Over the past few years, the blockchain has emerged as one of the robust and secured IoT solutions for various industries. Unlike other industries, the retail industry has to deal with numerous internal concerns which is the prime reason that this industry needs to adopt blockchain technology at the earliest. The key issues that the retail industry faces comprise, poor marketing strategy, changing customer expectations, cyber-attacks, poor customer loyalty maintenance, counterfeit goods, inefficient internal communication, and several others. Therefore, with its wide-ranging applications across retail supply chain and operations, blockchain can assure quality, authenticity, product safety, reliability, and enable supply chain associates to identify the position of their product. Hence, such factors boost the market growth for blockchain across the retail industry.
Adroit Market Research study on the global market for blockchain in retail offers a holistic view of the industry from 2020 to 2028 as a forecast period, including factors such as market drivers, limitations, opportunities, threats, and regulatory overview. The market has been analyzed from 2018 to 2028, with a base year estimate of 2019 and a projection from 2020 to 2028. The report covers the current status and potential characteristics of the market at both the global and the country level. Moreover, the report also assesses market competition with Porters’ analysis of five strengths and places leading players on the basis of their product range, regional presence, strategic initiatives, and overall sales. Prominent players in the global blockchain in the retail market have been analyzed in depth.
The smart contracts segment is likely to hold a significant market share in 2020. Blockchain-enabled smart contracts offer automation for retailers in the operations such as inventory management, billing, and supply chain management. In addition, smart contracts can help in automating the payment process for offline as well as online transactions which further eradicates the need for any middleman. Hence, such factors combined driving the demand for smart contracts in this market.
With the ever-changing customer choices and their expectations, sustaining customers and keeping them satisfied with a particular product for a long time is becoming a challenge for every retailer. Therefore, retailers are in grave need of reliable solutions that can help them in sustaining their existing customer base along with retaining former customers and attract new ones. Therefore, blockchain can help retailers in managing their customer loyalty and enhance their customer experience.
The key players of the global blockchain in the retail market report include Amazon Web Services, Auxesis Services & Technologies, Bitfury Group, Cognizant, Infosys, IBM, Microsoft, Oracle, SAP, and TCS.
Key Segments of the Global Blockchain In Insurance Market
Service Providers Overview, 2018-2028 (USD Million)
- Solution & Application Providers
- Infrastructure Providers
- Middleware Providers
Organization Size Overview, 2018-2028 (USD Million)
- Large Organizations
- Small & Medium Oraganizations
Application Overview, 2018-2028 (USD Million)
- Smart Contracts
- Fraud Detection & Identity Management
- GRC Management
- Claims Management
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America