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Blockchain In Retail Market Landscape 2025: Forecast Data and Growth Strategy Insights
Blockchain In Retail
What Is the Expected CAGR for the Blockchain In Retail Market Through 2025?
In recent times, the size of the blockchain retail market has seen a significant surge. Its anticipated growth is from $2.92 billion in 2024 to $5.43 billion in 2025, marking a compound annual growth rate (CAGR) of 86.2%. Factors such as supply chain transparency, smoother payment and transaction processes, the application of smart contracts, effective inventory management, and cross-border transactions have all contributed to the growth in the historical context.
What's the Projected Size of the Global Blockchain In Retail Market by 2029?
The market size of blockchain in retail is anticipated to experience a surge in the TH*Coming years, reaching $63.51 billion in 2029 with a compound annual growth rate (CAGR) of 84.9%. This projected growth in the forecast period is credited to several factors including improved product traceability, cooperation across various industries, decentralized identity validation, tokenization of assets and regulatory adherence. Main trends in the prediction period encompass blockchain-enabled digital marketplaces, synergy with artificial intelligence, bolstered data security protocols, blockchain-powered voting systems and cross-industry partnerships.
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Top Growth Drivers in the Blockchain In Retail Industry: What's Accelerating the Market?
Higher demand for clarity in the retail supply chain is propelling the role of blockchain in the retail sector. This clarity demands full disclosure of data at each supply chain node, encompassing elements such as raw material sources, water utilization in textile dyeing, instructions for customer care, the environmental ramifications of product distribution, and several others. Retail sector operating companies are investing in blockchain solutions to augment transparency, aiming to improve customer experiences, employee contentment, revenue growth, and more. For instance, in July 2022, per data provided by the Office for National Statistics, a government department based in the UK, there were global supply chain difficulties reported by the wholesale and retail trade; repair of motor vehicles and motorcycles sector at 32%. This was marginally lower than the 33% reported in May. On the other hand, the construction industry encountered an ascent in supply chain issues, mounting to 26% from May's 23%. Therefore, an augmented transparency in the retail supply chain is anticipated to stimulate the growth of blockchain in the retail sector in the TH*Coming period.
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What Trends Will Shape the Blockchain In Retail Market Through 2029 and Beyond?
One significant trend gaining traction in the blockchain in the retail sector is technological advancements. Companies involved in this field concentrate on creating novel technological solutions to fulfill the unique technical needs of global end-users. For instance, Clarins, a French plant-based beauty products company, inaugurated a blockchain-based system for product traceability in November 2022. This platform harnesses blockchain technology to ensure utmost transparency, empowering the company to securely store and transmit data. It also establishes a database recording secure transactions between differing suppliers and manufacturers, utilizing a system that validates the identities of users while preventing any modification.
What Are the Main 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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Which Top Companies are Driving Growth in the Blockchain In Retail Market?
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.
Which Regions Will Dominate the Blockchain In Retail Market Through 2029?
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
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