According to CMi Global Blockchain in Retail Market Size, Forecast, Analysis and Share Exceeds USD 2,200 Million by 2030

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Blockchain in the retail market was at 170 million dollars in 2021 and is growing to approx. 2,200 million USD by 2030, growing at a CAGR of 40% between 2022 and 2030.

SANDY, UTAH, USA, Feb. 14, 2023 /EINPresswire.com/ — According to the study, The Global Blockchain in Retail Market was estimated at USD 170 million in 2021 and is expected to reach around USD 2,200 million by 2030, growing at a CAGR of approx. 40% between 2022 and 2030.

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Blockchain in the retail market: Overview

Due to blockchain-based retail solutions, retailers can provide their consumers with benefits such as unparalleled customer service, traceability, real-time information and on-time delivery information. Technology also enables supply chain participants to know the exact location and legitimacy of goods, product safety, quality and reliability. The global retail blockchain is likely to be driven by the growing demand for retail blockchain from end users such as logistics and supply chains.

Blockchain in the retail market: growth drivers

Many factors influence the use of blockchain technology, which works on decentralized systems. The obvious benefits of blockchain systems include transparency, cost savings, elimination of third parties, cryptographic security, micropayments, as well as immutability. The increasing demand for speed and efficiency in retail and supply chain transactions and the rapidly changing international trade and retail environment are the main factors driving the adoption of blockchain technology in retail. These factors are supported by increasing venture capital funding and investments in blockchain technology providers.

The financial industry is at the forefront of researching and implementing blockchain solutions for intelligent transactions. Retail will be disrupted by blockchain, promoting digital transformation and opening up new opportunities for growth and revenue generation. However, the absence of a centralized organization and uniform standards, as well as lack of knowledge and understanding of the application of blockchain technologies, is expected to limit the growth of this market to some extent. The use of blockchain in the retail and supply chain management industry in APAC offers huge growth prospects due to the region’s important financial and retail hubs, as well as its huge shipping and trading markets, including Hong Kong and Singapore. However, lack of knowledge and technical expertise in blockchain technology may limit the expansion of the blockchain trading industry globally.

Report URL: : https://www.custommarketinsights.com/report/blockchain-in-retail-market/

Key insights:

A) According to the analysis shared by our research analyst, the Blockchain in retail market is estimated to grow annually at a CAGR of around 40% over the forecast period (2022-2030).
B) In terms of revenue, the size of the Blockchain in Retail market was valued at around USD 170 million in 2021 and is estimated to reach USD 2,200 million by 2030. Due to a number of driving factors, the market is predicted to rise at a significant rate.
C) Due to shutdowns implemented during Q2 and Q3 of 2020, the COVID-19 pandemic presented a number of difficulties for the global blockchain in the retail market.
D) Retail blockchain service providers intend to continue and take advantage of the lucrative market expansion opportunities brought about by the COVID-19 pandemic.
E) Blockchain adoption in retail is driven by growing consumer demand for transparency in the supply chain. The retail supply chain must be transparent at all stages when it comes to purchasing raw materials, use of water in textile dyeing, guidelines for customer service, environmental effects of product distribution and other factors. Retail companies are investing in blockchain technology to promote transparency, improve employee and customer happiness, and generate revenue.

Blockchain in Retail Industry Press Release: https://www.custommarketinsights.com/press-releases/blockchain-in-retail-industry/

Regional landscape

The highest CAGR is expected to be recorded in Asia Pacific. The region’s expanding economies, including India, China and Indonesia, are to blame for the rapid rise of blockchain in retail solutions and services among urban populations. The region’s development is supported by the growing use of B2B blockchain-based payment systems, an increase in demand for retail blockchain solutions to ensure efficient supply chain and fraud management, an increase in demand for retail payment systems, and the presence of more experienced blockchain companies.

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Key players

SAP
IBM
Microsoft
Oracle
Bit fury
AWS
Auxesis group
BTL
Cegeka
Duty time
loyal
CoinBase
Sophocles
Records Keeper
ModulTrade
Respond
BigchainDB
Guarantor
BitPay
Abra
Provenance
OGYDocs
Blockverify
Blockchain Foundation

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Blockchain in the retail market is segmented as follows:

By component

Solutions
Services

Upon deployment

Cloud
On-Premises

Upon application

Compliance Management
Supply chain and inventory management
Smart contract
Transaction management
Identity management
Automated customer service

By geography

North America

The United States
Canada
Mexico
Europe
Great Britain
Germany
France
Italy
Russia
The rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
The Philippines
Rest of Asia-Pacific

Latin America

Brazil
The rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
The rest of the Middle East and Africa

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