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.

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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.

Competitive Landscape

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 INTRODUCTION
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 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
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.
6.1.11 BlockVerify
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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