Press release
Global Blockchain In Retail Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Blockchain In Retail
What Is the Blockchain In Retail Market Size and Projected Growth Rate?
The retail industry's blockchain market has seen significant expansion in the past few years. It's projected to increase from $2.92 billion in 2024 to $5.43 billion in 2025, boasting a compound annual growth rate (CAGR) of 86.2%. This substantial increase during the historical period is primarily due to enhanced transparency in the supply chain, simplified payment procedures, the adoption of smart contracts, improved inventory management, and the facilitation of cross-border transactions.
In the coming years, significant expansion is expected in the blockchain in retail market size, with a projection to reach $63.51 billion in 2029 along with an 84.9% compound annual growth rate (CAGR). Such growth during the predicted period can be credited to factors such as improved product traceability, collaborations across different industries, tokenization of assets, decentralized identity verification, and adherence to regulations. The prospect period is also set to witness key trends including digital marketplaces powered by blockchain, incorporation with artificial intelligence, improved measures for data security, voting systems based on blockchain, and collaborations across various industries.
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What Are the Major Segments in the Blockchain In Retail Market?
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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What Are The Driving Blockchain In Retail Market Evolution?
The blockchain in retail market is being propelled by the growing demand for transparency throughout the retail supply chain. Such transparency necessitates the full exposure of information at every juncture - from the procurement of raw materials, to water usage in fabric dying, customer handling procedures, and the environmental impact of product distribution, among other things. To heighten transparency for the purpose of improving customer experience, increasing employee satisfaction, boosting revenue, and other goals, retail sector businesses are putting their investments into blockchain technologies. As an example, the Office for National Statistics, a UK government department, reported in July 2022 that there were global supply chain problems affecting 32% of the wholesale and retail trade, as well as motor vehicle and motorcycle repair sector in June 2022. This was a marginal drop from 33% in May. Conversely, the construction industry faced an uptick in supply chain issues, going from 23% in May to 26%. Therefore, enhanced transparency in the retail supply chain is projected to stimulate the retail market for blockchain in the upcoming times.
Which Firms Dominate The Blockchain In Retail Market Segments?
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.
What Trends Are Expected to Dominate the Blockchain In Retail Market in the Next 5 Years?
In the retail segment of blockchain, technological advancements are becoming a prominent trend. With the aim of fulfilling global end-user's technological needs and expectations, companies in this sector are concentrating on generating inventive tech solutions. For example, Clarins, a French company specializing in plant-based beauty products, launched a blockchain platform for product traceability in November 2022. This platform leverages blockchain technology for absolute transparency, allowing for secure storage and transmission of data by the company. In addition, it also creates a database that records secure transactions between different suppliers and manufacturers through a system that validates user identities while preventing any modifications.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blockchain In Retail Market?
2. What is the CAGR expected in the Blockchain In Retail Market?
3. What Are the Key Innovations Transforming the Blockchain In Retail Industry?
4. Which Region Is Leading the Blockchain In Retail Market?
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