The latest research studyBlockchain in the retail market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027by IMARC Group, finds that the global blockchain retail market size reached US$233.5 million in 2021. Looking ahead, IMARC Group expects the market to reach worth US$3,731.75 million by 2027, with a CAGR of 54.50% in 2022-2027.
Impact of Covid-19:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Industry definition and application:
Blockchain in retail is a disruptive technology that relies on cryptography to record digital transactions on a distributed ledger in the retail industry. It is a cost-effective solution as it automates transactions and application interoperability and removes the need for administration. It helps companies track product through the supply chain and identify suppliers, manufacturers, and batches to troubleshoot supply chain issues. It enables Decentralized Identity (DID), which helps retailers verify user identities and data when needed. In recent years, blockchain in retail has gained momentum as it allows employees to focus more on value-added work by streamlining administrative procedures in the back office of retailers..
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Interior Design Software Market Trends and Drivers:
One of the major factors driving the market is the growing demand for transparent transactions in the retail industry to establish trust between businesses, suppliers, and customers. Additionally, major players are investing heavily in blockchain-based solutions to ensure product reliability, quality, authenticity, and security.
Apart from this, blockchain offers enhanced cryptographic security for its databases and transactions which helps in the sustainability of retailers and reduction in fraud, thus creating a positive market outlook. Additionally, the growing use of blockchain in retail for online shopping, digital payment, risk, and compliance is propelling the growth of the market. With this in mind, the increasing deployment of blockchain in retail to monitor supply chain transactions to facilitate traceability of goods is accelerating the rate of product adoption.
Additionally, there has been a growing demand for smart contracts to save businesses time and money and kick out merchants who charge extra fees to authenticate a transaction. This, along with constant technological advancements and international trade in the retail sector, are other major factors for growth.
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| Blockchain in Retail Market Report Scope | |
| Report cover | Details |
| Market size value in 2021 | US$233.5 million |
| Market forecast in 2027 | US$3,731.75 million |
| Rate of growth | CAGR of 54.50% from 2022 to 2027 |
| Base year for the estimate | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report cover | Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends |
| Segments Covered | Component, type, size of organization and application |
| Regional scope | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
| Profiled Key Companies | 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). |
| Market dynamics | Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period, |
| Personalization area | If our report does not include the data you are looking for, you can contact our analysts and customize the segments. |
Report segmentation:
The report has segmented the market into the following categories:
Breakdown by component:
- Platform/Solutions
- Services
Breakdown by type:
- Public blockchain
- Private blockchain
- Consortium Blockchain
Breakdown by organization size:
- Large companies
- Small and medium-sized enterprises (SMEs)
Breakdown by application:
- Supply chain management
- Food safety management
- Customer data management
- Identity Management
- Compliance Management
- Others
By geography:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
List of major key players:
The major market players are 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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