Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The global blockchain in retail market size was USD 126.78 million in 2020. The market is projected to grow from USD 172.22 million in 2021 to USD 2,082.80 million by 2028 at a CAGR of 42.8% during the 2021-2028 period. This information is presented by Fortune Business Insights, in its report, titled, “Blockchain in Retail Market, 2021-2028.”
According to our analysts, the surging demand for the product from end-users such as retail as well as supply chain is expected to navigate the demand for solution in retail.
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Report Coverage:
We offer our reports which are directed with an all-inclusive examination method that primarily accentuates on presenting accurate material. Our scholars have executed a data navigation technique that further aids us to offer reliable predictions and examine the complete market dynamics precisely. Further, our researchers have obtained admittance to various global as well as domestically sponsored records for offering up-to-date information to make investment decisions for stakeholders and business professionals effortless.
Leading Global Players in Blockchain in Retail Market are:
- IBM Corporation (New York, U.S.)
- Oracle Corporation (Texas, U.S.)
- Accenture Plc (Dublin, Ireland)
- Tata Consultancy Services (Maharashtra, India)
- Amazon Web Services, Inc. (Washington, U.S.)
- Cisco Systems Inc. (California, U.S.)
- Auxesis Services and Technologies (P) Ltd. (Mumbai, India)
- Guardtime (Lausanne, Switzerland)
- Sofocle Technologies (Uttar Pradesh, India)
- Capgemini SE (France, Paris)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 42.8% |
| 2028 Value Projection | USD 2082.8 Million |
| Base Year | 2020 |
| Blockchain in Retail Market Size in 2020 | USD 126.8 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Type, Application and Geography |
| Blockchain in Retail Market Growth Drivers | Amplified and Refined Transaction Transparency to Help Market Growth |
| Procurements Commenced by Crucial Companies to Endorse Market Growth | |
| Positive Impact on Retail Industry amid Pandemic Due to Surged Adoption of Ledger Technology |
COVID-19 Impact:
Positive Impact on Retail Industry amid Pandemic Due to Surged Adoption of Ledger Technology
The outbreak of COVID-19 has fueled monetary interruptions and social stress across the globe. With the termination of global manufacturing units and production divisions, the unemployment proportion has augmented in nations. As the pandemic endures, it has triggered an unparalleled hurdle for end-use establishments to expend over blockchain in retail solutions. Organizations control solutions to elevate existing business functioning and refine transparency throughout the supply chain.
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Major Segments:
Component, Type, Application, and Region are studied for the Market
On the basis of components, the market is classified into platform/solutions and services.
In terms of type, the market is categorized into the public blockchain, private blockchain, and consortium blockchain.
Based on application, the market is categorized into supply chain management, food safety management, customer data management, identity management, compliance management, billing transaction processing, and others. Among applications, supply chain management is estimated to drive the blockchain in retail market growth during the forecast period.
Geographically, the market is branched across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Drivers and Restraints:
Amplified and Refined Transaction Transparency to Help Market Growth
Blockchain in retail enables low-cost, safe, and rapid payment operating services with the usage of encoded distributed ledgers technology. This aids in the verification of the transactions in real-time without the requirement for intermediaries such as clearinghouses and banks. Moreover, the retail industry has witnessed an extensive quantity of increase in digital payments that has surged the demand for the distributed ledger technology. Furthermore, the implementation of technology in retail is anticipated to refine proficiency, traceability, boosted safety, and larger transparency.
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Regional Insights:
North America held the largest blockchain in retail market share in 2020. The region has recorded significant capitalization in blockchain in retail services and technology to preserve its position in the global market.
Companies in Europe are expansively adopting the notion of blockchain technology on account of the factor that the region is anticipated to surge with a considerable growth rate.
The market growth in Asia Pacific is steered by dominating nations such as India China, South Korea, and Japan.
In Latin America and the Middle East and Africa, the implementation of technology is sustained by increasing embracement of digital technologies as well as government programs.
Competitive Landscape:
Procurements Commenced by Crucial Companies to Endorse Market Growth
The dominating players in the market incessantly root for proficient tactics to bolster their brand value as well as promote the global market growth of the product by facing least imaginable hurdles. One such proficient tactic is procuring competitive companies and further safeguarding a profit for both involved companies.
Industry Developments:
- March 2021: Crunchfish developed crunchcoins in an ethereum blockchain. The crunchcoin focuses to offer cryptocurrencies that may be utilized in physical retail.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform/ Solutions
- Services
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Supply Chain Management
- Food Safety Management
- Customer Data Management
- Identity Management
- Compliance Management
- Billing Transaction Processing
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- North America Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Platform/ Solutions
- Services
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Supply Chain Management
- Food Safety Management
- Customer Data Management
- Identity Management
- Compliance Management
- Billing Transaction Processing
- Others
- By Country (USD)
-
- United States (By Application)
- Canada (By Application)
- Mexico (By Application)
-
- By Component (USD)
- Global Blockchain in Retail Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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