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Blockchain in Retail Market by Component, Organization Size, Provider, Type, Deployment Mode, Application (Transaction Management, Supply Chain Management, and Other Applications) and Geography - Global Forecast to 2029
Report ID: MRICT - 104692 Pages: 250 Oct-2022 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe Blockchain in Retail Market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029. 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.
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The E-commerce space is becoming extremely competitive, and modern-day consumers are demanding better and more personalized experiences and easy access to product information and exceptional services. Achieving customer satisfaction is retailers' prime objective for staying ahead of the competition, irrespective of their business size. Online retailers leverage data collection and actively integrate blockchain solutions for applications such as consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications. Along with providing unique shopping experiences for the online customer, blockchain solutions are being utilized in online retail for notable applications such as maintaining product quality, tackling fraud, managing consumer data, improving loyalty programs, tracking inventory, automating back-office administration, and more effective, secure, and faster payment systems.
As the COVID-19 pandemic reshapes the world and retail sector, more consumers have started shopping online at a considerable scale and frequency. According to IBM’s U.S. Retail Index data, the pandemic has accelerated the shift from physical stores to digital shopping by roughly five years. Online retailers around the globe are using blockchain solutions to drive profitability and improve customers’ shopping experiences. Following retailers use blockchain technology:
Collectively, online retailers increasingly adopt blockchain technology to help them take proactive strategies for customer engagement and data management based on real-time customer data. Besides, gradually shifting traditional retail stores toward retail blockchain solutions & services is also expected to propel the growth of e-commerce and, proportionally, the growth of the blockchain in retail market.
Key Findings in the Global Blockchain in Retail Market Study:
Based on component, in 2022, the Solutions Segment is Expected to Dominate the market
Based on component, in 2022, 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.
Based on Deployment Mode, the Cloud-based Deployment Segment is Expected to Register the Highest CAGR During the Forecast Period
In 2022, 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.
Based on Application, the Supply Chain Management Segment is Expected to Register the Highest CAGR During the Forecast Period
In 2022, 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.
Asia-Pacific: The fastest-growing regional market
Asia-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.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants over the last three years. The key players operating in the global blockchain in retail market are International Business Machines Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Cognizant Technology Solutions Corporation (U.S.), Tata Consultancy Services Limited (India), Coinbase, Inc. (U.S.), Bitfury Holding B.V. (Netherlands), Auxesis Services & Technologies (P) Ltd (India), Reply (Italy), Blockchain Foundry inc. (Canada), Cisco Systems, Inc. (U.S.), BitPay Inc. (U.S.), Abra (U.S.), Project Provenance Ltd (U.K.), and BigchainDB GmbH (Germany).
Scope of the Report
Blockchain in Retail Market, by Component
Blockchain in Retail Market, by Application
Blockchain in Retail Market, by Organization Size
Blockchain in Retail Market, by Provider
Blockchain in Retail Market, by Type
Blockchain in Retail Market, by Deployment Mode
Blockchain in Retail Market, by Geography
Key questions answered in the report:
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.
In 2022, the supply chain management segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is mainly attributed to the increasing need to implement a transparent supply chain process for retail industries, the growing need to maintain the authenticity of raw materials, including component suppliers, and the growing popularity of faster payment systems.
The cloud-based deployment segment is projected to register the highest CAGR during the forecast period due to the high preference for cloud-based deployments among large retail enterprises, 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.
The growing e-commerce & adoption of blockchain by online retailers and the rising need to improve food safety with a transparent retail supply chain, growing demand for reduced costs, faster payments, increased transparency, and improved security are major factors driving the growth of the blockchain in retail market. The growing adoption of crypto payment services in the retail sector, the increasing proliferation of blockchain to fight counterfeiting in retail sector and blockchain contribution in B2B payments are expected to offer significant growth opportunities for the stakeholders in the blockchain in retail market.
The key players operating in the global blockchain in retail market are International Business Machines Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Cognizant Technology Solutions Corporation (U.S.), Tata Consultancy Services Limited (India), Coinbase, Inc. (U.S.), Bitfury Holding B.V. (Netherlands), Auxesis Services & Technologies (P) Ltd (India), Reply (Italy), Blockchain Foundry inc. (Canada), Cisco Systems, Inc. (U.S.), BitPay Inc. (U.S.), Abra (U.S.), Project Provenance Ltd (U.K.), and BigchainDB GmbH (Germany).
At present, North America is dominating the global blockchain in retail market. However, Germany, Japan, China, India, South Korea, the Netherlands, and the U.K. are expected to witness strong growth in demand for retail blockchain.
Published Date: Jun-2024
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