According to Fortune Business Insights, the global blockchain in retail market size is projected to reach USD 2082.8 million in 2028, at a CAGR of 42.8% during the forecast period, 2021-2028
Pune, India, March 07, 2023 (GLOBE NEWSWIRE) -- The global blockchain in retail market size was USD 126.8 million in 2020 and is projected to grow from USD 172.2 million in 2021 to USD 2082.8 million by 2028, exhibiting a CAGR of 42.8% during the 2021-2028 period. Increasing demand for simplified business processes drives the market growth.
Fortune Business Insights, provide this information in its report titled, “Blockchain in Retail Market Forecast, 2023-2028.” According to our analysts, the surging demand for the product from end-users such as retail as well as supply chain is expected to navigate the demand for solution in retail.
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Key Industry Developments:
Crunchfish developed crunchcoins in an ethereum blockchain. The crunchcoin focuses to offer cryptocurrencies that may be utilized in physical retail.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 42.8% |
| 2028 Value Projection | USD 2082.8 Million |
| Base Year | 2020 |
| Blockchain in Retail Market Size in 2020 | USD 126.8 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Type, Application and Geography |
Key Takeaways:
- Blockchain in Retail Market Size in North America was USD 63.1 million in 2020
- Major driving factors include enhanced customer experience, cost saving and efficiency
- The platform/solutions segment has the largest share in the global market.
- Global demand is driven by rising retail projects across developed nations
- Supply chain management will drive the market in the forecast period, 2023-2028
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Drivers and Restraints:
Amplified and Refined Transaction Transparency to Help Market Growth.
The integration of blockchain technology in the retail sector offers numerous benefits such as secure, cost-effective, and swift payment processing through encoded distributed ledgers. This technology allows for real-time verification of transactions without the need for intermediaries like banks or clearinghouses. As digital payments continue to grow in the retail industry, there is an increasing demand for distributed ledger technology. The adoption of blockchain technology in retail is expected to enhance efficiency, traceability, safety, and transparency.
Increasing Adoption of Smart Contracts to Stimulate Growth
The increasing adoption of smart contracts service is expected to boost the global blockchain in retail market growth during the forecast period. When certain circumstances are met, smart contracts allow computer code to run. It is projected to see widespread acceptance in the telecom industry since it allows for the automation of internal activities such as billing, supply chain management, and inventory management. Smart Contracts can aid in the automation of both online and offline payment processes. It can help businesses save time and money by removing the merchant (middleman) who charges extra for transaction authentication.
Segments:
Component, Type, Application, and Region are studied for the Market
On the basis of components, the market is classified into platform/solutions and services.
In terms of type, the market is categorized into the public blockchain, private blockchain, and consortium blockchain.
Based on application, the market is categorized into supply chain management, food safety management, customer data management, identity management, compliance management, billing transaction processing, and others. Among applications, supply chain management is estimated to drive the blockchain in retail market growth during the forecast period.
Geographically, the market is branched across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Regional Insights:
North America held the largest blockchain in retail market share in 2020. The region has recorded significant capitalization in blockchain in retail services and technology to preserve its position in the global market.
Companies in Europe are expansively adopting the notion of blockchain technology on account of the factor that the region is anticipated to surge with a considerable growth rate.
The market growth in Asia Pacific is steered by dominating nations such as India China, South Korea, and Japan.
In Latin America and the Middle East and Africa, the implementation of technology is sustained by increasing embracement of digital technologies as well as government programs.
Competitive Landscape:
Procurements Commenced by Crucial Companies to Endorse Market Growth
The dominating players in the market incessantly root for proficient tactics to bolster their brand value as well as promote the global market growth of the product by facing least imaginable hurdles. One such proficient tactic is procuring competitive companies and further safeguarding a profit for both involved companies.
Manufacturers Focus on R&D Investments to Offer Advanced Products
The global blockchain in the retail industry is covered and analyzed in this study. As a result of major vendors across all verticals planning significant investments in this market, the blockchain in the retail industry is likely to grow at a rapid pace in the coming years. To maintain a strong position in the market, the top players use various organic and inorganic
Leading Global Players in Blockchain in Retail Market are:
- IBM Corporation (New York, U.S.)
- Oracle Corporation (Texas, U.S.)
- Accenture Plc (Dublin, Ireland)
- Tata Consultancy Services (Maharashtra, India)
- Amazon Web Services, Inc. (Washington, U.S.)
- Cisco Systems Inc. (California, U.S.)
- Auxesis Services and Technologies (P) Ltd. (Mumbai, India)
- Guardtime (Lausanne, Switzerland)
- Sofocle Technologies (Uttar Pradesh, India)
- Capgemini SE (France, Paris)
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Major Table of Contents:
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform/ Solutions
- Services
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Supply Chain Management
- Food Safety Management
- Customer Data Management
- Identity Management
- Compliance Management
- Billing Transaction Processing
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- North America Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform/ Solutions
- Services
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Supply Chain Management
- Food Safety Management
- Customer Data Management
- Identity Management
- Compliance Management
- Billing Transaction Processing
- Others
- By Component (USD)
- Global Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
FAQs
How big is the blockchain in retail market?
Blockchain in retail market size was USD 126.8 million in 2020. It is expected to reach USD 2082.8 million by 2028.
How fast is the blockchain in retail market growing?
The blockchain in retail market will exhibit a CAGR of 42.8% during the forecast period, 2021-2028
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