USD 5.9 billion
Blockchain in Retail Market Size, Share, Growth Analysis, By Providers(Application Providers, Middleware Providers and Infrastructure Providers), By Application(Compliance Management, Identify Management, Loyalty & Rewards Management, Payments), By Organization Size(SMEs and Large Enterprize), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2258 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
90
|Figures:
72
Blockchain in Retail Market Insights
Global Blockchain in Retail Market size was valued at USD 5.9 billion in 2022, USD 8.4 billion in 2023 and is projected to grow USD 70 billion by 2031, growing at a CAGR of 42.40% in the forecast period (2024-2031).
The market is primarily driven by the growing demand for efficiency and speed in supply chain and retail transactions, as well as the growing interest in the application of blockchain technology in these industries. Furthermore, the quickly evolving global trade and retail business landscape, supported by a rise in venture capital and investments directed towards blockchain technology providers, has expanded the market's potential opportunities. Every day, the retail and SCM industries handle a great number of information flow and transactions. Sales, fees, certificates, approvals, payments, procurement data, and details on the authentication procedure are a few examples of potential information sources. One of the biggest problems supply chain organizations have been maintaining quality and product flow monitoring, along with lowering costs and expediting delivery.
Many companies in the supply chain management industry are using blockchain technology to improve the efficiency and transparency of their company operations, as well as the final delivery phase overall. One of the primary aspects that will likely propel the expansion of the blockchain supply chain market overall is the prevention of data tampering through the integration of blockchain technology with SCM systems. Furthermore, this technology allows transactions to be recorded on distributed ledgers, which improves efficiency, transparency, and fraud protection for several agencies. Three key factors are driving the expansion of the blockchain supply chain market: more e-commerce, improved supply chain transaction security, and the requirement for supply chain transparency. Two factors that are preventing the blockchain supply chain sector from growing are a lack of awareness of technology and labor scarcity.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Application provider
Fastest Growth
Middleware provider
Growth Rate
42.40% CAGR
Global Blockchain in Retail Market ($ Bn)
Country Share by North America (%)
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Blockchain in Retail Market Segmental Analysis
The global blockchain in retail market is segmented based on providers, application, organization size and regional type. In terms of provider, the market is segmented into application providers, middleware providers and infrastructure providers. Based on application, the market is grouped into compliance management, identify management, loyalty & rewards management, payments, smart contracts, supply chain management and others. Based on organization size, the market is bifurcated into SMEs and large enterprise. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Provider
As per categorization by provider, the market is classified into application providers, middleware providers and infrastructure providers. Among these, application provider earned the largest share and continues to dominate the market. Application providers are using blockchain technology in the global retail sector to improve supply chain transparency, expedite payments, and store customer data securely. The usage of blockchain-based loyalty programmes to reward user participation, smart contracts for automated transactions, and provenance tracking for product authenticity are some examples of innovations. These developments create enormous value for the whole retail ecosystem by enabling merchants to increase consumer trust, lower operating costs, and lower the risk of fraud.
Because of the critical role they play in enabling the smooth integration of blockchain technology into current retail systems, middleware and infrastructure suppliers are well-positioned for significant growth in the worldwide blockchain in retail industry. Middleware solutions will be crucial for interoperability across different blockchain platforms and traditional systems as retailers use blockchain more and more for supply chain management, product authentication, and customer engagement. In a similar vein, merchants seeking strong infrastructure to support their blockchain projects will drive major growth prospects for infrastructure providers who offer scalable, secure, and reliable blockchain networks.
Analysis by Organization Size
Small and medium-sized businesses (SMEs) are using blockchain technology more and more in the global retail industry due to its ability to completely transform operations. Using blockchain to manage supply chains transparently, improving customer trust with unchangeable product provenance records, and enabling safe transactions with decentralized payment systems are some examples of innovations. SMEs can obtain a competitive advantage by implementing blockchain technology, which can boost customer satisfaction, increase operational efficiency, and promote better trust and transparency within their ecosystems.
