Blockchain in Retail Market (2022-2029)
The Blockchain in Retail Market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.
- Published
- Oct 2022
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MRICT - 104692
- Base year
- 2021
- 2029 · FORECAST
- $25.80B
- 2029
- $25.80B
- CAGR 2022–2029
- 68.3%
2021 baseline · 2022–2029 forecast at 68.3% CAGR · hover a bar for the value
Key highlights
Based on component, in 2022, the Solutions Segment is Expected to Dominate the market
Based on Deployment Mode, the Cloud-based Deployment Segment is Expected to Register the Highest CAGR During the Forecast Period
Based on Application, the Supply Chain Management Segment is Expected to Register the Highest CAGR During the Forecast Period
Asia-Pacific: The fastest-growing regional market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2022–2029 |
| Market Size (2029) | USD 25.80 billion |
| CAGR (2022–2029) | 68.3% |
| Format | PDF, Excel & Cloud Portal · 250 pages |
| Segments Covered | By Component: Solutions, Services · By Application: Smart Contract, Consumer Experience Management, Transaction Management, Supply Chain Management, Compliance Management, Identity Management, Food Safety Management, Fraud Detection/Management, Other Applications · By Organization Size: Large Enterprises, Small and Medium-sized Enterprises · By Provider: Application Provider, Middleware Provider, Infrastructure Provider · By Type: Public Blockchain, Permissioned or Private Blockchain, Federated or Consortium Blockchain, Hybrid Blockchain · By Deployment Mode: On-premise Deployment, Cloud-based Deployment |
| Countries Covered | North America (Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, Switzerland, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea) |
| Key Companies | International Business Machines Corporation, SAP SE, Microsoft Corporation, Oracle Corporation, Amazon Web Services, Inc., Infosys Limited, Cognizant Technology Solutions Corporation, Tata Consultancy Services Limited, Coinbase, Inc., Cisco Systems, Inc., BitPay Inc., Project Provenance Ltd, BigchainDB GmbH |
Report overview
Segments covered: component, application, organization size, provider, type, deployment mode. Regions: North America, Europe, Asia-Pacific.
The growth of this market is driven by the growing e-commerce, the adoption of blockchain by online retailers, the rising need to improve food safety with a transparent retail supply chain, growing demand for cost reduction, faster payments, increased transparency, and improved security. However, the lack of technology adoption by the unorganized retail sector and the dynamic regulatory & compliance environment may restrain the market growth. The growing adoption of crypto payment services in the retail sector, the increasing proliferation of blockchain to fight counterfeiting in the retail sector, and blockchain contribution to B2B payments are expected to offer significant growth opportunities for the stakeholders in the blockchain in the retail market. However, the growing number of digital attacks, lack of awareness, and technical understanding of blockchain technology is expected to pose serious challenges to the growth of the blockchain in retail market. Besides, a surge in demand for blockchain-based solutions for faster and contactless payment processing during the COVID-19 pandemic and increasing demand for QR code or near-field communication chip (NFC)-enabled products in retail stores are the latest trends in the global blockchain in retail market.
The outbreak of the COVID-19 pandemic adversely impacted the global economy significantly. Lockdowns and quarantine restrictions were imposed across several countries, negatively affecting multiple industries, including the blockchain in the retail sector. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the blockchain in retail market.
The COVID-19 pandemic created several challenges for the blockchain in retail market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic lowered consumers' financial potential, which decreased the sales of retail blockchain services and solutions. However, in 2021, retail industries started recovering from economic setbacks during the pandemic. The COVID-19 pandemic moderately impacted the blockchain in retail market due to delayed and postponed orders for retail blockchain solutions; however, it started recovering rapidly in the last quarter of 2020.
