Blockchain in Retail Market Worth $25.8 Billion by 2029

According to this latest publication from Meticulous Research®, the global blockchain in retail market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.The growth of this market is driven by the growing e-commerce, the adoption of blockchain by online retailers, the rising need to improve food safety with a transparent retail supply chain, growing demand for cost reduction, faster payments, increased transparency, and improved security. However, the lack of technology adoption by the unorganized retail sector and the dynamic regulatory & compliance environment may restrain the market growth. The growing adoption of crypto payment services in the retail sector, the increasing proliferation of blockchain to fight counterfeiting in the retail sector, and blockchain contribution to B2B payments are expected to offer significant growth opportunities for the stakeholders in the blockchain in the retail market. However, the growing number of digital attacks, lack of awareness, and technical understanding of blockchain technology is expected to pose serious challenges to the growth of the blockchain in retail market. Besides, a surge in demand for blockchain-based solutions for faster and contactless payment processing during the COVID-19 pandemic and increasing demand for QR code or near-field communication chip (NFC)-enabled products in retail stores are the latest trends in the global blockchain in retail market.

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The global blockchain in retail market is segmented by component (solutions and services), application (smart contract, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications), organization size (large enterprises, and small and medium-sized enterprises), provider (application provider, middleware provider, and infrastructure provider), type (public blockchain, permissioned or private blockchain, federated or consortium blockchain, and hybrid blockchain), deployment mode (on-premise deployment, and cloud-based deployment). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on component, the global blockchain in retail market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the surge in demand for retail blockchain solutions to ensure effective supply chain and fraud management, the increasing popularity of cryptocurrency payment solutions, the increasing demand for blockchain solutions for improving food safety, and the growing demand for cloud-based blockchain solutions.

However, the services segment is projected to register the highest CAGR during the forecast period due to the rising number of retail blockchain services launches to stay up to date on new and updated regulations and the increasing demand for designing, implementation & support, and consulting & development of blockchain solutions.

Based on application, the blockchain in retail market is segmented into smart contracts, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications. In 2022, the supply chain management segment is expected to account for the largest share of the blockchain in retail market. The large market share of this segment is attributed to the growing need to implement a transparent supply chain process for retail industries, the growing need to maintain the authenticity of raw materials, including component suppliers, the increasing demand for faster payments systems, and the rising need for visibility for all parties across the full supply chain. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the global blockchain in retail market is segmented into large enterprises and small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing emphasis by large enterprises to enhance their customer engagement through the adoption of blockchain-based solutions and the availability of skilled IT personnel to manage retail blockchain platforms. Large enterprises hold a competitive advantage over small and medium-sized enterprises in technology adoption with larger budgets and a keen focus on developing strategic IT initiatives. The scenario is the same concerning blockchain in retail market. However, the small and medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing adoption of cloud-based solutions across SMEs and the low-cost availability of the solutions. The digital transformation trend is not limited to large enterprises since small and medium-sized enterprises are also transitioning to digital technologies. Several SMEs have heavily deployed retail blockchain solutions in the past few years.

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Based on provider, the global blockchain in retail market is segmented into application provider, middleware provider, and infrastructure provider. In 2022, the middleware provider segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing demand for faster, cheaper cross-border payment systems, growing demand for smart contract services, and a surge in demand for cryptocurrency payment solutions. However, the application provider segment is projected to register the highest CAGR during the forecast period due to the growing demand for fraud reduction solutions, the rising need for settlement and crypto payment solutions, and the growing demand for blockchain finance solutions.

Based on type, the global blockchain in retail market is segmented into public blockchain, permissioned or private blockchain, federated or consortium blockchain, and hybrid blockchain. In 2022, the public blockchain segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing demand for cryptocurrency payment solutions, increasing demand for decentralized, democratized, and authority-free operation and growing demand for highly secure retail blockchain solutions. However, the private blockchain segment is projected to register the highest CAGR during the forecast period due to the growing need for protecting user identities and promoting transparency, and increasing demand for faster transactions in retail industries.

Based on deployment mode, the global blockchain in retail market is segmented into on-premise deployment and cloud-based deployment. In 2022, the cloud-based deployment segment is expected to account for the larger share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing need for cloud-based retail blockchain solutions for processing large amounts of customer data, the growing benefits of centralized data storage, and the increasing need to reduce internal system design, implementation, and ongoing maintenance costs. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global blockchain in retail market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global blockchain in retail market. The large market share of this region is attributed to the increasing adoption of blockchain technology by retail organizations in the region, the growing implementation of payment and wallet solutions, and the increasing usage of smart contracts and digital identity solutions. Furthermore, prominent factors, such as the increasing use of cryptocurrency among people in North America and growing demand for retail blockchain solutions by North American e-commerce market such as Apple Inc. (U.S.), Amazon.com Inc. (U.S.), Best Buy Co. Inc. (U.S.), and eBay Inc. (U.S.) and rising demand for supply chain management solutions is promoting the growth of the blockchain in retail market. However, the Asia-Pacific is projected to register the highest CAGR during the forecast period due to the growing adoption of B2B blockchain-based payment systems, increasing demand for retail payment systems, and the growing presence of well-established blockchain companies.

Key Players

The key players operating in the global blockchain in retail market are International Business Machines Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Cognizant Technology Solutions Corporation (U.S.), Tata Consultancy Services Limited (India), Coinbase, Inc. (U.S.), Bitfury Holding B.V. (Netherlands), Auxesis Services & Technologies (P) Ltd (India), Reply (Italy), Blockchain Foundry inc. (Canada), Cisco Systems, Inc. (U.S.), BitPay Inc. (U.S.), Abra (U.S.), Project Provenance Ltd (U.K.), and BigchainDB GmbH (Germany).

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Key questions answered in the report-

Which are the high-growth market segments in terms of component, application, organization size, provider, deployment mode, and type?

What is the historical market for blockchain in retail across the globe?

What are the market forecasts and estimates for 2022-2029?

What are the major drivers, restraints, opportunities, challenges, and trends in the global blockchain in retail market?

Who are the major players in the global blockchain in retail market, and what share of the market do they hold?

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