allied market research

Allied Market Research: Blockchain Integration into the Global Retail Market to Garner $11 Billion by 2026

Allied Market Research, a global market research firm, has reported that the incorporation of blockchain into the global retail market will garner $11.18 billion by 2026 from $83 million recorded in 2018. This will, therefore, represent a Compound Annual Growth Rate (CAGR) of 84.6% from 2019 to 2026.

Blockchain technology is being adopted in the retail sector because it offers real-time information and on-time delivery to various stakeholders. Some of the major market players include Microsoft Corporation, SAP SE, Cognizant, Oracle Corporation, and Amazon Web Services, Inc (AWS), among others.

Blockchain in retail

Blockchain-based solutions are being favored by players in the retail industry as they guarantee authenticity, quality, reliability, and product safety. Additionally, the need for transparent transactions has been on the rise and blockchain is touted based on the distributed ledger technology (DLT) it presents. These aspects will, therefore, fuel blockchain adoption in the worldwide retail market.

Conversely, the research notes that the lack of skilled personnel hinders growth to a certain degree, but this challenge is expected to be tackled by the rapidly changing international trade and retail sector as new opportunities will be created.

Blockchain integration into the retail market based on services and platforms registered considerable growth in 2018. The platform segment made up of two-thirds of blockchain utilization in the global retail market, whereas the services field recorded the quickest CAGR of 89.3%.

On the other hand, blockchain application on the basis of smart contracts and payments generated more than two-fifths of the growth witnessed in 2018, and this dominance is expected to continue till 2026. This trend is propelled by the urge by enterprises to eradicate the analog challenge when dealing with contracts, as well as the need to fight fraud and streamline online payments.

Based on regions, North America represented more than two-fifths of the blockchain’s retail market returns in 2018 and is expected to continue reigning supreme during the forecast period. This is linked to the presence of dominant market players, as well as the urge to counter fraud.

During the forecast period, the region across Asia-Pacific is anticipated to register the fastest CAGR of 92% by the end of 2026. This growth is attributed to customer demands, security concerns, and the urge to tackle counterfeit goods.

Allied Market Research: Blockchain Identity Management Will be a $11.46 Billion Market by 2026

Allied Market Research, a US-based research and advisory company, has reported that the worldwide blockchain identity management sector will escalate to $11.46 billion by 2026 from the $107 million recorded in 2018. According to the release shared with Blockchain.News, this will represent a compound annual growth rate (CAGR) of 79.2% because as blockchain are able to offer an immutable, interoperable, and unified infrastructure needed in the storage of digital identities.

Urge for transparent transactions

The report notes that retail industries have a growing appetite for reliability, authenticity, quality, and product safety, as this propels the realization of the set objectives. Identity management is crucial in the present internet drive economy, and blockchain-based solutions are proving to be a game-changer because of transparent and tamper-proof transactions.

As a result, the urge for transparency is stipulated to be the key factor driving the market growth in the blockchain identity management industry. Furthermore, the rapidly changing international trade and retail sector is speculated to offer a stepping stone to notable players in this sector.

Large enterprises are expected to rule the roost in this sector during the forecast period. Still, small & medium enterprises (SMEs) will have the fastest CAGR of 85.7% throughout the estimated time.

Identity theft is a problem that is rising at an alarming rate across the globe. Blockchain identity management solutions are expected to be embraced by retail businesses, healthcare organizations, and banks, among others, in curbing this menace.

Proliferation of E-Commerce

An increase in the demand for secure solutions, as well as escalation of E-Commerce, are anticipated to fuel growth in the blockchain identity management industry. The report also attests that the rise in government-based blockchain initiatives will be instrumental in its development.

Furthermore, elevated transaction and scalability speed is speculated to be another significant boost in upcoming years. Nevertheless, the lack of awareness pertaining to blockchain technology is anticipated to impede market growth during the estimated period.

On the other hand, recent research showed that the blockchain-as-a-service (BaaS) market is anticipated to skyrocket to $24 billion by 2027.

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Crypto Market to Hit $4.94 Billion by 2030, Driven by the Need for Transparent Payment Systems

According to a report by Allied Market Research, a US-based market research and advisory company, the global crypto market is expected to rise from $1.49 billion registered in 2020 to $4.94 billion by 2030, while recording a compound annual growth rate (CAGR) of 12.8% from 2021 to 2030.

Allied Market Research noted that an increase in remittances by foreign countries and the need for transparency in the payment system would be the primary drivers of growth in the global crypto market.

On the other hand, untapped potential in emerging economies and the lack of awareness are also expected to prompt market growth. Therefore, lucrative opportunities in the crypto space are speculated to be created soon.

Crypto mining to dominate by 2030

Per the report:

“Based on process, the mining segment accounted for nearly two-thirds of the global cryptocurrency market share in 2020 and is expected to rule the roost 2030. This is attributed to the fact that this process involves validating data blocks and adding transaction records to a public ledger known as blockchain.”

Crypto mining is expected to record the fastest CAGR of 14.6% during the forecast period.

Nevertheless, things have not been all rosy for this sector based on an intensified crackdown by Chinese authorities, which started in May.

For instance, Bitcoin mining sites were disconnected in Sichuan in June, which hampered more than 90% of China’s crypto mining capacity.

However, the crypto mining sector seems to be on the right footing because activities have shifted from the East to the West, given that the United States has emerged as the biggest beneficiary.

Asia-Pacific held the lion share in 2020

According to the announcement:

“Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, garnering nearly half of the global cryptocurrency market.”

An increase in the number of Bitcoin exchanges across Asia is expected to boost crypto growth in this region as it portrayed the fastest CAGR of 14.5% during the forecast period.