Blockchain in Retail Market Overview
Blockchain in Retail Market Size was valued at USD 5.9 billion in 2022. The Blockchain in Retail market is projected to grow from USD 8.4016 Billion in 2023 to USD 70.05222 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 42.40% during the forecast period (2023 - 2030). Blockchain technology adoption in supply chain and inventory management are emerging trends and key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain in Retail Market Trends
Blockchain technology, as an emerging market trend, is driving market growth.
Blockchain in retail solutions provides retailers with customer services such as on-time delivery, traceability, and real-time information. Furthermore, technology ensures authenticity, product safety, quality, and dependability, as well as allows supply chain partners to know the precise location of their products. The growing demand for blockchain in retail from end-users, such as logistics and supply chains, is expected to drive the demand for retail solutions. Faster transaction speeds and increased transaction transparency in the logistics industry are two major factors expected to create market opportunities for key players. Furthermore, market participants are concentrating on expanding their business units across the globe. One of the key market trends is the incorporation of distributed ledger technology into the supply chain and inventory management. The technology aids in the improvement of visibility and compliance, the reduction of paperwork and administrative costs, and the enhancement of material supply chain transparency. Furthermore, using distributed ledger technology throughout the supply chain and inventory management will ensure that corporate standards are met and reduce potential public relations risk for supply chain malfeasance.
The inventory solution for supply chain management connects retailers, distribution centers, suppliers, and other partners through a record of every transaction. Furthermore, the technology enables more accurate and transparent end-to-end supply chain tracking. In addition, key players are collaborating to strengthen their market presence. Using encrypted distributed ledger technology in retail enables low-cost, secure, quick payment processing services. Thus, driving the Blockchain in Retail market revenue.
Blockchain in Retail Market Segment Insights
Blockchain in Retail Type Insights
Based on type, the blockchain in retail market segmentation includes public, private, and consortium. The private segment dominated the market, and the use of private solutions in the retail industry is growing. Furthermore, the low transactional fee of private blockchain is fueling the market growth. Because of their increasing adoption in retail, public blockchain is expected to gain traction. Government organizations' increasing adoption of solutions to design platforms/solutions for transparent and real-time views is expected to drive blockchain in retail industry trends. It has recently enhanced the Blockchain in the Retail market CAGR globally.
Figure 1: Blockchain in Retail Market by Type, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain in Retail Platform Insights
Based on the platform, the blockchain in retail market segmentation includes bitcoin, ripple, Ethereum, R3 corda, hyper ledger fabric, multichain, quorum and others. The bitcoin segment held the majority share in 2022 concerning the Blockchain in Retail market revenue. With over 190 million users worldwide, Bitcoin has become the world's best-known and most popular cryptocurrency exchange. Bitcoin users can send it anywhere without any banking infrastructure or exchange fees because it lives in the digital world, fostering peer-to-peer financial transactions. Bitcoin is uncontrolled by any government or organization but is also scarce. The limited supply of 21 million bitcoins worldwide has contributed to the cryptocurrency's exclusivity and volatility.
Blockchain in Retail Organization Size Insights
Based on the organization size, the blockchain in retail market data includes large enterprises and SMEs. The large enterprise category generated the most income Blockchain technology can be used to track products and materials as they move through the supply chain, creating a transparent and secure record of each step along the way. This can aid in reducing fraud and errors, as well as increasing efficiency and traceability. Furthermore, securing, storing, and managing digital identities, allowing individuals to control their data, and preventing identity theft implants for Blockchain in Retail, positively impact the market growth.
Blockchain in Retail Application Insights
Based on the application, the blockchain in the retail industry includes compliance management, database management, auditing, payment management, inventory management, loyalty and rewards management, fraud management and others. Compliance management services dominate the market holding the maximum market share during the forecasted period. The distributed ledger technology used by blockchain creates a secure and tamper-proof record of all transactions, making it more difficult for data to be hacked or manipulated. This can aid in protecting sensitive customer data, which is necessary for compliance with data privacy regulations.