Large businesses are well-positioned for quick expansion in the global blockchain retail sector because of their vast networks, significant resources, and deliberate focus on innovation. Large retailers can gain major competitive benefits from blockchain technology, which has the potential to revolutionize supply chain management, consumer interaction, and transactional efficiency. These businesses also have the resources to invest in blockchain R&D, infrastructure, and infrastructure, which allows them to deploy full blockchain solutions on a large scale. The growing expectations of consumers for authenticity and transparency are pushing big businesses to use blockchain technology more and more, which is propelling the industry's rapid expansion.
Global Blockchain in Retail Market By Provider (%)
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Blockchain in Retail Market Regional Insights
The US has made large investments in blockchain technology and retail services to keep its place in the market. As a result, North American blockchain technology will rule the retail sector. The implementation of technology has led to the adoption of cutting-edge technologies like smart contracts and payments. Retail IT adoption and execution were pioneered by IBM Corporation, Oracle Corporation, and Accenture PLC. IDC predicts that in 2021, US technology investment would reach a record high of USD 2.6 million. Europe holds the second-largest market share in the retail blockchain space. More individuals are getting interested in blockchain technology as the area is predicted to grow quickly. The region is expanding due to various causes like government initiatives, the involvement of major companies in the market, and the augmentation of money for research & development.
Due to the fact that the nations in this region are making significant efforts to integrate distributed ledger technology into their supply chains and retail industries, the Asia Pacific Blockchain in Retail Market is anticipated to expand. For instance, in December 2020, the Singaporean government launched a USD 8.90 million programme for the implementation of blockchain applications. In the Asia Pacific area, the China Blockchain in Retail market was growing at the fastest rate, while the India Blockchain in Retail market held the greatest market share.
Due to the growing demand for transparent supply chains in nations like Brazil and Mexico, Latin America is experiencing tremendous growth in the global blockchain retail sector. South Africa and the United Arab Emirates stand out as leaders in the Middle East and Africa, using blockchain to improve customer trust and logistics.
Global Blockchain in Retail Market By Geography
- Largest
- Fastest
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Blockchain in Retail Market Dynamics
Drivers
Supply Chain Transparency
- Improved supply chain transparency is one of the main factors propelling the global blockchain in retail market. A decentralised and unchangeable ledger system made possible by blockchain technology enables retailers to follow things from point of origin to point of sale. This openness lowers the possibility of fake goods getting into the supply chain, ensures ethical sourcing methods, and verifies the authenticity of products.
Simplified Payment Processing
- The use of blockchain technology for more efficient payments is a key factor propelling the global blockchain in retail industry. Intermediaries are frequently used in traditional payment systems, which causes delays, expensive transaction fees, and security flaws. Retailers can now perform safe, peer-to-peer transactions with their customers directly, cutting out middlemen and transaction expenses, thanks to blockchain-based payment solutions.
Restraints
Uncertainty in Regulations
- Uncertainty surrounding regulations is a major barrier to the global blockchain in retail market. Global regulatory organisations are finding it difficult to keep up with the ramifications of blockchain technology as it develops and challenges conventional retail practices. Retailers may find it difficult to integrate blockchain solutions due to legal and compliance issues if there aren't clear and uniform regulations governing blockchain use in the industry.
Interoperability Difficulties
- Interoperability issues are another barrier affecting the global blockchain in retail market. Although decentralised and transparent systems are promised by blockchain technology, interoperability problems may arise due to the proliferation of blockchain platforms and protocols. In the retail supply chain, a lack of interoperability can lead to data silos, inefficiencies, and increased complexity, which can impede the smooth transmission of information and transactions.
