According to The Business Research Company’s Blockchain In Retail, The blockchain in retail market size has grown exponentially in recent years. It will grow from <b>$1.58 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 87.4%. </b> 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..
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The blockchain in retail market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 84.7%. 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..
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, according to the survey conducted by Serai in collaboration with KMPG in 2021, more than two-thirds of respondents from the apparel industry reported supply chain transparency is an extremely important issue in the current scenario. 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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The blockchain in retail market covered in this report is segmented –
1) By Component: Platform/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
4) By Organization Size: Large Enterprises, Small & Medium Enterprises (SMEs)Technological developments are a key trend gaining popularity in blockchain in the retail market.
Top Major Players
International Business Machines Corporation
SAP SE
Oracle Corporation
Bitfury Group Limited
Auxesis Services & Technologies (P) Ltd.
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.
The blockchain in retail market report table of contents includes:
1. Executive Summary
2. Blockchain In Retail Market Characteristics
3. Blockchain In Retail Market Trends And Strategies
4. Blockchain In Retail Market – Macro Economic Scenario
5. Global Blockchain In Retail Market Size and Growth
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31. Global Blockchain In Retail Market Competitive Benchmarking
32. Global Blockchain In Retail Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Blockchain In Retail Market
34. Blockchain In Retail Market Future Outlook and Potential Analysis
35. Appendix
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