According to a new market research report titled, ‘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’, the global blockchain in retail market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.
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Retail blockchain is referred to as disruptive technology
that records digital transactions cryptographically on a distributed ledger
within the retail sector. Blockchain helps retailers to better track the origin
of stock, offers better control over what they sell and provides assurances for
different applications, including smart contracts, consumer experience
management, transaction management, supply chain management, compliance management,
identity management, food safety management, fraud detection/management, and
other applications.
Blockchain in retail is gaining traction due to its
implementation across retail industries for its notable benefits, such as
improved supply-chain management, improved data management, reduced costs and
settlement time, enhancement of consumer trust, and brand authenticity. 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 following factors are encouraged the growth of the
blockchain in retail market during the COVID-19 pandemic:
Authorities across the globe are encouraging digital payment
systems in response to the COVID-19 pandemic.
Blockchain-based platforms can be useful in reviewing,
recording, and tracking demand, supplies, and logistics processes.
The emergence of Cryptocurrency in financial technology
continuously grows and evolves to become more prominent. Major cryptocurrencies
such as Bitcoin and Ethereum have made their way to the retail sector, allowing
users to pay for online products and services.
Rising demand for cashless and contactless payment in the
retail sector during the COVID-19 pandemic.
Globally, economies are in various stages of development,
having either started developing, replaced or are busy replacing daily batch
payment systems with blockchain-based payment systems that execute payments
faster.
During the COVID-19 pandemic, retail manufacturers could
manage orders, shipping documents or other supplementary requirements with the
emergence of a blockchain-based system. Suppliers can track shipments and
logistics, manage to create invoices and provide product origin tracking
opportunities for supply chain participants and consumers.
Several retailers are deploying blockchain-based systems for
benefits such as improved supply chains, transparency, faster payments,
security, and cost-efficiency solutions.
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The global blockchain in retail market is segmented by
component (solutions and services), application (smart contract, consumer
experience management, transaction management, supply chain management,
compliance management, identity management, food safety management, fraud
detection/management, and other applications), organization size (large
enterprises, and small and medium-sized enterprises), provider (application
provider, middleware provider, and infrastructure provider), type (public
blockchain, permissioned or private blockchain, federated or consortium
blockchain, and hybrid blockchain), deployment mode (on-premise deployment, and
cloud-based deployment). The study also evaluates industry competitors and
analyzes the market at regional and country levels.
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 surge in
demand for retail blockchain solutions to ensure effective supply chain and
fraud management, the increasing popularity of cryptocurrency payment
solutions, the increasing demand for blockchain solutions for improving food
safety, and the growing demand for cloud-based blockchain solutions.
However, the services segment is projected to register the
highest CAGR during the forecast period due to the rising number of retail
blockchain services launches to stay up to date on new and updated regulations
and the increasing demand for designing, implementation & support, and
consulting & development of blockchain solutions.
Based on application, in 2022, the supply chain management
segment is expected to account for the largest share of the blockchain in
retail market. The large market share of this segment is attributed to the
growing need to implement a transparent supply chain process for retail
industries, the growing need to maintain the authenticity of raw materials,
including component suppliers, the increasing demand for faster payments
systems, and the rising need for visibility for all parties across the full supply
chain. Also, this segment is projected to register the highest CAGR during the
forecast period.
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Based on deployment mode, in 2022, the cloud-based
deployment segment is expected to account for the larger share of the global
blockchain in retail market. The large market share of this segment is
attributed to the increasing need for cloud-based retail blockchain solutions
for processing large amounts of customer data, the growing benefits of
centralized data storage, and the increasing need to reduce internal system
design, implementation, and ongoing maintenance costs. 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. Also, this segment is
projected to register the highest CAGR during the forecast period.
Based on geography, the global blockchain in retail market
is segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. In 2022, North America is expected to account for the
largest share of the global blockchain in retail market. The large market share
of this region is attributed to the increasing adoption of blockchain
technology by retail organizations in the region, the growing implementation of
payment and wallet solutions, and the increasing usage of smart contracts and
digital identity solutions. Furthermore, prominent factors, such as the
increasing use of Cryptocurrency among people in North America and growing
demand for retail blockchain solutions by North American e-commerce market such
as Apple Inc. (U.S.), Amazon.com Inc. (U.S.), Best Buy Co. Inc. (U.S.), and
eBay Inc. (U.S.) and rising demand for supply chain management solutions is
promoting the growth of the blockchain in retail market. However, the
Asia-Pacific is projected to register the highest CAGR during the forecast
period due to the growing adoption of B2B blockchain-based payment systems,
increasing demand for retail payment systems, and the growing presence of
well-established blockchain companies.
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).
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Blockchain in Retail, Smart contracts, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, supply-chain
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