The latest report by IMARC Group, titled “Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global blockchain in retail market size reached US$ 233.5 Million in 2021. Blockchain in retail refers to distributed ledger technologies (DLTs) that rely on cryptography to record digital transactions in the retail industry. It offers various benefits, including faster payments, increased transparency, on-time delivery, real-time information, minimized costs, improved security, and record-time service for retailers. It is a cost-effective solution as it simplifies the transactions and the interoperability of applications while eliminating the requirement for administration. It also helps businesses to track the product back to the supply chain and identify suppliers, manufacturers, and batches to solve supply chain issues. Owing to these properties, blockchain in retail solutions are widely adopted across commercial organizations as they streamline administrative processes in the back offices of retailers, thereby allowing employees to focus more on value-added work.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Blockchain in Retail Market Trends:
The market is primarily driven by the growing adoption of blockchain technology for know your customer/Identity (KYC/ID) and fraud prevention. In addition, the escalating demand for transparent transactions in the retail industry for building trust between suppliers, customers, and companies represents another major growth-inducing factor. Moreover, retailers are investing in blockchain-based solutions to ensure authenticity, quality, reliability, and product safety. This, coupled with various technological advancements and international trade in the retail sector, is contributing to the market growth. Apart from this, the extensive adoption of blockchain-based technologies in retail banking helps banks to promote the lending process and disburse personal loans to a larger pool of customers in an efficient and secure manner. Besides this, blockchain provides improved cryptographic security for its databases and transactions that help in fraud reduction and sustainability of retailers. This, along with the rising utilization of blockchain in online shopping, digital payment, and risk and compliance, is providing a positive thrust to market growth. Furthermore, the rising employment of blockchain in retail to monitor supply chain transactions for easy traceability of goods and the escalating demand for smart contracts to save time and cost for companies are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 3,731.75 Million by 2027, exhibiting a CAGR of 54.50 % during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into platforms/solutions and services.
- On the basis of the type, the market has been divided into public, private, and consortium blockchain.
- Based on the organization size, the market has been bifurcated into large and small, and medium-sized enterprises (SMEs).
- On the basis of the application, the market has been classified into supply chain management, food safety management, customer data management, identity management, compliance management, and others.
- Region-wise, the market has been divided 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 Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, 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).
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