According to Custom Market Insights (CMI), the Global Blockchain in Retail Industry size was estimated at USD 170 Million in 2021 and is expected to hit around USD 2200 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 40% from 2022 to 2030. Our research report offers a 360-degree view of the Blockchain in Retail Industry’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Blockchain in Retail Industry.
Blockchain in Retail Industry: Overview
Due to blockchain-based retail solutions, retailers can provide their consumers with advantages like unparalleled customer service, traceability, real-time information, and information about on-time deliveries. Technology also makes it possible for supply chain participants to know their goods’ exact location legitimacy, product safety, quality, and dependability. The global blockchain in retail Industry will likely be driven by the rising demand for blockchain in retail from end users like logistics and supply chains.
Faster transactional processes and enhanced transaction transparency-based solutions in the logistics industry are two crucial components that are anticipated to give major players access to new markets.
Browse the full “Blockchain in Retail Market Size, Trends and Insights By Component (Solutions, Services), By Deployment (Cloud, On-Premises), By Application (Compliance Management, Supply Chain and Inventory Management, Smart Contract, Transaction Management, Identity Management, Automated Customer Service), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/blockchain-in-retail-market/
Growth Factors
Many factors influence the adoption of blockchain technology, which functions on decentralized systems. The obvious benefits of blockchain systems include transparency, cost savings, the abolition of third parties, cryptographic security, micropayments, as well as immutability. The increasing demand for speed and efficiency in retail and supply chain transactions and the rapidly changing international trade and retail industry environment are the main factors driving the adoption of blockchain technology in the retail sector. These factors are supported by rising venture capital funding and investments in blockchain technology providers.
The financial industry is at the forefront of investigating and implementing blockchain solutions for intelligent transactions. The retail sector will be disrupted by blockchain, fostering digital transformation and opening up new options for growth and monetization. However, the absence of a centralized organization and uniform standards, as well as a lack of knowledge and comprehension of the application of blockchain technologies, are anticipated to limit the growth of this market to some extent. The use of the blockchain in the retail and supply chain management industry in APAC offers enormous growth prospects due to the region’s important financial and retailing hubs, as well as its enormous shipping and trade markets, including Hong Kong and Singapore. Lack of knowledge and technical proficiency in blockchain technology, however, may limit the expansion of the blockchain retail Industry globally.
Segmental Overview
The Industry for Blockchain in Retail is segmented into components, deployment, and application. The segment for cloud-based deployment is anticipated to have the greatest CAGR in 2021 out of all the forecasted segments. This market’s expansion is anticipated to be aided by the growing need for cloud-based retail blockchain solutions for processing massive volumes of consumer data, as well as the growing need to cut costs associated with internal system design, implementation, and continuing maintenance. A trend that is anticipated to increase in the upcoming years is the progressive use of cloud infrastructure by a number of retail firms. The advantages of cloud infrastructure, including its simplicity in use, low need for internal infrastructure, high scalability, and simplicity in installing retail blockchain solutions, boost the expansion of the cloud-based market.
According to the component, the solutions sector is anticipated to hold the highest proportion of the worldwide blockchain in retail Industry in 2021. This segment’s significant market share can be attributed to the rising demand for retail blockchain solutions to ensure efficient supply chain and fraud management, as well as the rising acceptance of cryptocurrency payment services, blockchain-based solutions for enhancing food safety, and cloud-based retail blockchain solutions.
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Regional Overview
The highest CAGR is anticipated to be recorded in Asia-Pacific. The region’s expanding economies, including those of India, China, and Indonesia, are to blame for the quick rise of blockchain in retail solutions and services among urban populations. The region’s development is being supported by the rising use of B2B blockchain-based payment systems, a surge in demand for retail blockchain solutions to ensure efficient supply chain and fraud management, a surge in demand for retail payment systems, and the presence of more seasoned blockchain businesses.
Competitive Landscape
By examining Industry segments and projecting Industry size, the reports also aid in understanding the dynamics and organizational structure of the global Blockchain in Retail industry. The study serves as an investor’s guide thanks to its clear depiction of competitive analysis of key companies by product, price, financial condition, product portfolio, growth plans, and regional presence in the worldwide access control Industry.
- 2019: To create the distributed ledger system, which will be distinct from Nestlé’s continuing involvement with the IBM Food Trust blockchain, the food giant worked with OpenSC, a blockchain platform.
- 2019: With the help of IBM, Scentre Group, and a group of Australian financial services firms, a pilot project to put retail lease bank guarantees on a private blockchain was launched.
Prominent Players
- SAP
- IBM
- Microsoft
- Oracle
- Bitfury
- AWS
- Auxesis Group
- BTL
- Cegeka
- Guardtime
- loyyal
- CoinBase
- Sofocle
- RecordsKeeper
- ModulTrade
- Reply
- BigchainDB
- Warranteer
- BitPay
- Abra
- Provenance
- OGYDocs
- Blockverify
- Blockchain Foundary
Table of Contents: https://www.custommarketinsights.com/report/blockchain-in-retail-market/#table-of-contents
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