Blockchain In Retail Global Market Sees Growth Rate Of 89% Through 2026

The global blockchain in retail market size is expected to grow from $0.47 billion in 2021 to $0.87 billion in 2022 at a compound annual growth rate (CAGR) of 86.47%. The global blockchain in retail market size is expected to reach $11.10 billion in 2026 at a CAGR of 88.74%.

What is the Global Blockchain In Retail Market?

The blockchain in the retail market consists of sales of blockchain solutions by entities (organizations, sole traders, and partnerships) that can be used extensively in retail to maintain product quality, tackle fraud, manage consumer data, improve loyalty programs, track inventory, automating back-office administration, and others. Blockchain technology helps in storing digital records in a safe and auditable manner, enabling a safe, speedy, and cost-effective transfer of assets.

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What drives the Global Blockchain In Retail Market?

Increasing 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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Global Blockchain In Retail Market Segments
The global blockchain in retail market is segmented:
By Component: Platform/Solutions, Services
By Provider: Application Providers, Middleware Providers, Infrastructure Providers
By Application: Compliance Management, Identity Management, Loyalty and Rewards Management, Payments, Smart Contracts, Supply Chain Management, Others
By Organization Size: Large Enterprises, Small and Medium Enterprises (SMEs)
By Geography: The regions covered in the blockchain in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Blockchain In Retail Global Market Report 2022provides market size and growth forecasts for the global blockchain in retail market, global blockchain in retail market share, blockchain in retail market segments and geographies, blockchain in retail market competitive landscape including leading competitors’ revenues, profiles and market shares. The blockchain in retail market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Blockchain In Retail Industry Playersinclude IBM, SAP, Oracle Corporation, Bitfury, Auxesis Group, Sofocle, Tata Consultancy Services, Amazon Web Services, Cegeka, Provenance, Reply, Retraced, Blockchain Foundary, and Cognizant. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.