Block chain in Retail Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Block chain in Retail Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Blockchain in Retail Market

The blockchain in retail market size was valued at USD 126.8 million in 2020, and the market is now projected to grow from USD 172.2 million in 2021 to USD 2,082.8 million in 2028, exhibiting a CAGR of 42.8% during the forecast period of 2023-2030.

Increasing the application of commission-based ledger technology influences the blockchain in the retail market growth through an efficient supply chain post-COVID-19. Applications such as distributed ledger technology (DLT) and smart contracts are ensuring record integrity and improving the functioning of processes. Even during the pandemic, there was slightly diminished investment in technology, with sectors including goods and asset management enjoying considerable funding. This underscores the function of blockchain in the supply chain. Industry giants remain active in creating blockchains hence, the implementation of DLT is anticipated to grow in logistics, manufacturing and customer service sections.

The blockchain in retail market share is expanding since distributed ledger technology can provide reliable, cheap and efficient payment without third parties. Real-time transaction verification enhances transparency and increases the ability to meet demand for digital payments. Blockchain technology integration into retail supply chains positively impacts efficiency, traceability and security leading to transparent sector reforms and further market advancement.

Moreover, the use cases of blockchain technology in the retail industry are rapidly growing, and blockchain integration in the supply chain and inventory management are the two prominent trends. DLT raises transparency, compliance, and accountability while minimizing paperwork and subsequent administrative costs. By recording each transaction, DLT can assist in linking retailers, suppliers, and distribution centers along the supply chain. Better tracking minimizes supply chain risks and guarantees compliance with company guidelines. The major stakeholders are also working to extend the market interfaces.

Comprehensive Analysis of Blockchain in Retail Market

The blockchain in retail market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the information & communication technology industry. These segmentations are methodically segregated by component, by type and by application. The component includes, Platform/Solutions and Services. The type includes, Public Blockchain, Private Blockchain and Consortium Blockchain. The application includes, Supply Chain Management, Food Safety Management, Customer Data Management, Identity Management, Compliance Management, Billing Transaction Processing and Others.

North America had the biggest blockchain in the retail market in 2020 due to considerable investment in blockchain services and technology. The region's adoption of advanced solutions, including smart payments and contracts, has bolstered its global position. Tech giants such as IBM, Oracle, and Accenture are leading adopters, setting the pace for blockchain implementation in retail. This technological edge supports North America's continued market dominance.

The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players include, 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) and Capgemini SE (Paris, France). These market players provide a level-playing competitive landscape.

In July 2019, Westpac, IBM Corporation and Scentre Group made a new blockchain technology pilot for Lygon. The launch will assist enterprises in controlling and receiving needed bank guarantees for retail property leases.

Segmentation Table

Global Blockchain in Retail Market Scope

Study Period

2017-2028

Base Year

2020

Forecast Period

2021-2028

Growth Rate

CAGR of 42.8% from 2021 to 2028

Historical Period

2017-2019

Unit

Value (USD Million)

Segmentation

By Component, Type, Application, and Region

By Component

Platform/ Solutions

Services

By Type

Public Blockchain

Private Blockchain

Consortium Blockchain

By Application

Supply Chain Management

Food Safety Management

Customer Data Management

Identity Management

Compliance Management

Billing Transaction Processing

Others

By Region

North America (By Component, Type, Application, and Country)

• U.S. (By Application)
• Canada (By Application)
• Mexico (By Application)

Latin America (By Component, Type, Application, and Country)

• Brazil (By Application)
• Argentina (By Application)
• Rest of South America

Europe (By Component, Type, Application, and Country)

• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Italy (By Application)
• Spain (By Application)
• Russia (By Application)
• Benelux (By Application)
• Rest of Europe

Middle East & Africa (By Component, Type, Application, and Country)

• Turkey (By Application)
• Israel (By Application)
• GCC (By Application)
• North Africa (By Application)
• South Africa (By Application)
• Rest of the Middle East & Africa

Asia Pacific (By Component, Type, Application, and Country)

• China (By Application)
• India (By Application)
• Japan (By Application)
• South Korea (By Application)
• ASEAN (By Application)
• Oceania (By Application)
• Rest of Asia Pacific

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