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

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.