The global blockchain in retail market size is expected to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period. The major driving factors for the blockchain in retail market are the growing interest in the blockchain technology adoption in the retail vertical, increasing efficiency and speed in retail supply chain transactions, reduced total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chains systems for building customers trust.
Major players in the blockchain in retail market include IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel) and Blockchain Foundary (Singapore). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain in retail market. The strategy of partnerships and new product launches has been the most dominating growth strategy adopted by major players from 2016 to 2018 to innovate on their offerings and broaden their customer base.
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IBM is one of the pioneers in the blockchain in retail marketspace. Since its foundation, the company has expanded its business significantly across the globe. IBM provides its blockchain platform for various retail-specific applications, such as payments, loyalty program management, supply chain management and compliance management, identity management, and smart contracts. IBM has adopted various organic as well as inorganic growth strategies to improve its market share and increase the annual revenue. For instance, in August 2017, the company collaborated with leading organizations, including Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever, and Walmart, to offer its blockchain platform, a permissioned and immutable shared ledger, to meet the challenges in food supply chain systems. In January 2018, IBM and Maersk formed a joint venture for deploying the blockchain technology in the global trading ecosystem. The joint venture would help global trade shipping systems in maintaining transparency and simplicity in the movement of goods across borders and trading zones. The company has been continuously investing in R&D to focus on high-growth strategic opportunities. To cater to the needs of its clients, IBM has about 12 research labs with skilled professionals who have proven expertise in the blockchain technology.
Amazon Web Services (AWS) is one of the leading providers of blockchain technology solutions for the retail sector. The compnay provides a flexible and cost-effective blockchain technology that establishes a peer-to-peer network and ensures verified and secured transactions. The major focus of AWS is on the organic growth strategies of new product launches, product upgradations, and business expansions, for achieving consistent market growth. The company frequently releases product upgrades to stay competitive in the market and serve the dynamic needs of its customers. It also consistently develops new products to gain a competitive edge over other major market players. For instance, in April 2018, AWS launched a BaaS offering, Blockchain Templates Frameworks, for Ethereum and Hyperledger fabric. The templates provide a fast and easy way of creating and deploying secure blockchain networks using popular open source frameworks. These templates also enable customers to focus on building blockchain applications instead of spending time and energy on the manual set up of the blockchain network.
Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023
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