Blockchain in retail market size is expected to reach USD 2082.8 million by 2028, with 42.8% CAGR

According to Fortune Business Insights, the global blockchain retail market size is estimated to reach USD 2,082.8 million by 2028, with a CAGR of 42.8% during the forecast period, 2021-2028

Pune, India, March 07, 2023 (GLOBE NEWSWIRE) — The global retail market size blockchain 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, showing a CAGR of 42.8% during the period 2021-2028. Increasing demand for simplified business processes is driving the market growth.

Fortune Business Insights provide this information in the report titled “Blockchain in Retail Market Forecast, 2023-2028.” According to our analysts, the growing demand for the product from end users such as retail and supply chain is expected to navigate the demand for retail solutions.

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Important industry developments:

Crunchfish developed crunchcoins in an ethereum blockchain. Crunchcoin focuses on offering cryptocurrencies that can be used in physical retail.

Report scope and segmentation

Key takeaways:

• Blockchain in North America retail market size was USD 63.1 million in 2020

• Key drivers include improved customer experience, cost savings and efficiency

• The platform/solutions segment has the largest share in the global market.

• Global demand is driven by increasing retail projects across developed countries

• Supply chain management will drive the market in the forecast period, 2023-2028

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The story continues

Drivers and limitations:

Enhanced and refined transaction transparency to aid market growth.

The integration of blockchain technology in retail offers a number of benefits such as secure, cost-effective and fast payment processing through encrypted distributed ledgers. This technology enables real-time verification of transactions without the need for intermediaries such as banks or clearing houses. As digital payments continue to grow in retail, there is a growing demand for distributed ledger technology. The adoption of blockchain technology in retail is expected to increase efficiency, traceability, security and transparency.

Increasing use of smart contracts to stimulate growth

The growing adoption of smart contract services 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 as it enables the automation of internal activities such as invoicing, supply chain management and inventory management. Smart Contracts can help automate both online and offline payment processes. It can help businesses save time and money by removing the merchant (middle man) 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 platforms/solutions and services.

In terms of type, the market is categorized into the public blockchain, the private blockchain, and the consortium blockchain.

Based on applications, 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 projected 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 and Africa and Latin America.

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Regional insight:

North America had the largest blockchain in retail market share in 2020. The region has recorded significant capitalization in blockchain in retail services and technology to maintain its position in the global market.

Companies in Europe are expansively adopting the notion of blockchain technology due to the factor that the region is expected to increase at a significant growth rate.

Market growth in Asia Pacific is controlled by dominant 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 the growing embrace of digital technologies as well as public programs.

Challenging landscape:

Acquisitions started by key companies to support market growth

The dominant players in the market are incessantly rooting for skillful tactics to enhance their brand value as well as promote the global market growth of the product by facing the least imaginable hurdles. One such skillful tactic is to acquire competitive companies and further ensure profit for both companies involved.

Manufacturers focus on R&D investments to offer advanced products

The global retail blockchain is covered and analyzed in this study. As a result of major vendors across all verticals planning significant investments in this market, blockchain in retail 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 within blockchain in the retail market are:

• IBM Corporation (New York, USA)

• Oracle Corporation (Texas, USA)

• Accenture Plc (Dublin, Ireland)

• Tata Consultancy Services (Maharashtra, India)

• Amazon Web Services, Inc. (Washington, USA)

• Cisco Systems Inc. (California, USA)

• Auxesis Services and Technologies (P) Ltd. (Mumbai, India)

• Guardtime (Lausanne, Switzerland)

• Sofocle Technologies (Uttar Pradesh, India)

• Capgemini SE (France, Paris)

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Main table of contents:

• Global Market Share Analysis and Matrix, 2020

• Key market insights and strategic recommendations

• Profiles of key players

• Attachment / Appendix

  • Global Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028

    • By Component (USD)

      • Platform/ Solutions

      • Services

    • By Type (USD)

      • Public blockchain

      • Private blockchain

      • Consortium Blockchain

    • By Application (USD)

    • By region (USD)

      • North America

      • Latin America

      • Europe

      • Middle East and Africa

      • Asia Pacific

  • North America Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2017-2028

    • By Component (USD)

      • Platform/ Solutions

      • Services

    • By Type (USD)

      • Public blockchain

      • Private blockchain

      • Consortium Blockchain

    • By Application (USD)

TOC Continuation…!

Common questions

How big is the blockchain in retail mthe sheet?

Blockchain retail market size was USD 126.8 million in 2020. It is expected to reach USD 2082.8 million by 2028.

How fast is blockchain growing in the retail market?

The blockchain in retail market will show a CAGR of 42.8% during the forecast period, 2021-2028

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