|Status : Published
|Published On : Jan, 2022
|Report Code : VRICT5134
|Industry : ICT & Media
|Available Format :
|Page : 153
The global Blockchain in Retail Market is projected to reach USD 35.8 billion by 2030, registering a CAGR of 38.4% during the forecast period. Increasing adoption of blockchain from the retail and supply chain sector, and increasing investment towards blockchain technology, propelling the growth of the market.
Insight by Provider
On the basis of provider, the global blockchain in the retail market is categorized into middleware provider, application provider, and infrastructure provider, wherein the application provider category is expected to witness the fastest growth during the forecast period. The growth of this segment is attributed to the increasing adoption of technologically advanced blockchain solutions in retail companies.
Insight by Application
Based on application, the blockchain in the retail market is segmented into compliance management, identity management, loyalty, and rewards management, payments, smart contracts, supply chain management, and others (anti-counterfeiting, advertising, and consumer data management). Among all these segments, the supply chain management category contributes the largest revenue globally, owing to the increase in deployment of blockchain technologies across various business processes to cut down on costs of verification, execution, arbitration, and fraud prevention by the various multinational retail and supply chain management corporations.
Global Blockchain in Retail Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. 35.8 Billion
Segments Covered in the Report
By Provider, and By Application
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Rapidly transforming international trade and retail Sector across the globe is the key trends observed in the blockchain in the retail market, globally. With blockchain, customers can have more control over their personal data. They can choose to share specific data with retailers while maintaining their privacy. Blockchain can also help retailers securely store and manage customer data, reducing the risk of data breaches.
The global blockchain in the retail market has been driven by several key factors, including increasing adoption of blockchain from the supply chain and retail sector, growing cases of fraudulent activities in the retail sector, increasing need to provide protection against data tempering, rise in the usage of blockchain technology to create a transparent environment, and increasing demand for high efficiency and high speed in the retail sector.
Supply Chain Management: Blockchain can enhance transparency and traceability in the supply chain, allowing retailers and consumers to track products from their origin to the final destination. It can help prevent counterfeiting, ensure ethical sourcing, improve product recalls, and streamline inventory management.
Loyalty Programs: Blockchain technology can be used to create decentralized loyalty programs, where customers can earn and redeem rewards across multiple retailers. This eliminates the need for separate loyalty cards and enables interoperability between different loyalty programs.
Payment and Transactions: Blockchain-based cryptocurrencies and smart contracts can facilitate secure and efficient transactions between retailers and customers. They can eliminate intermediaries, reduce transaction fees, and enable instant cross-border payments.
Product Lifecycle Management: Blockchain can enable the creation of a digital passport for products, capturing their entire lifecycle information, including manufacturing, transportation, maintenance, and disposal. This can enhance sustainability efforts and enable retailers to make more informed decisions.
Lack of awareness regarding the blockchain technique is hindering the growth of the blockchain in the retail market, globally.
Geographically, North America has accounted for the largest share of blockchain in the retail market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of players of blockchain technology in the region and also it is considered the most advanced region in terms of advanced technology adoption. Major multinational retailers such as Walmart and supply chain management/logistics companies such as UPS and FedEx in this region are adopting blockchain technology. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to huge investment towards the development of blockchain technology to change the business processes in the retail sector.
Some of the key players operating in the global blockchain in the retail market are IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.
The Blockchain in Retail Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research