the retail sector during the next five years
• Precise estimation of the global blockchain in retail market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the industry in the retail sector across various geographies such as APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details on factors that will challenge the growth of the companies in the market

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