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Blockchain in Retail Market | Industry Analysis Report

Blockchain in Retail Market Report by Provider (Application Providers, Middleware Provider, Infrastructure Provider), Component (Platform, Services), Application (Compliance Management, Identity Management, Automated Customer Service, Payments & Smart Contracts, Supply Chain Management, Others), Region Global Market Analysis and Forecast 2024-2032

  • Report ID : 3977
  • Category : Hardware and Software
  • Format :Excel formatPDF formatWord format
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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.

Blockchain in Retail Market

Salient Features of the Blockchain in Retail Market

  • 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.

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.

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.

Global Blockchain in Retail Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 614.09 Mn.

Forecast Period 2024-32 CAGR:

72.64%

Market Size in 2032:

USD 83767.84 Mn.

 

By Provider
  • Application Providers
  • Middleware Provider
  • Infrastructure Provider

Segments Covered:

By Application
  • Compliance Management
  • Identity Management
  • Automated Customer Service
  • Payments & Smart Contracts
  • Supply Chain Management
  • Others

By Component
  • Platform
  • Services

By Region
  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:
  • Increase in the demand from logistics, and supply chain for blockchain in retail sector

Key Market Restraints:
  • High upfront investment cost

Key Opportunities:
  • The developing retail infrastructure
  • Growing investment in retail sector by governments for blockchain technology

Companies Covered in the report:
  • IBM, SAP, Microsoft, Oracle, AWS, Bitfury, and other major players.

Frequently Asked Questions :

What would be the forecast period in the Blockchain in Retail Market research report?
The forecast period in the Blockchain in Retail Market research report is 2024-2032.
Who are the key players in Blockchain in Retail Market?
IBM, SAP, Microsoft, Oracle, AWS, Bitfury, and other major players.=
What are the segments of the Blockchain in Retail Market?
The Blockchain in Retail Market is segmented into Provider, Application, Component, and Region. By Provider, the market is categorized into Application Providers, Middleware Provider, and Infrastructure Provider. By Application, the market is categorized into Compliance Management, Identity Management, Automated Customer Service, Payments & Smart Contracts, Supply Chain Management, and Others. By Component, the market is categorized into Platform, and Services. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Blockchain in Retail Market?
Retail Within the retail sector, blockchain is the generic word for disruptive technology that captures digital transactions cryptographically on a distributed ledger. Businesses benefit from blockchain technology in four ways: reduced costs, faster payments, increased transparency, and improved security.
How big is the Blockchain in Retail Market?
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%.
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