Kenneth Research, in its repository of market research reports, have recently added a report on Global Blockchain in Retail Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Blockchain in Retail Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Blockchain in Retail Market is valued approximately at USD 0.15 billion in 2019 and is anticipated to grow with a healthy CAGR of more than 84.6% over the forecast period 2020-2026. Blockchain is a technology used to store the information digitally in a public database, which uses distributed databases and cryptography to record and secure transactions. Blockchain is used for majority of industrial concerns such as supply chain management, transparency, guaranteeing authenticity, reducing counterfeits, smoothing logistics, and providing fast delivery. Factors such as increase in demand for transparent transactions and smart contracts are likely to propel the growth of the market. The rising spending on blockchain across world, rising adoption of the blockchain technology in the retail industry, rising efficiency, speed in retail as well as supply chain transactions and reduced total cost of ownership are the few factors responsible for growth of the market over the forecast period. For instance: as per Statista, the Worldwide spending on blockchain solutions is expected to grow from $1.5 billion in 2018 to an estimated $15.9 billion by 2023. However, uncertain Regulatory and compliance Environment is the major factor restraining the growth of global Blockchain in Retail market during the forecast period.
The regional analysis of global Blockchain in Retail market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the growing technology adoption and infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
Amazon Web Services, Inc. (AWS)
Auxesis Services & Technologies (P) Ltd.
Bitfury Group Limited
Cognizant, Infosys Limited
International Business Machines Corporation (IBM)
Tata Consultancy Services Limited
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Loyalty and Rewards Management
Payments & Smart Contracts
Supply Chain Management
By Organization Size:
Small & Medium Enterprises
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Blockchain in Retail Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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