Blockchain In Retail Market

Global Blockchain In Retail Market is valued at USD 198.20 Million in 2021 and expected to reach USD 2,043.60 Billion by 2028 with a CAGR of 39.6% over the forecast period.

Global Blockchain in Retail Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The rising interest in the implementation of blockchain technologies in the retail and supply chain administration industries as well as the increasing requirement for effectiveness and rapidity in retail and supply chain transactions are the primary factors augmenting the outlook of this  industry.

Scope of Global Blockchain In Retail Market

Blockchain innovation is transforming every business. From managing the supply chain to boosting consumer loyalty programs, technology is proven tremendously advantageous in retail. Retailers are trying to modify their product distribution mechanisms to the ever-changing methods customers seek and buy things as retail sales shift online. Blockchain innovation, for example, assists businesses in improving the preservation of data about their sources, finance and banking, and agreements, while  enhancing product credibility to avoid counterfeit items. The retail blockchain industry is comprised of entities (organizations, sole proprietorships, and partnerships) selling blockchain alternatives that can be utilized widely in retail to preserve product performance, combat forgery, manage customer information, improve loyalty programs, track inventory, automate back-office government, and others. Blockchain may be utilized as a safe tracking platform that gives visibility across the whole supply chain, including raw resource extraction until product delivery to the end user.

COVID-19 had a minor  impact  on the retail industry. Furthermore, numerous sectors throughout the world have begun to use decentralized ledger innovation and smart contracts, allowing industries, major companies, and small and medium-sized organizations to safeguard supply chain data and provide visibility to the supply chain. Major firms develop blockchain retail technologies to improve supply chains across sectors. For example, in March 2021, IBM Corporation joined forces with Moderna to create a smart distribution network for COVID-19 vaccinations. This would also make it easier for consumers, governments, bioscience and healthcare professionals to securely communicate information about COVID vaccinations through apps like Digital Health Pass.

The global Blockchain In Retail market is segmented based on the component, organization size, application, and region & country level. Based on component, the global Blockchain In Retail market is segmented into services and platform. By organization size, the market is segmented into large enterprise and small enterprise. By application, the global Blockchain In Retail market is segmented into Identity Management, Supply Chain Management, Compliance Management, Payments & Smart Contracts, Loyalty and Rewards Management, and Others.

The regions covered in the global Blockchain In Retail market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Blockchain In Retail is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Blockchain in Retail Market Segmentation

By Component:

• Services
• Platform

By Organization Size:

• Large enterprise
• Small enterprise

By Application:

• Identity Management
• Supply Chain Management
• Compliance Management
• Payments & Smart Contracts
• Loyalty and Rewards Management
• Others

Key Players of Global Blockchain In Retail Market Report-

Some major key players for the global Blockchain In Retail market report cover prominent players like

• SAP SE
• Amazon Web Services
• International Business Machines Corporation
• Oracle Corporation
• Microsoft Corporation
• Infosys Limited
• BitPay Inc.
• Cognizant Technology Solutions Corporation
• Coinbase, Inc.
• Project Provenance Ltd
• Bitfury Holding B.V
• Tata Consultancy Services Limited
• Auxesis Services & Technologies (P) Ltd
• Cisco Systems, Inc.
• Blockchain Foundry inc.
• Abra
• BigchainDB GmbH.

News

Zipmex Partnered with Thailand's Central Retail Corporation (CRC) to Build a Blockchain-Powered Supermarket

On March 23^th, 2022; Zipmex, a digital asset platform located in Southeast Asia, inked a partnership deal  with Thailand's Central Retail Corporation (CRC) to build a blockchain-powered supermarket that will link customers to the metaverse. The collaboration with Central Retail is the ideal beginning point for food retail development in Thailand and Southeast Asia.

Flipkart announced a collaboration with Ethereum-based Blockchain platform Polygon to establish a centre of excellence (CoE) in India

On December 2^th, 2022; Flipkart announced a collaboration with Ethereum-based Blockchain platform Polygon to establish a center of excellence (CoE) in India to collaborate on research and innovation of Web3 and metaverse retail use cases. Decentralized solutions are still in their infancy and are yet to gain traction. The collaboration, however, would provide a chance to make a significant difference and deliver on the goal of Web3 for everyone, the firms said in a statement.

