Global Blockchain in Retail Market

Blockchain in Retail Market Size, Share, Growth Analysis, By Application (Compliance Management, Smart Contract), By Component (Platform, Services), By Organization Size, By Deployment Mode, By Region - Industry Forecast 2025-2032

Report ID: SQMIG45A2379 | Region: Global | Published Date: December, 2024
Pages: 198 | Tables: 90 | Figures: 72

Blockchain in Retail Market News

  • 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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Blockchain in Retail Market size was valued at USD 245.9 Million in 2023 and is poised to grow from USD 351.15 Million in 2024 to USD 6071.77 Million by 2032, growing at a CAGR of 42.8% during the forecast period (2025-2032).

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. 'IBM Corporation ', 'Microsoft Corporation ', 'Oracle Corporation ', 'SAP SE ', 'Amazon Web Services (AWS) ', 'Intel Corporation ', 'Bitfury Group ', 'Guardtime ', 'Auxesis Group ', 'Coinbase ', 'Blockchain Foundry Inc. ', 'Blockpoint ', 'Cegeka ', 'Chainalysis Inc. ', 'Digital Asset Holdings ', 'Factom Inc. ', 'Gem ', 'Hewlett Packard Enterprise (HPE) ', 'Infosys Limited ', 'Loyyal Corporation '

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.

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.

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Blockchain Market
Buy Now GET FREE SAMPLE
Blockchain Supply Chain Market
Buy Now GET FREE SAMPLE
Smart Retail Market
Buy Now GET FREE SAMPLE
Retail Banking Market
Buy Now GET FREE SAMPLE
Blockchain Technology Market
Buy Now GET FREE SAMPLE
Internet of Things in Retail Market
Buy Now GET FREE SAMPLE
Blockchain as a Service Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Blockchain in Retail Market

Report ID: SQMIG45A2379

$5,300
BUY NOW GET FREE SAMPLE