The Business Research Company’s report on the Blockchain In Retail Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the blockchain in retail market further?
The increase in demand for transparency in the retail supply chain is driving the blockchain in the retail market. Transparency in the retail supply chain demands complete disclosure of information at every link, which includes sourcing of raw material, water usage in textile dying, customer care instructions, the environmental impact of goods distribution and others. The companies operating in the retail sector are investing in blockchain technologies to increase transparency to enhance customer experience, employee satisfaction, revenue boost, and others. For instance, July 2022, according to the Office for National Statistics, a UK-based government department In June 2022, the wholesale and retail trade; repair of motor vehicles and motorcycles sector reported global supply chain issues at 32%, a slight decrease from 33% in May. In contrast, the construction industry experienced an increase, with supply chain issues rising to 26% from 23% in May. Thus, an increase in transparency in the retail supply chain is expected to boost blockchain in the retail market during the forecast period.
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What are the key factors influencing the forecasted market size of the blockchain in retail industry?
The blockchain in retail market size has grown exponentially in recent years. It will grow from $2.92 billion in 2024 to $5.43 billion in 2025 at a compound annual growth rate (CAGR) of 86.2%. The growth in the historic period can be attributed to supply chain transparency, streamlined payments and transactions, smart contracts adoption, efficient inventory management, cross-border transactions.
The blockchain in retail market size is expected to see exponential growth in the next few years. It will grow to $63.51 billion in 2029 at a compound annual growth rate (CAGR) of 84.9%. The growth in the forecast period can be attributed to enhanced product traceability, cross-industry collaboration, decentralized identity verification, tokenization of assets, regulatory compliance. Major trends in the forecast period include blockchain-based digital marketplaces, integration with artificial intelligence, enhanced data security measures, blockchain-based voting systems, cross-industry collaborations.
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Who are the leading competitors in the blockchain in retail market?
Major companies operating in the blockchain in retail market include International Business Machines Corporation, SAP SE, Oracle Corporation, Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., Walmart Inc., Target Corporation, Alibaba Group Holding Limited, Overstock. com Inc., Blockverify Limited, Amazon Web Services Inc., Chronicled Inc., Coinfirm Limited, The De Beers Group, Everledger Limited, Filament, Inc., Fluent Inc., Loyyal Corporation, modum. io AG, Provenance Limited, Ripe Technology Inc., Skuchain Inc., Sweetbridge Inc., Taeltech Pte. Ltd., TE-FOOD International GmbH, VeChain Foundation San Marino S. r. l., Ambrosus Technologies GmbH, ARCNET Corp., Block Array LLC, Chainvine Limited, OriginTrail d. o. o.
Which emerging trends are set to transform the blockchain in retail market landscape?
Technological developments are a key trend gaining popularity in blockchain in the retail market. The companies operating in blockchain in the retail market are focusing on developing innovative technological solutions to meet the technical requirements and demands of end-users across the globe. For instance, in November 2022, Clarins, a France-based plant-based beauty products manufacturer, launched a blockchain-based platform for product traceability, The platform makes use of blockchain technology to guarantee total transparency, enabling the business to store and send data in a secure manner and also create a database that documents safe transactions between various suppliers and producers, using a system that verifies users’ identities without allowing for any editing.
How do different geographies compare in terms of market share and growth potential in the blockchain in retail market?
North America was the largest region in the blockchain in retail market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the blockchain in retail market are experiencing the fastest growth?
The blockchain in retail market covered in this report is segmented –
1) By Component: Platform Or Solutions, Services
2) By Providers: Application Providers, Middleware Providers, Infrastructure Providers
3) By Application: Compliance Management, Identity Management, Loyalty and Rewards Management, Payments, Smart Contracts, Supply Chain Management, Other Applications
Subsegments:
1) By Platform Or Solutions: Blockchain-As-A-Service (BaaS), Distributed Ledger Technology (DLT), Smart Contracts, Identity Management Solutions, Payment And Settlement Solutions
2) By Services: Consulting Services, Integration Services, Managed Services, Support And Maintenance Services
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What defines the structure and scope of the blockchain in retail market?
Blockchain in retail refers to the use of decentralized ledger technology to enhance transparency and security in supply chains. It is used to track the provenance of products, streamline payments, and reduce fraud. This technology enables retailers to build trust with consumers by ensuring product authenticity and improving operational efficiency.
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