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Blockchain in Retail Market Competitive Landscape
Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the overall growth of the Blockchain in Retail market. In addition, market participants are engaging in a range of strategic endeavours aimed at broadening their market reach. Notable events in this regard include the introduction of new products, contractual agreements, mergers and acquisitions, increased investment levels, and cooperation with other entities. In order to grow and thrive in an increasingly cutthroat and dynamic market, the retail blockchain needs to provide affordable products. Over the course of more than a decade, Guardtime (US) has investigated and created blockchain applications and protocols.
Top Player’s Company Profiles
- Bitfury (Netherlands)
- BTL (Canada)
- SAP (Germany)
- BigchainDB (Germany)
- Oracle (US)
- BitPay (US)
- Guardtime (Estonia)
- Cegeka (the Netherlands)
- Microsoft (US)
- Sofocle (India)
- IBM (US)
- Auxesis Group (India)
- Records Keeper (Spain)
- Lowe's (US)
- Flipkart (India)
- Walmart (US)
Recent Developments
- In June 2023, VeChain, a blockchain startup with a focus on supply chains, is using its partnership with Walmart. Expanding its relationship with Walmart China, the blockchain platform aims to revolutionize supply chain management and increase customer trust in the blockchain by covering more items and categories. The China branch of Walmart is able to keep an eye on temperature-controlled goods while they are in transit thanks to the VeChain IoT and blockchain technology. This skill enhances food safety by lowering the possibility of infection and spoiling.
- In February 2023, A strategic agreement was formed by blockchain platform Polygon and e-commerce behemoth Flipkart to establish a Blockchain-eCommerce Centre of Excellence (CoE). To hasten the adoption of Web3, the CoE will focus on Web3 research and development as well as metaverse commerce use cases in India.
- In January 2023, Using RFID chips and blockchain technology, Lowe's Innovation Labs division has devised a novel way to tackle retail theft that is invisible to customers. Activating power equipment at the point of sale, the new Project Unlock technology uses inexpensive RFID chips along with Internet of Things sensors to create a secure, anonymous, and publicly accessible blockchain record of valid purchases.
Blockchain in Retail Key Market Trends
- Blockchain Driving Market Growth: Retailers can benefit from real-time information, traceability, and on-time delivery thanks to blockchain-powered retail solutions. Technology also makes sure that things are reliable, legitimate, safe, and of high quality. It also lets supply chain partners know exactly where their products are located. The market for retail solutions is anticipated to be driven by end users' increasing demand for blockchain in retail, including supply chains and logistics.
- Unlocking Various Market Opportunities: In the logistics sector, two important characteristics that are anticipated to open up new markets for big companies are faster transaction speeds and more transaction transparency. In addition, industry players are focusing on growing their company divisions worldwide. The application of distributed ledger technology to inventory control and supply chain management is one of the major market trends. Technology contributes to increased transparency in the material supply chain, decreased paperwork and administrative costs, and improved visibility and compliance.
Blockchain in Retail Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the retail industry is growing as a result of enhanced supply chain transparency made possible by blockchain technology. This transparency enables retailers to track products from the point of origin to the point of sale, lower the danger of counterfeit goods, ensure ethical sourcing, and confirm the authenticity of products. A major barrier to blockchain adoption in the retail industry is the lack of clarity surrounding legislation, which makes it difficult for regulatory authorities to keep up with the rapid improvements in the technology and may make integration more difficult owing to legal and compliance issues. Data silos and inefficiencies within the retail supply chain are further obstacles brought about by the proliferation of blockchain platforms and protocols and their inability to work together. With a focus on providing affordable solutions to thrive in a competitive market, notable players in the industry are propelling growth in the Blockchain in Retail market with significant investments in R&D to expand product offerings, coupled with strategic initiatives like new product launches, partnerships, mergers, acquisitions, and increased investment levels.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.9 billion |
| Market size value in 2031 | USD 70 billion |
| Growth Rate | 42.40% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain in Retail Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain in Retail Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain in Retail Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain in Retail Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain in Retail Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain in Retail Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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