Market Overview
The Blockchain in Retail Market was valued at USD 137.17 million in 2021 and is estimated to cross USD 4.63 Billion at a CAGR of 89.9% during the projection period 2021 to 2028.
The increased need for blockchain in retail from end users like logistics and supply chains is anticipated to propel the market. Faster transactional procedures and enhanced transaction transparency are projected to open new markets for key logistics players.
The significant increase in digital payments in the retail industry has increased demand for distributed blockchain technology. Blockchain in customer management enables industries such as shipping, manufacturing, finance, and government to improve customer relationships by providing greater security, transparency, and user privacy control.
The COVID-19 pandemic has caused social upheaval and economic hardship globally. As a result of the shutdown of industrial and manufacturing operations, global unemployment has soared. The persistence of the pandemic has made it very difficult for end-use firms to invest in blockchain-based retail solutions.
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Market segmentation
The Global Blockchain in Retail Market is divided into type, organization size, application, and component.
Based on component, the Blockchain in Retail Market is segmented into platform/solutions and services. The platform/solutions segment is predicted to dominate the market over the forecast period. Additionally, one of the key factors driving up demand for blockchain systems is the growing need for solutions across numerous industries, including retail and others.
Based on Organization Size, the Blockchain in Retail Market is divided into SMEs and Large Enterprises. The SME segment is expected to develop at the fastest CAGR during the forecast period, while the large enterprise sector is expected to have the highest market share.
Based on type, the market is classified as follows: consortium blockchains, private blockchains, and public blockchains. Because of the increasing usage of private solutions in retail and e-commerce, the private blockchain segment dominates the worldwide blockchain in the retail industry. The private blockchain technology is estimated to hold the largest market share for blockchain in retail during the course of the projected period.
Based on application, the market is divided into supply chain management, food safety, customer data, identity, compliance, billing transaction processing, and others. Supply chain management is estimated to drive market growth during the projected period.
Regional classification
The Global Blockchain in Retail Market is divided into five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
North America will dominate the market during the projection period. The region has invested heavily in blockchain technology and retail services to sustain its position in the market.
Europe ranks second in terms of Global Blockchain in Retail Market Share. Investments made by significant market players, government programs, and increasing funding for RD activities all contribute to the region's growth.
Asia-Pacific is estimated to grow at the fastest rate in the Global Blockchain in Retail Market t during the projected period.
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Industry news
Leading players in the Global Blockchain in Retail Market are IBM, Oracle Corporation, SAP, Bitfury, Tata Consultancy Services, Auxesis Group, Sofocle, Amazon Web Services, Retraced, Cegeka, Provenance, Blockchain Foundary, and Cognizant.
July 2019 - A group of Australian financial services firms collaborated with IBM and shopping mall operator Scentre Group to establish a pilot that places retail leasing bank guarantees on a private blockchain.
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