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Blockchain in Retail Market to Surge to $63.51 Billion in 2029, Exhibiting Massive CAGR of 84.9%

21 Jan, 2025

What is the Historic and Current Market Size Analysis of the Blockchain in Retail Sector?

The Blockchain In Retail Market is currently experiencing exponential growth.
• In 2024, the market size was estimated to be $2.92 billion, which grew significantly to $5.43 billion in 2025, marking a compound annual growth rate (CAGR) of 86.2%.
The major growth driver in this period has been supply chain transparency, streamlined payments and transactions, smart contracts adoption, efficient inventory management, and cross-border transactions.

How Will The Blockchain In Retail Market Evolve In The Future?

The blockchain in retail market is positioned for exceptional growth over the coming years.
• The market size is predicted to reach an astounding $63.51 billion by 2029, with a CAGR of 84.9%.
The key factors driving this growth include enhanced product traceability, cross-industry collaboration, decentralized identity verification, tokenization of assets, and stringent regulatory compliance. Innovations like blockchain-based digital marketplaces, AI integration, advanced data security measures, blockchain-based voting systems, and cross-industry collaborations are set to shape the market trends over the forecast period.

What Are The Key Drivers Boosting The Blockchain In Retail Market?

The demand for transparency in the retail supply chain is a significant factor driving the growth of the blockchain in retail market. Transparency covers sourcing of raw materials, water usage in manufacturing processes, customer care instructions, and the environmental impact of goods distribution, among others. Companies in the retail industry are investing in blockchain technologies to enhance transparency which in turn improves experiences for customers and employees and boosts revenues. An example of this is the report by the UK's Office for National Statistics in July 2022 which showed a slight decline in global supply chain issues from 33% in May to 32% in June for the retail sector.

What Are The Segments Of The Blockchain In Retail Market?

The blockchain in retail market report covers the following segments –
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

Pre-Book The Blockchain In Retail Market Report For Swift Delivery And Comprehensive Insights Here

What Trends Are Influencing The Blockchain In Retail Market?

Technological advancements are a key trend shaping the future of the blockchain in retail market. Companies in this sector are developing innovative solutions to meet the demands of global end-users. For instance, Clarins, a French plant-based beauty products manufacturer, launched a blockchain-based platform for product traceability in November 2022. The platform uses blockchain technology to ensure total transparency, securely storing and transmitting data, and documenting safe transactions between various suppliers and producers.

Who Are The Key Players In The Blockchain In Retail Market?

Major players 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

What Are The Regional Insights Into The Blockchain In Retail Market?

In 2024, North America was the largest region in the blockchain in retail market. However, Asia-Pacific presents the most substantial growth potential and is expected to be the fastest-growing region over the coming years. The report covers additional regions including Western Europe, Eastern Europe, South America, Middle East, and Africa.

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