ResearchAndMarkets.com has published a report on the state of blockchain usage in the retail market. It is expected to grow from an $80-million market share in 2018 to a $2.33-billion share by 2023 at a Compound Annual Growth Rate (CAGR) of 96.4%.
The major drivers of the market include the growing interest in the adoption of blockchain technology in the retail and supply chain management industry, and the increased need for efficiency and speed in retail and supply chain transactions, says the report.
Rapidly transforming international trade and retail industry scenarios, backed by increased venture funding and investments in blockchain technology providers, has improved growth prospects for the market.
The blockchain report estimates the market size and growth potential of the market across segments, including provider, application, and region. The application segment includes compliance management, identity management, loyalty and rewards management, payments, smart contracts, supply chain management, and others (anti-counterfeiting, advertising, and consumer data management).
The supply chain management segment is expected to dominate the application segment in terms of contribution to the overall market, as various multinational retail and supply chain management corporations are deploying blockchain technologies across various business processes to bring reduction in costs of verification, execution, arbitration, and fraud prevention.