Press release
Blockchain In Retail Market 2024-2033: Size, Share & Competitive Landscape Analysis
The blockchain in retail market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 84.7%. The growth in the forecast period can be attributed to enhanced product traceability, cross-industry collaboration, decentralized identity verification, tokenization of assets, regulatory compliance.. Major trends in the forecast period include blockchain-based digital marketplaces, integration with artificial intelligence, enhanced data security measures, blockchain-based voting systems, cross-industry collaborations..
Market Overview -
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.
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Growing Retail Supply Chain Transparency Fuels Blockchain Adoption
The increase in demand for transparency in the retail supply chain is driving the blockchain in the retail market. Transparency in the retail supply chain demands complete disclosure of information at every link, which includes sourcing of raw material, water usage in textile dying, customer care instructions, the environmental impact of goods distribution and others. The companies operating in the retail sector are investing in blockchain technologies to increase transparency to enhance customer experience, employee satisfaction, revenue boost, and others. For instance, according to the survey conducted by Serai in collaboration with KMPG in 2021, more than two-thirds of respondents from the apparel industry reported supply chain transparency is an extremely important issue in the current scenario. Thus, an increase in transparency in the retail supply chain is expected to boost blockchain in the retail market during the forecast period.
Competitive Landscape -
Major companies operating in the blockchain in retail market report are International Business Machines Corporation, SAP SE, Oracle Corporation, Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., Walmart Inc., Target Corporation, Alibaba Group Holding Limited, Overstock. com Inc., Blockverify Limited, Amazon Web Services Inc., Chronicled Inc., Coinfirm Limited, The De Beers Group, Everledger Limited, Filament, Inc., Fluent Inc., Loyyal Corporation, modum. io AG, Provenance Limited, Ripe Technology Inc., Skuchain Inc., Sweetbridge Inc., Taeltech Pte. Ltd., TE-FOOD International GmbH, VeChain Foundation San Marino S. r. l., Ambrosus Technologies GmbH, ARCNET Corp., Block Array LLC, Chainvine Limited, OriginTrail d. o. o.
Innovative Technological Solutions Drive Blockchain Adoption In The Retail Sector
Technological developments are a key trend gaining popularity in blockchain in the retail market. The companies operating in blockchain in the retail market are focusing on developing innovative technological solutions to meet the technical requirements and demands of end-users across the globe. For instance, in November 2022, Clarins, a France-based plant-based beauty products manufacturer, launched a blockchain-based platform for product traceability, The platform makes use of blockchain technology to guarantee total transparency, enabling the business to store and send data in a secure manner and also create a database that documents safe transactions between various suppliers and producers, using a system that verifies users' identities without allowing for any editing.
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Key Segments -
The blockchain in retail market covered in this report is segmented -
1) By Component: Platform/Solutions, Services
2) By Providers: Application Providers, Middleware Providers, Infrastructure Providers
3) By Application: Compliance Management, Identity Management, Loyalty and Rewards Management, Payments, Smart Contracts, Supply Chain Management, Other Applications
4) By Organization Size: Large Enterprises, Small & Medium Enterprises (SMEs)
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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