Blockchain Retail Market Overview:
The market report for Blockchain Retail Market provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study's scope covers a thorough analysis of the Blockchain Retail Market and the variables affecting regional variances in the sector's growth.
Expected Growth in Revenue:
Blockchain Retail Market size is expected to reach $ 34808.79 Mn. by 2027, growing at a CAGR of 96.20% during the forecast period.
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Blockchain Retail Market Scope:
Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.
Blockchain Retail Market Dynamics:
There are numerous driving factors for adopting Blockchain Technology. It works on decentralized platforms. Transparency, cost reduction, elimination of third parties, cryptographic security, micro-payments, and immutability are the obvious advantages of blockchain solutions. the growing interest in the adoption of blockchain technology in retail and supply chain management industry, increasing need efficiency and speed in retail and supply chain transaction, rapidly transforming international trade and retail industry scenario backed by increasing venture funding and investments towards the blockchain technology providers are the key drivers to implement blockchain technology in the retail sector.
Blockchain Retail Market Segmentation:
The report segments the Blockchain Retail Market by provider, application, and region. Talking about applications, the supply chain management is expected to rule the market in 2021 - as various multinational retail and supply chain management corporations are deploying blockchain technologies across various business processes to bring a reduction in costs of verification, execution, arbitration, and fraud prevention. Identity management and fraud detection application is expected to be the highest revenue-generating segment by 2027, as the technology helps validate the authenticity, ownership, and origin, through the supply chain of goods and documents, the identity of customers doing transactions and the date and time of policy issuance, thereby helping reduce fraud rate and providing easy management. The payments application is also expected to grow at the faster rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the retail industry.
Blockchain Retail Market Key Players:
Both primary and secondary research are carried out to determine the market's leaders and forecast market revenue. The main study's in-depth interviews with key thought leaders and subject matter experts include CEOs, marketing executives, and seasoned front-line workers, to name just a few. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research. Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the Blockchain Retail market:
Microsoft
Oracle
AWS
Bitfury
Auxesis Group
Cegeka
BTL
Guardtime
CoinBase
loyyal
Sofocle
BigchainDB
RecordsKeeper
BitPay
Abra
Reply
Provenance
ModulTrade
Blockverify
OGYDocs
Warranteer
Blockchain Foundary
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Regional Analysis:
In the case of geographic coverage, North America is estimated to account for the largest share of the overall market in 2021. North America is considered as the most advanced region with regard to technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor responsible for the growth of the Blockchain Retail Market. Major multinational retailers such as Walmart and supply chain management/logistics companies UPS and FedEx in this region are adopting the blockchain technology. Europe is expected to gain pace in terms of adoption in the coming years, as companies across different business processes are increasingly adopting the blockchain technology. Furthermore, APAC is expected to record the highest growth rate during the forecast period, due to the increasing funding-backed start-up activities in the blockchain technology aimed at transforming the retail industry scenario.
COVID-19 Impact Analysis on Blockchain Retail Market:
The growth of end-user industries using Blockchain Retail declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Blockchain Retail manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market's growth in 2020 was impacted by this. End-user business demand for Blockchain Retail has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents worldwide.
Key Questions Answered in the Blockchain Retail Market Report are:
- What market sector represented the most percentage of Blockchain Retail in 2021?
- To what extent is the marketplace competitive?
- What are the main elements impacting the development of the Blockchain Retail market?
- Which region commands the largest market share in Blockchain Retail?
- What will the market's CAGR be from 2022 to 2029?
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