According to this latest publication from Meticulous Research®, 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.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 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.
Key Players
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
- Solutions
- Services
Blockchain in Retail Market, by Application
- Smart Contract
- Consumer Experience Management
- Transaction Management
- Supply Chain Management
- Compliance Management
- Identity Management
- Food Safety Management
- Fraud Detection/Management
- Other Applications
Blockchain in Retail Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Blockchain in Retail Market, by Provider
- Application Provider
- Middleware Provider
- Infrastructure Provider
Blockchain in Retail Market, by Type
- Public Blockchain
- Permissioned or Private Blockchain
- Federated or Consortium Blockchain
- Hybrid Blockchain
Blockchain in Retail Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
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.
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Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, organization size, provider, deployment mode, and type?
- What is the historical market for blockchain in retail across the globe?
- What are the market forecasts and estimates for 2022–2029?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global blockchain in retail market?
- Who are the major players in the global blockchain in retail market, and what share of the market do they hold?
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Read News: https://www.globenewswire.com/news-release/2022/11/17/2558360/0/en/Blockchain-in-Retail-Market-Worth-25-8-Billion-by-2029-Exclusive-Report-by-Meticulous-Research.html