New York, NY, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Blockchain in Retail Market 2017 – 2024’’ According to the report, the global demand for blockchain in retail market was valued at USD 49 million in 2017 and is expected to reach USD 3,704 million by 2024, at a CAGR of 85.4% between 2018 and 2024.
The blockchain is a ledger type used for maintaining a record of transactional data. It is a decentralized database managed by computers in a peer-to-peer network. Each computer in the network has a ledger copy and is regularly updated to eliminate errors and track transactions. Blockchain facilitates retailers to track and authenticate products, detect fraud, reduce cost due to automation, record contracts, and transactions.
Get Sample of this Research Report: https://www.zionmarketresearch.com/sample/blockchain-retail-market
The increasing acceptance of blockchain for payments in the retail sector is likely to garner the demand during the forecast time period. Numerous retailers and their suppliers have opted to use blockchain to simplify transactional processes and reduce additional expenses. UMT AG, the financial services company based in Germany, entered into an agreement with blockchain specialist Coinsilium to explore the use of blockchain technology in its service areas for retailers concerning B2C payments. Further, online retailers, such as Etsy, have accepted the use of bitcoins for payments. These transitions are anticipated to fuel the blockchain in retail market growth during the forecast timeframe.
Download Free PDF Research Report Brochure for more Insights: https://www.zionmarketresearch.com/requestbrochure/blockchain-retail-market
Usage of blockchain for loyalty and rewards in the retail sector is anticipated to drive the blockchain in the retail market during the estimated timeframe. UMT AG is working with retailers for payback loyalty schemes using blockchain. Furthermore, in 2018, Japan’s online retailer Rakuten, Inc. announced a blockchain-based loyalty program, in which reward points will be offered in the form of an alt-coin—‘Rakuten Coin’. The company has moved USD 9 billion worth of existing super points into the blockchain to boost ‘Rakuten Coin’. Fraud detection is one of the major applications that are driving the growth of blockchain in the retail market. Alibaba announced to use blockchain technology in the fight against the occurrence of fraud in the food sector. The organization is collaborating with companies from Australia and New Zealand to utilize blockchain solutions.
Blockchain in the retail market is segmented on the basis of the product as public, private, and hybrid. The hybrid segment is likely to hold a significant share during the forecast time period, owing to the increasing demand of blockchain in retail activities across the Asia Pacific region. By application, the blockchain in the retail market is classified into the supply chain and inventory management, payments and accounting, loyalty and rewards, advertising and consumer data, fraud detection, and others. The payments and accounting segment is projected to grow at a substantial rate during the estimated timeframe, due to rising investments made by various institutes to develop blockchain solutions.
Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/blockchain-retail-market
North America is likely to capture a significant chunk of the blockchain in the retail market share by 2024, due to the presence of major market players, such as IBM Corporation, Microsoft Corporation, and Oracle Corporation, among others. The Middle East and Africa are projected to register significant growth in the blockchain in the retail market and is projected to witness a huge demand during the forecast time period. Technological innovations, such as virtual shopping and 3D sound environments, are driving the retail sector in this region.
Prominent players of the global blockchain in the retail market are Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Amazon Web Services, Inc., Coinbase, BitPay, BTL Group Ltd., Earthport PLC, and BitFury Group Limited.
The report segments global blockchain in the retail market as follows:
Blockchain in Retail Market: Product Segment Analysis
- Public
- Private
- Hybrid
Blockchain in Retail Market: Application Segment Analysis
- Supply Chain & Inventory Management
- Payments & Accounting
- Loyalty & Rewards
- Advertising and Consumer Data
- Fraud Detection
- Others
Blockchain in Retail Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
Request customized copy of report @ https://www.zionmarketresearch.com/custom/3552
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Follow Us LinkedIn https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research
Blog: http://www.intenseresearch.com | http://www.mrsresearchgroup.com | http://www.marketresearchtrade.com | https://qyresearchgroup.com | http://marketnreports.com | https://zmrnewsjournal.us | http://www.e-marketresearch.com
Contact Us:
Joel John
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com
Blog: http://zmrblog.com