Blockchain in Retail Market worth USD 9402.73 Mn, growing at a CAGR of 72.54% during the forecast period 2022 to 2028| – Exclusive report from Introspective Market Research

Market overview:

The global blockchain in retail market was estimated at USD 206.55 million in 2021 and is projected to reach 9402.73 million by the end of 2028, growing at a CAGR of 72.54% over the analysis period.

ONE blockchain in retail is a system that encourages more reliable and authentic interactions between the company and the customer. The main advantage of this system is that it encourages loyalty and complete transparency. Blockchain in retail works with existing systems to provide real-time data that enables a better understanding of customers and simple transactions. Blockchain in retail enables retailers to offer real-time delivery and services in record time. Scalability and interoperability are the factors necessary for blockchain adoption. This is only possible when industry standards are set, which is in a lagging phase right now. The telecom sector is struggling with the mass adoption of blockchain technology.

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The report will contain a large chapter

• Patent analysis
• Regulatory framework
• Technology roadmap
• BCG matrix
• Analysis of heat maps
• Price development analysis

Market dynamics and factors:

The increasing use of blockchain-as-a-service and smart contract services in retailers is one of the main factors driving the growth of the blockchain in the retail market. In addition, one of the few drivers for blockchain in the retail market is the increasing use of technology and supply chain management by retailers in the administration industry. The retail blockchain facilitates affordable, secure and fast payment processing services using encrypted distributed ledger technology. This allows for real-time transaction verification without the use of intermediaries such as clearing houses and banks. Retail has seen a significant increase in digital payments, which has increased the demand for distributed ledger technology.

Due to the many high-value distributed applications of blockchain technology, it is transforming the entire retail industry. As a result, blockchain in retail is introducing new business models in a number of areas, including digital payments, smart contracts, internet/online commerce, and risk and compliance. As a result of these factors, retailers are investing huge sums to research blockchain technology, for one such factor is driving the growth of Blockchain in the retail market during the forecast period.

Blockchain in Retail Market Report Highlights:

• By component, the platform segment is expected to lead the growth of the Blockchain in retail market in the forecast timeframe. The growth of the platform component is mainly due to the growth in the use of blockchain software among retailers due to the urgency of safe and secure transfer of data across the supply chain. The ease of accessibility and availability of cost-effective solutions is also the key factor driving the demand for blockchain platforms across a range of retailers. Furthermore, the service segment is expected to show the highest growth rate through the blockchain during the retail forecast period.
• By application, the Supply Chain Management segment is expected to hold the highest share of Blockchain in the retail market over the forecast period. The increasing use of technology to facilitate the sharing of data across organizations and the increasing number of security issues are expected to drive the growth of the segment. Supply chain management solutions are used for the process of organizing, acquiring and using customer data for a better understanding of end users. Furthermore, growing logistics and supply chain management will create better market opportunities for key suppliers in the future.
• The North American region is expected to hold the highest share of the Blockchain in retail market over the forecast period. The presence of the prominent key players, as well as an increase in technological progress. The rollout of technology has given rise to the use of advanced technologies such as smart payment, contracts and others are the main factors driving the development of the market in this region.

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Top Key Players Covered in the Blockchain in Retail Market:

• IBM (USA)
• SAP (Germany)
• Microsoft (USA)
• Oracle (USA)
• AWS (US)
• Bitfury (USA)
• Auxesis Group (India)
• Cegeka (Belgium)
• BTL (USA
• Duty Time (US)
• Amazon Web Services (USA) and other major players.

Important industrial developments:

In August 2019, IBM Corporation and Maersk joined forces to develop a technological shipping solution called Trade Lens. The solution aims to promote secure and efficient global trade by using DLT in the supply chain

In June 2019, MIMOS partnered with Oracle Corporation to use blockchain technology to streamline various processes for greater trust and transparency. The collaboration aims to improve supply chain processes and facilitate the execution of business processes in Malaysia.

Blockchain in Retail Market Segmentation:

By distribution model

By cluster type

• High availability (HA) and failover
• Load balancing
• HA & load balancing
• Distributed and parallel processing

By end users

• Life skills
• Industrial production
• Banking operations
• Defense
• The gaming industry
• Retail
• Others

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For this report, Introspective Market Research has segmented the blockchain in retail market based on region:

Regional Outlook (Revenue in Millions of Dollars; Volume in Units, 2022-2028)

North America

Europe

• Germany
• Great Britain
• France
• Italy
• Russia
• Spain
• The rest of Europe

Asia Pacific

• China
• India
• Japan
• Singapore
• Australia
• New Zealand
• Rest of APAC

Middle East and Africa

• Turkey
• Saudi Arabia
• Qatar
• UAE
• Israel
• South Africa

South America

• Brazil
• Argentina
• The rest of SA

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Scope of the report:

The latest research on Blockchain in Retail Market provides a comprehensive overview of the market for the years 2022 to 2028. It provides a comprehensive picture of the global Blockchain in Retail, considering all important industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s Five Forces Analysis , industry value chain analysis and PESTEL analysis of the blockchain in the retail market. The report also contains important chapters such as patent analysis, regulatory framework, technology roadmap, BCG matrix, heat map analysis, price trend analysis and investment analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their business. The study is written with a specific goal in mind to provide business insight and advice to help clients make smart business decisions and achieve long-term success in their particular market areas.

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