According to the latest report by IMARC Group, titled “Blockchain in Retail Market Report by Component (Platform/Solutions, Services), Type (Public Blockchain, Private Blockchain, Consortium Blockchain), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs), Application (Supply Chain Management, Food Safety Management, Customer Data Management, Identity Management, Compliance Management, and Others), and Region 2023-2028,” the global blockchain in retail market size reached US$ 370.10 Million in 2022. Blockchain in retail involves the utilization of a decentralized digital ledger that securely records transactions, enabling greater efficiency and trust between parties involved in retail operations. It operates on a network of nodes, removing the need for a single controlling entity. It helps in real-time tracking of goods, from manufacturer to retailer, and aids in reducing errors and costs associated with inventory management. It allows retailers and individuals to trace the origin and journey of products, improving trust and enabling authentication. It is widely used in the banking, financial services and insurance (BFSI) sector to validate transactions and secure confidential information of customers.
Global Blockchain in Retail Market Trends:
The rapid growth of the e-commerce industry and the increasing reliance of individuals on online shopping channels represent one of the key factors supporting the market growth. E-commerce platforms use blockchain to achieve unprecedented transparency in transactions and supply chains. Additionally, rising cases of data thefts and cybersecurity attacks in the BFSI sector are driving the demand for blockchain technology. Apart from this, the integration of blockchain with the Internet of Things (IoT) is offering smarter retail solutions, including automated checkouts and personalized marketing, which is offering a positive market outlook. Moreover, the automation of administrative tasks through smart contracts is minimizing manual errors, reducing overhead costs, and making businesses more competitive. Furthermore, governing authorities of several countries are supporting blockchain technology and implementing favorable regulations that encourage its adoption in retail sector. Looking forward, the market value is projected to reach US$ 5681.72 Million by 2028, expanding at a CAGR of 54% during 2023-2028.
- Based on the component, platforms/solutions hold the largest market share, followed by services.
- On the basis of the type, the market has been segmented into public blockchain, private blockchain, and consortium blockchain. Private blockchain currently represents the largest market segment.
- Based on the organization size, large enterprises account for the majority of the market share, followed by small and medium-sized enterprises (SMEs).
- On the basis of the application, the market has been divided into supply chain management, food safety management, customer data management, identity management, compliance management, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America exhibits a clear dominance in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Services & Technologies (P) Ltd, Cognizant, Infosys Limited, International Business Machines Corporation, Oracle Corporation, Reply, SAP SE, Sofocle Technologies Pvt. Ltd., and Tata Consultancy Services Limited (Tata Group).
|Base Year of the Analysis
||Component, Type, Organization Size, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Services & Technologies (P) Ltd, Cognizant, Infosys Limited, International Business Machines Corporation, Oracle Corporation, Reply, SAP SE, Sofocle Technologies Pvt. Ltd. and Tata Consultancy Services Limited (Tata Group)
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