NEW YORK, United States, Sept. 23, 2022 (GLOBE NEWSWIRE) — According to Facts and Factors has published a new research report titled “Blockchain in Retail Market Size, Share, Growth Analysis Report By Type (Public Blockchain, Private Blockchain, Consortium Blockchain), By Component (Platform/Solutions, Services), By Application (Supply Chain Management, Food Safety Management, Customer Data Management Identity Management, Compliance Management, Billing Transaction Processing, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Blockchain in Retail Market size & share in terms of revenue was valued at USD 137.17 million in 2021 and it is expected to surpass around USD 3271.54 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 57.32% during the forecast period 2022 to 2028.”
Blockchain in Retail Market Report Overview:
Retailers may provide their customers features like record-breaking customer care, traceability, real-time information, and on-time delivery information thanks to blockchain in retail solutions. Furthermore, technology enables supply chain partners to know the precise location of their products as well as authenticity, product safety, quality, and reliability. It is projected that the growing demand for blockchain in retail from end users such as logistics and supply chain will fuel the market.
Faster transactional methods and improved transaction transparency-based solutions in the logistics sector are a couple of the important elements that are anticipated to open up new markets for key participants.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 241+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
The improved transaction transparency offered by blockchain is likely to aid the global blockchain in retail market growth. Low-cost, secure, and speedy payment processing services are made possible by the blockchain in retail because of the usage of encrypted distributed ledger technology. This makes it possible to verify transactions in real time without using intermediaries like clearinghouses and banks. The significant rise of digital payments in the retail industry has increased demand for distributed ledger technology. Transparency, security, traceability, and efficiency will all improve as a result of the supply chain’s usage of technology. For instance, in December 2020, Loyalty Inc. and New Generation Computing Inc. unveiled a supply chain traceability system that enables owners and retailers to document the chain of custody from the point of origin to the importer of record. In a similar line, Accenture released its procurement solution in January 2020. The solution brings suppliers’ and buyers’ teams together on the same platform to easily and securely shares the data.
Further, customer and identity management in retail is expected to fuel market expansion in the coming period. Customer access to distributed ledger technologies has increased. The distributed ledger technology assists in automating, recognizing, and mitigating the disruption of their everyday activities, which includes managing financial services transactions and payroll systems. Staff members use this technology for onboarding, keeping employee personal data, validating job history, and doing background checks. Additionally, it offers real-time information about their staff and clients. Real-time data tracking for customers and employees is made possible by technology in the retail industry. For instance, in order to aid customers with agility and boost trust in transactions across end users’ businesses, Oracle Corporation announced Oracle blockchain application cloud in October 2018. The new package makes use of SaaS to improve supply chain transparency and traceability.
One of the key factors driving market expansion is the use of blockchain technology for customer and identity management across various sectors. With higher security, greater transparency, and improved user privacy control, blockchain in customer management enables sectors including logistics, manufacturing, banking, and government to strengthen customer relationships. In August 2019, IBM Corporation and Maersk teamed up to create TradeLens, a blockchain shipping system. The solution uses blockchain technology in the supply chain to encourage safe and effective international trade.
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Blockchain in Retail Market: COVID-19 Impact Analysis
The COVID-19 pandemic has sparked social unrest and economic instability all across the planet. The closing of manufacturing and industrial facilities has raised the unemployment rate globally. It has been extremely challenging for end-use organizations to invest in blockchain-based retail solutions due to the pandemic’s endurance. Organizations employ solutions to enhance supply chain transparency and improve their present business procedures. COVID-19 had very little effect on the retail industries. A number of international industries have also started using distributed ledger technology and smart contracts, enabling companies of all sizes, including SMEs, to protect supply chain records and improve supply chain transparency. Major companies are creating blockchain retail solutions to enhance the supply chain between various industries.
For instance, in March 2021 IBM Corporation and Moderna collaborated to develop a smart supply chain for COVID-19 immunizations. Through services like Digital Health Pass, this would make it simpler for the general public, the government, and healthcare & life science providers to securely share information on COVID vaccines.
Blockchain in Retail Market: Segmentation Analysis
The global blockchain in retail market is segmented based on product type, application, end-user, and region.
On the basis of type, the market has been segmented into public blockchain, private blockchain, and consortium blockchain. The private blockchain segment dominated the global blockchain in retail market owing to the rising use of private solutions in retail as well as e-commerce. Furthermore, the low transaction charge of private blockchain is supporting industry expansion.
On the basis of application, the market has been segmented into supply chain management, food safety management, customer data management identity management, compliance management, billing transaction processing, and others. Due to a growing number of security concerns and the growing use of technology that enables data to be freely exchanged between firms, the supply chain management segment now dominates the worldwide blockchain in retail market. This trend is expected to fuel category growth. To better understand end users, supply chain management systems are utilized to collect, organize, and utilize customer data. Additionally, growing supply chain and logistics management will give key providers better market possibilities in the future.
On the basis of component, the market has been segmented into platform/solutions and services. Due to retailers’ rising adoption of blockchain software and the need for safe and secure data transfer throughout the supply chain, the platform segment led the global market. Furthermore, a significant reason driving up demand for blockchain systems across a variety of retailers is the availability of affordable solutions.
The global Blockchain in Retail market is segmented as follows:
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- Supply Chain Management
- Food Safety Management
- Customer Data Management Identity Management
- Compliance Management
- Billing Transaction Processing
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