LONDON--(BUSINESS WIRE)--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
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