Mattel Launched a Digital Collectibles Marketplace On Its Current Direct-to-consumer (DTC) Platform.

On November 30^th, 2022; Mattel announced its decision to develop  a digital collectibles marketplace on its current direct-to-consumer (DTC) platform. The new NFT platform is based on the Flow blockchain platform, which is described by the company as "a fast, decentralized, and eco-friendly blockchain intended to serve consumer-scale decentralized apps servicing mainstream audiences." The site would not need users to hold cryptocurrencies in order to acquire NFTs, and Mattel said that peer-to-peer NFT betting will be available on the site early next year.

Increasing Investments in Blockchain Platforms, Growth in E-commerce industry, and Rapid Digitalization in Numerous Sectors are Some of the Major Factors Driving the Market Growth

The retail sector is being driven by an increase in demand for openness in the retail supply chain. Transparency in the retail value chain necessitates full exposure of data at every point, including raw material origin, water consumption in textile dying, consumer care directions, the environmental effect of product delivery, and others. Businesses in the retail industry are participating in blockchain technology to promote transparency in order to improve customer service, employee happiness, revenue growth, and other factors. For example, over two-thirds of participants in the garment sector said supply chain transparency is a very essential problem in the present context, according to a study performed by Serai in conjunction with KMPG in 2021. As a result, more visibility in the retailing supply chain is likely to drive blockchain adoption in the retail industry throughout the projected timeline.

The e-commerce market is growing more intense, and contemporary customers want better and more customized encounters, as well as simple accessibility to product data and excellent services. Regardless of their company size, merchants' primary goal to remain as a prime industry leader  is to ensure  customer satisfaction and happiness. Data collection is used by internet retailers, and blockchain methods are actively integrated for implementations including consumer experience planning, payment platforms, logistics, access control, risk and compliance, food safety control, fraud identification, and others. Blockchain options are being used in online commerce for notable uses such as preserving product performance, combating fraud, handling consumer data, enhancing loyalty programs, tracking inventory, streamlining back-office governance, and more efficient, safeguard, and faster payment networks, in addition to providing distinctive shopping encounters for online customers.

Rapid digitalization in numerous sectors has resulted in a rise in cyber assaults and cyber dangers. Enterprises all over the world are struggling to find trained personnel to help them overcome risk issues. This has led to a delayed adoption of innovation, which is expected to impede industry development. Furthermore, the use of distributed ledger innovation has grown across a variety of areas, including industry and medicine. Furthermore, this has raised the global need for trained individuals. The lack of trained manpower and distributed ledger innovation is expected to limit industry expansion.

North America is Expected to Capture a Major Share in the Global Blockchain In Retail Market

North America is expected to have the most market share over the forecast period. To preserve its place in the international market, the area has made significant investments in blockchain in commerce technologies and services. The acceptance of modern innovations including smart payment, agreements, and others have resulted from the adoption of technology. Oracle Corporation, IBM Corporation, and Accenture PLC are some of the initial consumers of retail software and are well ahead in its deployment.

Asia-Pacific is expected to grow at the fastest rate.  The fast rise of blockchain in retail products and services among metropolitan populations is attributable to the region's rising economies, including India, and Indonesia. The nation's development is being aided by the rising acceptance of B2B blockchain-based banking systems, a spike in demand for commercial blockchain technologies to ensure effective distribution networks and fraud control, and the expanding existence of well-established blockchain firms.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 198.20 Million
Base year considered	2021
Forecast Period CAGR %:	32.3%
Market Size Expected in 2028:	USD 2,043.60 Million
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	SAP SE, Amazon Web Services, Inc., International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Infosys Limited (India), BitPay Inc., Cognizant Technology Solutions Corporation, Coinbase, Inc., Project Provenance Ltd, Bitfury Holding B.V, Tata Consultancy Services Limited, Auxesis Services & Technologies (P) Ltd, Cisco Systems, Inc., Blockchain Foundry inc., Abra, and BigchainDB GmbH.
Segments Covered	By Component, By Organization Size, By Application.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa