Farmington, Jan. 19, 2023 (GLOBE NEWSWIRE) — The global Blockchain in the retail market The size was valued at USD 240.45 million in 2022 and is expected to reach USD 30,641.76 million by 2030, growing at a CAGR of 91.67% from 2023 to 2030. Blockchain technology is here to stay and it is already changing every industry. Technology is helping a lot in retail with everything from managing the supply chain to improving customer loyalty programs. As more retail sales occur online, stores are finding it difficult to change the way they deliver products to match how customers search for and buy products, which is always changing. Blockchain technology, for example, helps stores better store information about their suppliers, makes payments and contracts easier, and even makes counterfeiting more difficult by making it easier to tell whether a product is genuine or not.
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Recent developments:
- In July 2019 – Together with IBM and mall operator Scentre Group, a group of Australian financial services companies launched a pilot that puts bank guarantees for retail rents on a private blockchain.
- In July 2019 – Nestle worked with OpenSC, a blockchain platform, to build the distributed ledger system, which will be different from Nestle’s ongoing work on the IBM Food Trust blockchain.
- In June 2019 – Dixy, which sells food and is the third largest food retailer in Russia, used blockchain technology to improve the company’s financial system. The Moscow-based retailer has used blockchain to help suppliers and factoring firms work together. Factoring companies are third parties that buy invoices from businesses at a discount to help those businesses get money.
Segment overview
By component analysis
The platform/solutions segment is expected to be the market leader during the forecast timeframe. The demand for solutions in industries such as retail and others is growing, making the market bigger. All three of IBM, Oracle and Accenture spend money on creating platforms and solutions that are more advanced. The companies also put a lot of effort into integrating solutions with AI, IoT and other technologies so that they can offer interactive experiences in real time.
The services are likely to grow rapidly over the next few years as more people want more secure ways to update data and keep track of what they are doing.
By type of analysis
During the forecast timeframe, the private distributed ledger technology is expected to hold the largest share of the retail blockchain market. More and more private solutions are being used in the retail trade. The growth of the market is also aided by the low transaction fees of private blockchain.
As they are used more and more in retail, public blockchain is likely to become more popular. More and more public organizations are using solutions to design platforms and solutions that provide a clear and real-time picture. This is likely to drive blockchain trends in retail.
During the forecast period, the consortium is also expected to grow very rapidly. More retail projects are being built in developed countries such as the US, Germany and others. This makes the industry grow.
In application analysis
By application, the market is segmented into supply chain management, food safety management, customer data management, identity management, compliance management, billing transaction processing, and others. Over the next few years, supply chain management is likely to drive the growth of the market. This segment is likely to grow as more companies use technology that makes it easy for them to share data and more people are concerned about security. Supply chain management solutions are used to organize, retrieve and use data about customers to learn more about end users. Also, as logistics and supply chain management improve, market opportunities for key suppliers will improve in the future.
Regional Outlook:
North America had the largest share of the market in 2020. The area has put a lot of money into blockchain in retail services and technology to keep its place in the world market. Smart payments, contracts and other high-tech things have become more popular because of technology. Some of the first retailers to adopt technology were technology giants such as IBM Corporation, Oracle Corporation, and Accenture PLC, and they are still way ahead of the curve in using it. IDC says that in 2021, the US spent more on technology than any other country, at $2.6 billion.
Businesses in Europe are becoming more and more interested in blockchain technology because the region is expected to grow rapidly. Some of the things that help the region to grow are investments from key players in the market, government projects and more money for research and development.
