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.
Global Blockchain in Retail Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 614.09 Mn. |
Forecast Period 2022-28 CAGR: |
72.64% |
Market Size in 2032: |
USD 83767.84 Mn. |
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By Provider |
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Segments Covered: |
By Application |
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By Component |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Provider
ā3.2 By Component
ā3.3 By Application
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Blockchain in Retail Market by Provider
ā5.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
ā5.2 Blockchain in Retail Market Overview
ā5.3 Application Providers
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Application Providers: Grographic Segmentation
ā5.4 Middleware Provider
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Middleware Provider: Grographic Segmentation
ā5.5 Infrastructure Provider
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2017-2032F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 Infrastructure Provider: Grographic Segmentation
Chapter 6: Blockchain in Retail Market by Component
ā6.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
ā6.2 Blockchain in Retail Market Overview
ā6.3 Platform
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Platform: Grographic Segmentation
ā6.4 Services
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Services: Grographic Segmentation
Chapter 7: Blockchain in Retail Market by Application
ā7.1 Blockchain in Retail Market Overview Snapshot and Growth Engine
ā7.2 Blockchain in Retail Market Overview
ā7.3 Compliance Management
āā7.3.1 Introduction and Market Overview
āā7.3.2 Historic and Forecasted Market Size (2017-2032F)
āā7.3.3 Key Market Trends, Growth Factors and Opportunities
āā7.3.4 Compliance Management: Grographic Segmentation
ā7.4 Identity Management
āā7.4.1 Introduction and Market Overview
āā7.4.2 Historic and Forecasted Market Size (2017-2032F)
āā7.4.3 Key Market Trends, Growth Factors and Opportunities
āā7.4.4 Identity Management: Grographic Segmentation
ā7.5 Automated Customer Service
āā7.5.1 Introduction and Market Overview
āā7.5.2 Historic and Forecasted Market Size (2017-2032F)
āā7.5.3 Key Market Trends, Growth Factors and Opportunities
āā7.5.4 Automated Customer Service: Grographic Segmentation
ā7.6 Payments & Smart Contracts
āā7.6.1 Introduction and Market Overview
āā7.6.2 Historic and Forecasted Market Size (2017-2032F)
āā7.6.3 Key Market Trends, Growth Factors and Opportunities
āā7.6.4 Payments & Smart Contracts: Grographic Segmentation
ā7.7 Supply Chain Management
āā7.7.1 Introduction and Market Overview
āā7.7.2 Historic and Forecasted Market Size (2017-2032F)
āā7.7.3 Key Market Trends, Growth Factors and Opportunities
āā7.7.4 Supply Chain Management: Grographic Segmentation
ā7.8 Others
āā7.8.1 Introduction and Market Overview
āā7.8.2 Historic and Forecasted Market Size (2017-2032F)
āā7.8.3 Key Market Trends, Growth Factors and Opportunities
āā7.8.4 Others: Grographic Segmentation
Chapter 8: Company Profiles and Competitive Analysis
ā8.1 Competitive Landscape
āā8.1.1 Competitive Positioning
āā8.1.2 Blockchain in Retail Sales and Market Share By Players
āā8.1.3 Industry BCG Matrix
āā8.1.4 Ansoff Matrix
āā8.1.5 Blockchain in Retail Industry Concentration Ratio (CR5 and HHI)
āā8.1.6 Top 5 Blockchain in Retail Players Market Share
āā8.1.7 Mergers and Acquisitions
āā8.1.8 Business Strategies By Top Players
ā8.2 IBM
āā8.2.1 Company Overview
āā8.2.2 Key Executives
āā8.2.3 Company Snapshot
āā8.2.4 Operating Business Segments
āā8.2.5 Product Portfolio
āā8.2.6 Business Performance
āā8.2.7 Key Strategic Moves and Recent Developments
āā8.2.8 SWOT Analysis
ā8.3 SAP
ā8.4 MICROSOFT
ā8.5 ORACLE
ā8.6 AWS
ā8.7 BITFURY
ā8.8 AUXESIS GROUP
ā8.9 CEGEKA
ā8.10 BTL
ā8.11 GUARDTIME
ā8.12 COIN BASE
ā8.13 LOYYAL
ā8.14 SOFOCLE
ā8.15 BIGCHAINDB
ā8.16 RECORDSKEEPER
ā8.17 BITPAY
ā8.18 ABRA
ā8.19 REPLY
ā8.20 PROVENANCE
ā8.21 MODULTRADE
ā8.22 BLOCKVERIFY
ā8.23 OGYDOCS
ā8.24 WARRANTEER
ā8.25 AMAZON WEB SERVICES INC.
ā8.26 CAPGEMINI SE
ā8.27 ACCENTURE PLC
ā8.28 COGNIZANT TECHNOLOGY SOLUTIONS CORP.
ā8.29 BLOCKCHAIN FOUNDARY
ā8.30 OTHER MAJOR PLAYERS
Chapter 9: Global Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Market Overview
ā9.2 Historic and Forecasted Market Size By Provider
āā9.2.1 Application Providers
āā9.2.2 Middleware Provider
āā9.2.3 Infrastructure Provider
ā9.3 Historic and Forecasted Market Size By Component
āā9.3.1 Platform
āā9.3.2 Services
ā9.4 Historic and Forecasted Market Size By Application
āā9.4.1 Compliance Management
āā9.4.2 Identity Management
āā9.4.3 Automated Customer Service
āā9.4.4 Payments & Smart Contracts
āā9.4.5 Supply Chain Management
āā9.4.6 Others
Chapter 10: North America Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Provider
āā10.4.1 Application Providers
āā10.4.2 Middleware Provider
āā10.4.3 Infrastructure Provider
ā10.5 Historic and Forecasted Market Size By Component
āā10.5.1 Platform
āā10.5.2 Services
ā10.6 Historic and Forecasted Market Size By Application
āā10.6.1 Compliance Management
āā10.6.2 Identity Management
āā10.6.3 Automated Customer Service
āā10.6.4 Payments & Smart Contracts
āā10.6.5 Supply Chain Management
āā10.6.6 Others
ā10.7 Historic and Forecast Market Size by Country
āā10.7.1 U.S.
āā10.7.2 Canada
āā10.7.3 Mexico
Chapter 11: Europe Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Provider
āā11.4.1 Application Providers
āā11.4.2 Middleware Provider
āā11.4.3 Infrastructure Provider
ā11.5 Historic and Forecasted Market Size By Component
āā11.5.1 Platform
āā11.5.2 Services
ā11.6 Historic and Forecasted Market Size By Application
āā11.6.1 Compliance Management
āā11.6.2 Identity Management
āā11.6.3 Automated Customer Service
āā11.6.4 Payments & Smart Contracts
āā11.6.5 Supply Chain Management
āā11.6.6 Others
ā11.7 Historic and Forecast Market Size by Country
āā11.7.1 Germany
āā11.7.2 U.K.
āā11.7.3 France
āā11.7.4 Italy
āā11.7.5 Russia
āā11.7.6 Spain
āā11.7.7 Rest of Europe
Chapter 12: Asia-Pacific Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Provider
āā12.4.1 Application Providers
āā12.4.2 Middleware Provider
āā12.4.3 Infrastructure Provider
ā12.5 Historic and Forecasted Market Size By Component
āā12.5.1 Platform
āā12.5.2 Services
ā12.6 Historic and Forecasted Market Size By Application
āā12.6.1 Compliance Management
āā12.6.2 Identity Management
āā12.6.3 Automated Customer Service
āā12.6.4 Payments & Smart Contracts
āā12.6.5 Supply Chain Management
āā12.6.6 Others
ā12.7 Historic and Forecast Market Size by Country
āā12.7.1 China
āā12.7.2 India
āā12.7.3 Japan
āā12.7.4 Singapore
āā12.7.5 Australia
āā12.7.6 New Zealand
āā12.7.7 Rest of APAC
Chapter 13: Middle East & Africa Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Provider
āā13.4.1 Application Providers
āā13.4.2 Middleware Provider
āā13.4.3 Infrastructure Provider
ā13.5 Historic and Forecasted Market Size By Component
āā13.5.1 Platform
āā13.5.2 Services
ā13.6 Historic and Forecasted Market Size By Application
āā13.6.1 Compliance Management
āā13.6.2 Identity Management
āā13.6.3 Automated Customer Service
āā13.6.4 Payments & Smart Contracts
āā13.6.5 Supply Chain Management
āā13.6.6 Others
ā13.7 Historic and Forecast Market Size by Country
āā13.7.1 Turkey
āā13.7.2 Saudi Arabia
āā13.7.3 Iran
āā13.7.4 UAE
āā13.7.5 Africa
āā13.7.6 Rest of MEA
Chapter 14: South America Blockchain in Retail Market Analysis, Insights and Forecast, 2017-2032
ā14.1 Key Market Trends, Growth Factors and Opportunities
ā14.2 Impact of Covid-19
ā14.3 Key Players
ā14.4 Key Market Trends, Growth Factors and Opportunities
ā14.4 Historic and Forecasted Market Size By Provider
āā14.4.1 Application Providers
āā14.4.2 Middleware Provider
āā14.4.3 Infrastructure Provider
ā14.5 Historic and Forecasted Market Size By Component
āā14.5.1 Platform
āā14.5.2 Services
ā14.6 Historic and Forecasted Market Size By Application
āā14.6.1 Compliance Management
āā14.6.2 Identity Management
āā14.6.3 Automated Customer Service
āā14.6.4 Payments & Smart Contracts
āā14.6.5 Supply Chain Management
āā14.6.6 Others
ā14.7 Historic and Forecast Market Size by Country
āā14.7.1 Brazil
āā14.7.2 Argentina
āā14.7.3 Rest of SA
Chapter 15 Investment Analysis
Chapter 16 Analyst Viewpoint and Conclusion
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 2022-28 CAGR: |
72.64% |
Market Size in 2032: |
USD 83767.84 Mn. |
|
By Provider |
|
|
Segments Covered: |
By Application |
|
|
By Component |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Blockchain in Retail Market research report is 2024-2032.
IBM, SAP, Microsoft, Oracle, AWS, Bitfury, and other major players.
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.).
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.
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%.