Blockchain in Retail Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Blockchain in the Retail market will dominate this market. To maintain its position in the market, the region has made significant investments in blockchain in retail services and technology. Adopting advanced technologies such as smart payment, contracts, and others has resulted from technology deployment. IBM Corporation, Oracle Corporation, and Accenture PLC are among the early adopters of retail technology and are far ahead in its implementation. According to IDC, the United States will lead in technology spending with USD 2.6 million in 2021.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BLOCKCHAIN IN RETAIL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Blockchain in Retail market accounts for the second-largest market share. As the region is expected to develop rapidly, more people are becoming interested in blockchain technology. Investment by key market players, government projects, and increased funding for research and development activities are just a few factors driving the region's growth. Further, the German Blockchain in Retail market held the largest market share, and the UK Blockchain in Retail market was the fastest-growing market in the European region.
The Asia Pacific Blockchain in Retail Market is expected to grow at the fastest CAGR from 2023 to 2030. The region's countries are taking extensive steps to adopt advanced technologies and implement distributed ledger technologies in their retail sectors and supply chains. For example, the Singapore government announced a USD 8.90 million program for blockchain application adoption in December 2020. Furthermore, these government-driven investments and funding aim to make the Asia Pacific the dominant market in the world. Moreover, the India Blockchain in Retail market held the largest market share, and the China Blockchain in Retail market was the fastest-growing market in the Asia Pacific region.
Blockchain in Retail Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Blockchain in Retail market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Blockchain in Retail industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Blockchain in Retail industry to benefit clients and increase the market sector. The Blockchain in Retail industry has recently offered some of the most significant medical advantages. Major players in the Blockchain in Retail market, including Tata Consultancy Services Limited (India), Microsoft Corporation (US), Guardtime (US), Oracle Corporation (US), Amazon Web Services (US), BlockApp (US), Bitpay (US), Microsoft Corporation (US), Bitfury USA Inc. (US), Cognizant (US), Cisco Systems (US) and others, are attempting to increase market demand by investing in research and development operations.
Tata Consultancy Services Limited (India) Tata Consultancy Services is a 50-year-old IT service, consulting, and business solutions firm that has worked with many of the world's largest corporations. We believe collective knowledge and innovation can transform our futures with greater purpose. We take a long-term approach, establishing lasting relationships, resulting in mutual growth and long-term outcomes. Mr. Fakir Chand Kohli dubbed the "Father of Indian IT," brings together a young team of eager US-returned IT professionals to generate demand for downstream computer services. TCS receives its first external contract - power companies are being established in Iran as part of an infrastructure building program, and TCS has been awarded projects to build inventory and stock control systems for these stations.
Guardtime (US), has spent over ten years researching and developing blockchain protocols and applications. We have built and deployed enterprise blockchain applications used in production by some of the world's most demanding clients. Every physical, digital, and financial asset will be tokenized over the next decade. On the other hand, the real world is not "on-chain," and blockchain's role will be limited to serving as a censorship-resistant machine for creating tokens that can be verified and acted upon with zero trust assumptions off-chain in the real world.
Key Companies in the Blockchain in Retail market include
- Tata Consultancy Services Limited (India)
- Microsoft Corporation (US)
- BlockApp (US)
- Oracle Corporation (US)
- Amazon Web Services (US)
- Bitpay (US)
- Guardtime (US)
- Microsoft Corporation (US)
- Bitfury USA Inc. (US)
- Cognizant (US)
- Cisco Systems (US)
Blockchain in Retail Industry Developments
August 2022: IBM Corporation and Maersk have collaborated to create TradeLens, a blockchain shipping solution. The solution aims to promote secure and efficient trade by incorporating blockchain technology into the supply chain.
September 2022: Oracle Corporation launched the Oracle blockchain application cloud to assist customers in providing agility and increasing trust in business transactions. The new suite uses SaaS to improve transparency and traceability across the supply chain.
January 2022: IBM Corporation collaborated on supply chain solutions with Ford Motor Company, RCS Global, LG Chem Ltd, and Huayou Cobalt Corporation Ltd. This would enable the companies to validate and track a variety of minerals used in consumer goods.
Blockchain in Retail Market Segmentation
Blockchain in Retail Type Outlook
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Public
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Private
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Consortium
Blockchain in Retail Platform Outlook
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Bitcoin
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Ripple
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Ethereum
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R3 Corda
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Hyperledger Fabric
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Multichain
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Quorum
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others
Blockchain in Retail Organization Size Outlook
Blockchain in Retail Application Outlook
Blockchain in Retail Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
