Rising Demand for Transparent Transactions in the Retail Industry Drives Growth

DUBLIN, Feb. 2, 2023 /PRNewswire/ — The “Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.

The global blockchain in retail market reached a value of US$ 233.5 Million in 2021. Looking forward, the publisher expects the market to reach a value of US$ 3,731.75 Million by 2027, exhibiting a CAGR of 58.71% during 2021-2027.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Blockchain in retail refers to a disruptive technology that relies on cryptography to record digital transactions on a distributed ledger in the retail industry.

It is a cost-effective solution as it automates the transactions and the interoperability of applications and eliminates the need for administration. It assists businesses in tracking the product back to the supply chain, identifying suppliers, manufacturers, and batches to solve supply chain issues.

It enables decentralized identity (DID), which helps retailers verify user identity and data when required. In addition, it streamlines administrative processes in the back offices of retailers, thereby allowing employees to focus more on value-added work.

Blockchain in Retail Market Trends:

The growing demand for transparent transactions in the retail industry to build trust between suppliers, companies, and customers represents one of the key factors driving the market.

Moreover, there is a rise in investments by retailers in blockchain-based solutions to ensure quality, reliability, authenticity, and product safety. This, along with increasing technological advancements and international trade in the retail sector, is propelling the growth of the market.

In addition, blockchain offers enhanced cryptographic security for its databases and transactions that help in fraud reduction and sustainability of retailers. This, coupled with the increasing utilization of blockchain in retail for digital payment, online shopping, and risk and compliance, is positively influencing the market.

Besides this, the rising employment of blockchain in retail to monitor supply chain transactions for easy traceability of goods is offering lucrative growth opportunities to industry players. Additionally, the escalating demand for smart contracts to save time and cost of companies and remove merchants who charge extra for authenticating a transaction is bolstering the market growth.

Key Questions Answered in This Report:

How has the global blockchain in retail market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global blockchain in retail market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the type?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global blockchain in retail market and who are the key players?
What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Blockchain in Retail Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Component
6.1 Platform/Solutions
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Type
7.1 Public Blockchain
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Private Blockchain
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Consortium Blockchain
7.3.1 Market Trends
7.3.2 Market Forecast

8 Market Breakup by Organization Size
8.1 Large Enterprises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Small and Medium-sized Enterprises (SMEs)
8.2.1 Market Trends
8.2.2 Market Forecast

9 Market Breakup by Application
9.1 Supply Chain Management
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Food Safety Management
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Customer Data Management
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Identity Management
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Compliance Management
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Others
9.6.1 Market Trends
9.6.2 Market Forecast