Blockchain in Retail Market | Industry Analysis Report

Blockchain in Retail Market Overview

Blockchain in Retail market was valued at USD 614.9 million in 2023 and is expected to reach USD 83767.84 million by the year 2032, at a CAGR of 72.64%.

A blockchain in retail is a system that encourages more trustworthy and authentic interactions between the company and the customer. The main advantage of this system is that it promotes loyalty and thorough transparency.

Blockchain in retail collaborates with current systems to provide real-time data that enables a better understanding of the customers and easy transactions. blockchain in retail provides facilities like real-time delivery and services in record time for the retailers.  

According to the analyst, the main factors that are driving the growth of the blockchain in retail market are the increasing adoption of blockchain-as-a-service and smart contract services in the retailers. Also, the growing use of technology and supply chain management in the retailers in the management industry is also one of the few drivers of the blockchain in retail market.

By the end of 2028, the Blockchain in Retail market size is estimated to be at USD 9130.26 million. The major factor that is driving the market is the urgency for simplified business processes.  

The Blockchain in Retail market is segmented by Providers (Application Provider, Middleware Provider, and Infrastructure Provider), by Component (Platform and Services), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Application (Compliance Management, Identity Management, Automated Customer Service, Payments & Smart Contracts, Supply Chain Management and Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.

Impact of COVID-19 on Blockchain in Retail Market

As the pandemic hit the globe, the rise of online retailers increased due to the presence of major companies in blockchain in retail market and the organizations more secured and precautious of the company's revenue. With the emergence of the e-commerce industry and the retailers now more inclined towards digitalizing the blockchain in retail market, the growth in the lockdown period for the blockchain in retail market is flourishing across the globe. The introspective market research provides a more detailed analysis and impact of COVID-19 in the blockchain in retail report. 

Market Segmentation

Component Insights:

By component, blockchain in retail market is segmented into Platform and Service. The Platform segment has accounted for the highest CAGR in the market of 72.32% with a market share of 56.19% and an estimated market size of USD 1704.07 million in the year 2026.

The growth of the platform component is mainly because of the growth in the adoption of blockchain software among retailers due to the urgency for the safe and secure transmission of data across the supply chain. Also, the easy accessibility and availability of cost-effective solutions is also the key factor driving the demand for blockchain platforms across numerous retailers. Further, the services segment is expected to exhibit the highest growth rate throughout the blockchain in retail forecast period.

Applications Insights:

The segments smart contracts dominate the blockchain in retail market with a market share of 29.36% and a CAGR of 72.39% with estimated market size of USD 893.74 million in the year 2026. The segment Automated Customer Services is the second largest segment followed by supply chain management with a CAGR of 76.45% and 75.80% respectively.

Regional Insights:

Blockchain in Retail market is growing rapidly in the North-America and Asia-Pacific region equally. North-America region is accounted for the largest blockchain in retail market share across the globe with a CAGR of 72.36% and a market size of USD 27.18 million in the year 2019. But in the forecast period, due to the high demand from the regions like China, Japan, Australia, and India, Asia-Pacific is expected to continue the growth of blockchain in retail market with the highest CAGR of 72.39% and estimated market size of USD 916.87 million in the year 2026.

Major Key Players Considered in the Market

• IBM
• SAP
• Microsoft
• Oracle
• AWS
• Bitfury
• Auxesis Group
• Cegeka
• BTL
• Guardtime
• Coin Base
• Loyyal
• Sofocle
• BigChainDB
• RecordsKeeper
• BitPay
• Abra
• Reply
• Provenance
• ModulTrade
• Blockverify
• OGYDocs
• Warranteer
• Amazon Web Services Inc.
• Capgemini SE
• Accenture PLC
• Cognizant Technology Solutions Corp.
• Blockchain Foundary, and other major players.

Salient Features of the Blockchain in Retail Market

Blockchain in Retail market was valued at USD 206.55 million in 2021 and is expected to reach USD 9402.73 million by the year 2028, at a CAGR of 72.54%.

• The increased adoption in the blockchain in retail supply management and smart contract services is increasing the blockchain in retail market.
• Different multinational retail and supply chain management corporations are introducing and using blockchain in retail technologies across multiple business processes to reduce the costs of verification, execution, arbitration, and to prevent fraud.
• The provider segment is sub-segmented into application provider, middleware provider, and infrastructure provider. Among these, the application provider is the fastest-growing segment with the highest CAGR across the globe.

Key Industry Development in the Blockchain in Retail Market:

• In Feb 2023, E-commerce giant Flipkart and blockchain platform Polygon announced a strategic partnership to establish a Blockchain-eCommerce Centre of Excellence (CoE). The CoE focused on the research and development of Web3 and metaverse commerce use cases in India, aiming to accelerate the adoption of Web3 technology. This collaboration marked a significant step towards transforming the future of digital commerce in the country.
• In January 2023, Lowe's announced the successful development of Project Unlock, a new solution created by its Innovation Labs division to combat retail theft. This cutting-edge technology combined IoT sensors and low-cost RFID chips to activate power tools at the point of purchase. Additionally, it created a secure, anonymized, and publicly accessible record of legitimate purchases on the blockchain, providing a ground-breaking approach to enhancing retail security without disrupting the customer experience.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Provider
 3.2 By Component
 3.3 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Blockchain in Retail Market by Provider
 5.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
 5.2 Blockchain in Retail Market Overview
 5.3 Application Providers
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Application Providers: Grographic Segmentation
 5.4 Middleware Provider
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Middleware Provider: Grographic Segmentation
 5.5 Infrastructure Provider
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Infrastructure Provider: Grographic Segmentation

Chapter 6: Blockchain in Retail Market by Component
 6.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
 6.2 Blockchain in Retail Market Overview
 6.3 Platform
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Platform: Grographic Segmentation
 6.4 Services
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Services: Grographic Segmentation

Chapter 7: Blockchain in Retail Market by Application
 7.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
 7.2 Blockchain in Retail Market Overview
 7.3 Compliance Management
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Compliance Management: Grographic Segmentation
 7.4 Identity Management
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Identity Management: Grographic Segmentation
 7.5 Automated Customer Service
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Automated Customer Service: Grographic Segmentation
 7.6 Payments & Smart Contracts
  7.6.1 Introduction and Market Overview
  7.6.2 Historic and Forecasted Market Size (2017-2032F)
  7.6.3 Key Market Trends, Growth Factors and Opportunities
  7.6.4 Payments & Smart Contracts: Grographic Segmentation
 7.7 Supply Chain Management
  7.7.1 Introduction and Market Overview
  7.7.2 Historic and Forecasted Market Size (2017-2032F)
  7.7.3 Key Market Trends, Growth Factors and Opportunities
  7.7.4 Supply Chain Management: Grographic Segmentation
 7.8 Others
  7.8.1 Introduction and Market Overview
  7.8.2 Historic and Forecasted Market Size (2017-2032F)
  7.8.3 Key Market Trends, Growth Factors and Opportunities
  7.8.4 Others: Grographic Segmentation

Chapter 8: Company Profiles and Competitive Analysis
 8.1 Competitive Landscape
  8.1.1 Competitive Positioning
  8.1.2 Blockchain in Retail Sales and Market Share By Players
  8.1.3 Industry BCG Matrix
  8.1.4 Ansoff Matrix
  8.1.5 Blockchain in Retail Industry Concentration Ratio (CR5 and HHI)
  8.1.6 Top 5 Blockchain in Retail Players Market Share
  8.1.7 Mergers and Acquisitions
  8.1.8 Business Strategies By Top Players
 8.2 IBM
  8.2.1 Company Overview
  8.2.2 Key Executives
  8.2.3 Company Snapshot
  8.2.4 Operating Business Segments
  8.2.5 Product Portfolio
  8.2.6 Business Performance
  8.2.7 Key Strategic Moves and Recent Developments
  8.2.8 SWOT Analysis
 8.3 SAP
 8.4 MICROSOFT
 8.5 ORACLE
 8.6 AWS
 8.7 BITFURY
 8.8 AUXESIS GROUP
 8.9 CEGEKA
 8.10 BTL
 8.11 GUARDTIME
 8.12 COIN BASE
 8.13 LOYYAL
 8.14 SOFOCLE
 8.15 BIGCHAINDB
 8.16 RECORDSKEEPER
 8.17 BITPAY
 8.18 ABRA
 8.19 REPLY
 8.20 PROVENANCE
 8.21 MODULTRADE
 8.22 BLOCKVERIFY
 8.23 OGYDOCS
 8.24 WARRANTEER
 8.25 AMAZON WEB SERVICES INC.
 8.26 CAPGEMINI SE
 8.27 ACCENTURE PLC
 8.28 COGNIZANT TECHNOLOGY SOLUTIONS CORP.
 8.29 BLOCKCHAIN FOUNDARY
 8.30 OTHER MAJOR PLAYERS

Chapter 9: Global Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 9.1 Market Overview
 9.2 Historic and Forecasted Market Size By Provider
  9.2.1 Application Providers
  9.2.2 Middleware Provider
  9.2.3 Infrastructure Provider
 9.3 Historic and Forecasted Market Size By Component
  9.3.1 Platform
  9.3.2 Services
 9.4 Historic and Forecasted Market Size By Application
  9.4.1 Compliance Management
  9.4.2 Identity Management
  9.4.3 Automated Customer Service
  9.4.4 Payments & Smart Contracts
  9.4.5 Supply Chain Management
  9.4.6 Others

Chapter 10: North America Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Provider
  10.4.1 Application Providers
  10.4.2 Middleware Provider
  10.4.3 Infrastructure Provider
 10.5 Historic and Forecasted Market Size By Component
  10.5.1 Platform
  10.5.2 Services
 10.6 Historic and Forecasted Market Size By Application
  10.6.1 Compliance Management
  10.6.2 Identity Management
  10.6.3 Automated Customer Service
  10.6.4 Payments & Smart Contracts
  10.6.5 Supply Chain Management
  10.6.6 Others
 10.7 Historic and Forecast Market Size by Country
  10.7.1 U.S.
  10.7.2 Canada
  10.7.3 Mexico

Chapter 11: Europe Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Provider
  11.4.1 Application Providers
  11.4.2 Middleware Provider
  11.4.3 Infrastructure Provider
 11.5 Historic and Forecasted Market Size By Component
  11.5.1 Platform
  11.5.2 Services
 11.6 Historic and Forecasted Market Size By Application
  11.6.1 Compliance Management
  11.6.2 Identity Management
  11.6.3 Automated Customer Service
  11.6.4 Payments & Smart Contracts
  11.6.5 Supply Chain Management
  11.6.6 Others
 11.7 Historic and Forecast Market Size by Country
  11.7.1 Germany
  11.7.2 U.K.
  11.7.3 France
  11.7.4 Italy
  11.7.5 Russia
  11.7.6 Spain
  11.7.7 Rest of Europe

Chapter 12: Asia-Pacific Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Provider
  12.4.1 Application Providers
  12.4.2 Middleware Provider
  12.4.3 Infrastructure Provider
 12.5 Historic and Forecasted Market Size By Component
  12.5.1 Platform
  12.5.2 Services
 12.6 Historic and Forecasted Market Size By Application
  12.6.1 Compliance Management
  12.6.2 Identity Management
  12.6.3 Automated Customer Service
  12.6.4 Payments & Smart Contracts
  12.6.5 Supply Chain Management
  12.6.6 Others
 12.7 Historic and Forecast Market Size by Country
  12.7.1 China
  12.7.2 India
  12.7.3 Japan
  12.7.4 Singapore
  12.7.5 Australia
  12.7.6 New Zealand
  12.7.7 Rest of APAC

Chapter 13: Middle East & Africa Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Provider
  13.4.1 Application Providers
  13.4.2 Middleware Provider
  13.4.3 Infrastructure Provider
 13.5 Historic and Forecasted Market Size By Component
  13.5.1 Platform
  13.5.2 Services
 13.6 Historic and Forecasted Market Size By Application
  13.6.1 Compliance Management
  13.6.2 Identity Management
  13.6.3 Automated Customer Service
  13.6.4 Payments & Smart Contracts
  13.6.5 Supply Chain Management
  13.6.6 Others
 13.7 Historic and Forecast Market Size by Country
  13.7.1 Turkey
  13.7.2 Saudi Arabia
  13.7.3 Iran
  13.7.4 UAE
  13.7.5 Africa
  13.7.6 Rest of MEA

Chapter 14: South America Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Provider
  14.4.1 Application Providers
  14.4.2 Middleware Provider
  14.4.3 Infrastructure Provider
 14.5 Historic and Forecasted Market Size By Component
  14.5.1 Platform
  14.5.2 Services
 14.6 Historic and Forecasted Market Size By Application
  14.6.1 Compliance Management
  14.6.2 Identity Management
  14.6.3 Automated Customer Service
  14.6.4 Payments & Smart Contracts
  14.6.5 Supply Chain Management
  14.6.6 Others
 14.7 Historic and Forecast Market Size by Country
  14.7.1 Brazil
  14.7.2 Argentina
  14.7.3 Rest of SA

Chapter 15 Investment Analysis

Chapter 16 Analyst Viewpoint and Conclusion