Blockchain Retail Market – Global Industry Analysis and Forecast (2023-2029)

Blockchain Retail Market size is expected to reach $ 133994 Mn. by 2029, growing at a CAGR of 96.20% during the forecast period.
Block chain Retail Market Defination
Blockchain Technology is the key security mechanism behind cryptocurrency transactions. It has multiple cross-industrial applications including retail sector. Blockchain technology will certainly revolutionize the retail sector through its distributed public ledger system.To know about the Research Methodology:-Request Free Sample Report
Block chain Retail Market Dynamics
There are numerous driving factors for adopting Blockchain Technology. It works on decentralized platforms. Transparency, cost reduction, elimination of third parties, cryptographic security, micro-payments, and immutability are the obvious advantages of blockchain solutions. the growing interest in the adoption of blockchain technology in retail and supply chain management industry, increasing need efficiency and speed in retail and supply chain transaction, rapidly transforming international trade and retail industry scenario backed by increasing venture funding and investments towards the blockchain technology providers are the key drivers to implement blockchain technology in the retail sector.

The financial sector is the pioneer in exploring and adopting blockchain solutions for smart transactions. Blockchain will disrupt the retail industry and will create growth opportunities, monetization avenues, and facilitate digital transformation. However, lack of a central entity & common standards and lack of awareness & understanding of the use of blockchain technologies are expected to restrain the growth of this market to a certain extent. The key financial and retailing hubs, and massive shipping and trading markets, including Hong Kong and Singapore, provide huge growth opportunities for the adoption of the blockchain in the retail and supply chain management sector in APAC. However, lack of awareness and technical understanding about blockchain technology could restrain the Blockchain Retail Market growth across regions.

The report segments the Blockchain Retail Market by provider, application, and region. Talking about applications, the supply chain management is expected to rule the market in 2022 - as various multinational retail and supply chain management corporations are deploying blockchain technologies across various business processes to bring a reduction in costs of verification, execution, arbitration, and fraud prevention. Identity management and fraud detection application is expected to be the highest revenue-generating segment by 2029, as the technology helps validate the authenticity, ownership, and origin, through the supply chain of goods and documents, the identity of customers doing transactions and the date and time of policy issuance, thereby helping reduce fraud rate and providing easy management. The payments application is also expected to grow at the faster rate, owing to reduced risks, improved efficiency, and transparency in payment systems, provided by blockchain across the retail industry.

In the case of providers, the application providers are the fastest growing segment in the overall market. The introduction of technologically advanced blockchain solutions has witnessed the certain level of adoption in retail and supply chain management corporations thereby fuelling the overall market growth.

In the case of geographic coverage, North America is estimated to account for the largest share of the overall market in 2022. North America is considered as the most advanced region with regard to technology adoption and infrastructure. The wide presence of key industry players of blockchain technology solutions in this region is the main driving factor responsible for the growth of the Blockchain Retail Market. Major multinational retailers such as Walmart and supply chain management/logistics companies UPS and FedEx in this region are adopting the blockchain technology. Europe is expected to gain pace in terms of adoption in the coming years, as companies across different business processes are increasingly adopting the blockchain technology. Furthermore, APAC is expected to record the highest growth rate during the forecast period, due to the increasing funding-backed start-up activities in the blockchain technology aimed at transforming the retail industry scenario.

The objective of the report is to present comprehensive analysis Blockchain Retail Market   including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The report also helps in understanding Blockchain Retail Market dynamics, structure by analyzing the market segments, and project the Blockchain Retail Market   size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Blockchain Retail Market make the report investor’s guide.
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Global Blockchain Retail  Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
$ 1197 Mn.


Forecast Period 2023 to 2029 CAGR:
96.20%
Market Size in 2029:
$ 133994 Mn.


 Segments Covered:
by Provider
Application Providers
Middleware Providers
Infrastructure Providers


by Component
Platform/Solutions
Services


by Type
Public Blockchain
Private Blockchain
Consortium  Blockchain


by Application
Compliance Management
Identity Management
Loyalty and Rewards Management
Payments
Smart Contracts
Supply Chain Management
Others (Anti-Counterfeiting, Advertising, and Consumer Data Management)



Block chain Retail Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Block chain Retail Market Key Players
1.IBM
2.SAP
3.Microsoft
4.Oracle
5.AWS
6.Bitfury
7.Auxesis Group
8.Cegeka
9.BTL
10.Guardtime
11.CoinBase
12.loyyal
13.Sofocle
14.BigchainDB
15.RecordsKeeper
16.BitPay
17.Abra
18.Reply
19.Provenance
20.ModulTrade
21.Blockverify
22.OGYDocs
23.Warranteer
24.Blockchain Foundary

Frequently Asked Questions:

1. Which region has the largest share in Global Blockchain Retail Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Blockchain Retail Market?
Ans: The Global Blockchain Retail Market is expected to grow at a CAGR of 96.20% during forecast period 2023-2029.

3. What is scope of the Global Blockchain Retail market report?
Ans: Global Blockchain Retail Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Blockchain Retail market?
Ans: The important key players in the Global Blockchain Retail Market are – IBM, SAP, Microsoft, Oracle, AWS, Bitfury, Auxesis Group, Cegeka, BTL, Guardtime, CoinBase, loyyal, Sofocle, BigchainDB, RecordsKeeper, BitPay, Abra, Reply, Provenance, ModulTrade, Blockverify, OGYDocs, Warranteer, and Blockchain Foundary.

5. What is the study period of this market?
Ans: The Global Blockchain Retail is studied from 2022 to 2029.