Blockchain in Retail Market 2022-27: Size, Share, Growth, Trend and Forecast

The latest research study "Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the Global Blockchain in Retail Market size reached US$ 233.5 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3,731.75 Million by 2027 exhibiting a CAGR of 54.50% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Industry Definition and Application:

Blockchain in retail is a disruptive technology that depends on cryptography to record digital transactions on a distributed ledger in the retail industry. It is an economical solution as it automates the transactions and the interoperability of applications and abolishes the need for administration. It helps businesses track the product back to the supply chain, and identify suppliers, manufacturers and batches to resolve supply chain issues. It allows decentralized identity (DID), which helps retailers verify user identity and data when needed. In recent years, blockchain in retail has gained momentum as it allows employees to focus more on value-added work by streamlining administrative procedures in the back office of retailers.

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Blockchain in Retail Market Trends and Drivers:

One of the primary factors driving the market is the augmenting demand for transparent transactions in the retail industry to build trust between companies, suppliers, and customers. Additionally, the key players are extensively investing in blockchain-based solutions to ensure reliability, quality, authenticity, and product safety.

Other than this, blockchain provides enhanced cryptographic security for its databases and transactions that help in the sustainability of retailers and fraud reduction, thus creating a positive market outlook. Besides this, the escalating utilization of blockchain in retail for online shopping, digital payment, and risk and compliance is propelling the market growth. In line with this, the increasing deployment of blockchain in retail to monitor supply chain transactions for easy traceability of goods is accelerating the product adoption rate.

Furthermore, there has been escalating demand for smart contracts to save time and cost for companies and expel merchants who charge extra for authenticating a transaction. This, along with the constant technological advancements and international trade in the retail sector, are other major growth-inducing factors.

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The report has been segmented the market into following categories:

Breakup by Component:
• Platform/Solutions
• Services

Breakup by Type:
• Public Blockchain
• Private Blockchain
• Consortium Blockchain

Breakup by Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Breakup by Application:
• Supply Chain Management
• Food Safety Management
• Customer Data Management
• Identity Management
• Compliance Management
• Others

By Geography:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

List of Major Key Players:

The major players in the market are Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Services & Technologies (P) Ltd, Cognizant, Infosys Limited, International Business Machines Corporation, Oracle Corporation, Reply, SAP SE, Sofocle Technologies Pvt. Ltd. and Tata Consultancy Services Limited (Tata Group).

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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