Retail blockchain providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the outbreak of the COVID-19 pandemic. The blockchain in retail market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through product launches, product enhancements, partnerships, and collaborations for leveraging blockchain in retail solutions. Leading blockchain providers prepared to handle an unprecedented pandemic demonstrating a shift in the demand for retail blockchain applications. Companies are developing innovative and customized solutions to meet rapid changes in customer preferences. Thus, the rapid shift toward customized retail blockchain platforms and rising deployments of retail blockchain solutions across the globe are expected to create market growth opportunities for the blockchain in retail market in the coming years.
Report infographic
Market dynamics
5 factors across 1 forceCarrefour (France)
Carrefour used blockchain technology to track its meat, milk, and fruit production from farm to store. It works with a QR code and gives information about where and when the product was harvested, whether it contains any pesticides, etc.
Amazon Web Services, Inc. (U.S.)
The e-commerce giant uses its Amazon Web services platform to provide blockchain solutions for companies.
Alibaba Group Holding Limited (China)
Alibaba has its own “blockchain as a service” infrastructure. This platform is active in four areas, including product traceability, supply chain finance, data asset sharing, and digital content ownership.
Walmart (U.S.)
Walmart has been working with IBM’s Hyperledger Fabric platform for some of its supply chain tracking.
The Home Depot, Inc. (U.S.)
Home Depot has implemented the IBM Blockchain Technology to manage disputes in the supply chain faster and more efficiently.
Table of contents
15 chapters · 137 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2022) | Fastest growth (2022–2029) |
|---|---|---|
| By Component | Solutions | — |
| By Deployment Mode | — | Cloud-based deployment |
| By Application | — | Supply chain management |
By Component
- The solutions segment is expected to account for the largest share of the global blockchain in retail market.
- The large market share of this segment is attributed to the increasing demand for retail blockchain solutions to ensure effective supply chain and fraud management, the growing popularity of cryptocurrency payment solutions, the increasing popularity of blockchain solutions for improving food safety, and the increasing popularity of cloud-based retail blockchain solutions.
By Deployment Mode
- The cloud-based deployment segment is expected to register the highest CAGR during the forecast period.
- The increasing need for cloud-based retail blockchain solutions for processing large amounts of customer data and the increasing need to reduce internal system design, implementation, and ongoing maintenance costs are expected to support the growth of this segment.
- Several retail organizations are gradually transitioning to cloud infrastructure, a trend expected to grow in the coming years.
- The benefits of cloud infrastructure, such as ease of adoption, minimal requirement for in-house infrastructure, high scalability, and easy installation of retail blockchain solutions, support the growth of the cloud-based segment.
By Application
- The supply chain management segment is expected to register the highest CAGR during the forecast period.
- The increasing need to implement a transparent supply chain process for retail industries, the growing need to maintain the authenticity of raw materials, the growing popularity of faster payment systems, and the increasing need to tackle counterfeiting and observe manufacturing practices are expected to support the growth of this segment.
Geographic analysis
Asia-Pacific
Fastest growthAsia-Pacific is projected to register the highest CAGR. The rapid growth of blockchain in retail solutions & services in the urban population is due to growing economies in the region, such as India, China, and Indonesia. The increasing adoption of B2B blockchain-based payment systems, surge in demand for retail blockchain solutions to ensure effective supply chain and fraud management, a surge in demand for retail payment systems, and the growing presence of well-established blockchain companies are supporting the growth of the region. Asia-Pacific: The fastest-growing regional market
Competitive landscape
- International Business Machines Corporation
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- Amazon Web Services, Inc.
- Infosys Limited
- Cognizant Technology Solutions Corporation
- Tata Consultancy Services Limited
- Coinbase, Inc.
- Cisco Systems, Inc.
- BitPay Inc.
- Project Provenance Ltd
- BigchainDB GmbH
Frequently asked questions
The global blockchain in retail market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% during the forecast period.
Cite this report
Meticulous Research. (2022). Blockchain in Retail Market - Global Opportunity Analysis And Industry Forecast (2022-2029) (Report No. MRICT - 104692). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/blockchain-in-retail-market-5376