According to the latest report by IMARC Group, titled “Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global blockchain in retail market demand. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global blockchain in retail market size reached US$ 233.5 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3,731.75 Million on by 2027, exhibiting a growth rate (CAGR) of 54.50% during 2022-2027.
Blockchain in retail represents an advanced technology that relies on cryptography for recording digital transactions on a distributed ledger in the retail industry. It can be categorized into the public blockchain, private blockchain, and consortium blockchain. Blockchain in retail solutions are highly cost-effective as they automate the transactions and the interoperability of applications and eliminate the need for administration. They assist businesses in tracking the product back to the supply chain, identifying manufacturers, suppliers, and batches to solve supply chain issues, and enabling decentralized identity (DID), which help retailers verify user identity and data when needed. Blockchain in retail services even streamlines administrative processes in the back offices of retailers and allow employees to focus more on value-added work. Consequently, they are extensively used by large and small and medium-sized enterprises (SMEs) across the globe.
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The escalating demand for transparent transactions in the retail industry for building trust between suppliers, companies, and customers is primarily driving the blockchain in retail market. Moreover, the rising investments by retailers in blockchain-based solutions for ensuring quality, authenticity, reliability, and product safety are also positively influencing the global market. Additionally, the increasing technological advancements, the growing international trade in the retail segment, and the elevating usage of blockchain in retail for online shopping, digital payment, and risk and compliance are acting as significant growth-inducing factors. Apart from this, the expanding adoption of the services to monitor supply chain transactions for easy traceability of goods and the shifting preferences toward smart contracts to save cost and time of companies and remove merchants who charge extra for authenticating a transaction are expected to bolster the blockchain in retail market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Services & Technologies (P) Ltd, Cognizant, Infosys Limited, International Business Machines Corporation, Oracle Corporation, Reply, SAP SE, Sofocle Technologies Pvt. Ltd. and Tata Consultancy Services Limited (Tata Group).
The report has been segmented the market into following categories:
Breakup by Solution:
- Unified Communication and Collaboration
- Enterprise Social Collaboration
- Project and Team Management
- Document Management System
Breakup by Deployment Mode:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- IT and Telecommunication
- Media and Entertainment
- Healthcare and Life Sciences
- Government and Public Sectors
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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