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Scope of the report:
| Report Attributes | Details |
| Growth rate | CAGR of 91.67% from 2023 to 2030. |
| Revenue forecast by 2030 | USD 30,641.76 million |
| By type | Public blockchain, private blockchain, consortium blockchain, other |
| By component | Platform/solutions, services, other |
| Upon application | Supply Chain Management, Food Safety Management, Customer Data Management, Identity Management, Compliance Management, Billing Transaction Management, Other |
| Of companies | IBM Corporation (New York, USA), Oracle Corporation (Texas, USA), Accenture Plc (Dublin, Ireland), Tata Consultancy Services (Maharashtra, India), Amazon Web Services, Inc. (Washington, USA), Cisco Systems Inc. (California, USA), Auxesis Services and Technologies (P) Ltd. (Mumbai, India), Guardtime (Lausanne, Switzerland), Sofocle Technologies (Uttar Pradesh, India), Capgemini SE (Paris, France) |
| Regions and countries covered |
|
| Foundation year | 2022 |
| Historic year | 2017 to 2022 |
| Forecast year | 2023 to 2030 |
Market trends:
The use of distributed ledgers in the supply chain and inventory management is one of the most important market trends. The technology makes it easier to see where things come from in the supply chain, improves visibility and compliance, cuts paperwork and administrative costs, and saves money. Using distributed ledger technology in both the supply chain and inventory management will also ensure that the company’s standards are met and reduce the risk of bad PR from errors in the supply chain.
Market driving factors:
With encrypted distributed ledger technology, the retail blockchain makes it easy, safe and cheap to process payments. This makes it possible to check the transactions in real time without clearinghouses or banks being in the middle. Digital payments have grown a lot in retail, which has helped increase demand for distributed ledger technology. Adding technology to the supply chain will also make it safer, more transparent and easier to track. For example, in December 2020, New Generation Computing Inc. and Loyalty Inc. released a supply chain traceability solution that allows retailers and owners to document the chain of custody from origin to importer of record. Similarly, in January 2020, Accenture launched procurement solution. The solution puts the teams of buyers and sellers on the same platform so that they can easily and securely share data.
Customers can now use distributed ledger technology with less hassle. The distributed ledger technology helps automate, find and manage issues that can affect their daily workflows, such as payroll systems and financial services transactions. Staff use this technology to do things like keep track of employees’ personal information, help them get started, check their work history, and do background checks. It also provides them with real-time information about their customers and employees. Technology helps stores keep track of their customers and workers in real time.
Key segments covered:
Top players on the market:
IBM Corporation (New York, USA), Oracle Corporation (Texas, USA), Accenture Plc (Dublin, Ireland), Tata Consultancy Services (Maharashtra, India), Amazon Web Services, Inc. (Washington, USA), Cisco Systems Inc. (California, USA), Auxesis Services and Technologies (P) Ltd. (Mumbai, India), Guardtime (Lausanne, Switzerland), Sofocle Technologies (Uttar Pradesh, India), Capgemini SE (Paris, France) and others.
By component
- Platform/ Solutions
- Services
- Other
By type
- Public blockchain
- Private blockchain
- Consortium Blockchain
- Other
Upon application
- Supply Chain Management
- Management of food security
- Customer data processing
- Identity management
- Compliance Management
- Processing of billing transactions
- Second
Regions and countries covered
- North America: (USA, Canada, Mexico, rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic countries, Benelux Union, Rest of Europe)
- Asia Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- The rest of the world
Check out more related studies published by Contrive Datum Insights:
- Web 3.0 Blockchain Market – The global Web 3.0 Blockchain market size was USD 1.36 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 44.9% from 2022 to 2030. By 2023, nearly 56.2% of the market will be in North America .
- Blockchain IoT Market – The Blockchain IoT market is expected to exceed USD 124.58 million by the end of 2030, with a CAGR of 93.4% during the forecast period. The rest of the blockchain IoT business will be led by Asia-Pacific.
- Fintech blockchain market – Fintech’s blockchain market size was valued at USD 2.012 billion. The total Fintech blockchain revenue is expected to grow by 75.80% from 2022 to 2030, reaching nearly USD 183.56 billion. Most of the growth in the FinTech blockchain market is likely to occur in North America.
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