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In-Depth Analysis of the Blockchain In Retail Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Blockchain In Retail Market Size
The surge in demand for clarity within the retail supply chain is propelling the blockchain in the retail market. Full disclosure of information at every step of the supply chain, from the procurement of raw materials, water consumption during textile dyeing, to customer service instructions and the ecological effects of product distribution, is required for such transparency. To enhance customer experiences, boost revenues, and improve employee satisfaction, firms in the retail sector are investing in blockchain technologies. For instance, in July 2022, the Office for National Statistics, a UK government department, noted global supply chain issues amounting to 32% in the wholesale and repair of motor vehicles and motorcycles sector, a slight dip from 33% in May. Conversely, the construction sector saw an uptick in supply chain problems, rising to 26% from 23% in May. Consequently, the heightened transparency in the retail supply chain is anticipated to augment the application of blockchain in the retail market over the forecast period.
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How will the growth rate of the blockchain in retail market shape industry trends by 2034?
The retail sector's usage of blockchain technology has seen a dramatic expansion in recent years. It is projected to surge from $2.92 billion in 2024 to a colossal $5.43 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 86.2%. This significant growth during the historical period is credited to factors like enhanced transparency in the supply chain, streamlined financial transactions, adoption of smart contracts, improved inventory control, and facilitation of cross-border transactions.
In the coming years, the size of the blockchain in retail market is predicted to witness tremendous growth, enlarging to $63.51 billion in 2029 with a compounded annual growth rate (CAGR) of 84.9%. Factors contributing to the growth during the projected period include improved product traceability, collaborations across industries, decentralized identification checks, asset tokenization, and adherence to regulations. Key trends anticipated during this period are digital marketplaces powered by blockchain, combination with artificial intelligence, bolstered data security protocols, voting systems based on blockchain, and partnerships spanning different industries.
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What trends are poised to drive the future success of the blockchain in retail market?
One major trend that is gaining traction in the blockchain in the retail market is advancements in technology. Companies within this market are striving to develop cutting-edge technological solutions to cater to the practical needs and demands of users worldwide. For example, in November 2022, Clarins, a company based in France known for its plant-based beauty products, introduced a platform powered by blockchain for product traceability. This platform, which utilizes blockchain technology, assures absolute transparency, allowing the company to safely store and transmit data. Furthermore, it establishes a database that records secure transactions between various suppliers and manufacturers. This is achieved through a system that verifies users' identities without any scope for modification.
Which primary segments of the blockchain in retail market are driving growth and industry transformations?
The blockchain in retail market covered in this report is segmented -
1) By Component: Platform Or 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
Subsegments:
1) By Platform Or Solutions: Blockchain-As-A-Service (BaaS), Distributed Ledger Technology (DLT), Smart Contracts, Identity Management Solutions, Payment And Settlement Solutions
2) By Services: Consulting Services, Integration Services, Managed Services, Support And Maintenance Services
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Which geographical regions are pioneering growth in the blockchain in retail market?
North America was the largest region in the blockchain in retail market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the blockchain in retail market landscape?
Major companies operating in the blockchain in retail market include 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.
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What Is Covered In The Blockchain In Retail Global Market Report?
•Market Size Forecast: Examine the blockchain in retail market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the blockchain in retail market for a structured understanding.
•Key Players Overview: Analyze major players in the blockchain in retail market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the blockchain in retail market.
•Segment Contributions: Evaluate how different segments drive overall growth in the blockchain in retail market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the blockchain in retail market.
•Industry Challenges: Identify potential risks and obstacles affecting the blockchain in retail market.
•Competitive Landscape: Review strategic developments in the blockchain in retail market, including expansions, agreements, and new product launches.
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