The global blockchain market in retail sector is expected to grow by USD 1.54 billion during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global blockchain market in retail sector 2019-2023 (Graphic: Business Wire)
Online retail platforms are more vulnerable to hacking and other data breaches. This has increased the use of decentralized identities, such as blockchain to eliminate the incidence of identity theft and data fraud in the retail industry. Blockchain identity management enables end-users to have direct control over who can see their details and how much information is shared. It also enables more secure and foolproof identity exchanges during the transaction in real-world applications. The rising need to improve online security is expected to drive the growth of the global blockchain market in the retail sector.
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As per Technavio, the growth of quantum computing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Blockchain Market in Retail Sector: Growth of Quantum Computing
The introduction of quantum computing is increasing the computational power of computers. This is expected to facilitate the easy decryption of public encryption keys, which could pose a threat to public key cryptography. This is forcing many organizations to develop quantum-based blockchain solutions to enable a more future-proof blockchain technology which cannot be hacked, thereby ensuring data security for end-users. This trend is expected to have a positive impact on the growth of the global blockchain market in the retail sector.
“Increase in cybersecurity regulations and the advent of blockchain-as-a-service (BaaS) are other factors that will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Blockchain Market in Retail Sector: Segmentation Analysis
This market report segments the global blockchain market in retail sector by end-users (large enterprises and SMEs), application (supply chain management, identity management, payments, compliance management, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the growing popularity of e-retail and the rising need to digitize the supply chain in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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