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.
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Segmentation & Regional Insights
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)
North America was the largest region in the blockchain in retail market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The blockchain in retail market report table of contents includes:
1. Executive Summary
2. Blockchain In Retail Market Characteristics
3. Blockchain In Retail Market Trends And Strategies
4. Blockchain In Retail Market – Macro Economic Scenario
5. Global Blockchain In Retail Market Size and Growth
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31. Global Blockchain In Retail Market Competitive Benchmarking
32. Global Blockchain In Retail Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Blockchain In Retail Market
34. Blockchain In Retail Market Future Outlook and Potential Analysis
35. Appendix
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