Redding, California, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Blockchain in Retail Market by Component, Organization Size, Provider, Type, Deployment Mode, Application (Transaction Management, Supply Chain Management, and Other Applications) and Geography - Global Forecast to 2029’, the global blockchain in retail market is projected to reach $25.8 billion by 2029, at a CAGR of 68.3% from 2022 to 2029.
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Retail blockchain is referred to as disruptive technology that records digital transactions cryptographically on a distributed ledger within the retail sector. Blockchain helps retailers to better track the origin of stock, offers better control over what they sell and provides assurances for different applications, including smart contracts, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications.
Blockchain in retail is gaining traction due to its implementation across retail industries for its notable benefits, such as improved supply-chain management, improved data management, reduced costs and settlement time, enhancement of consumer trust, and brand authenticity. The growth of this market is driven by the growing e-commerce, the adoption of blockchain by online retailers, the rising need to improve food safety with a transparent retail supply chain, growing demand for cost reduction, faster payments, increased transparency, and improved security. However, the lack of technology adoption by the unorganized retail sector and the dynamic regulatory & compliance environment may restrain the market growth. The growing adoption of crypto payment services in the retail sector, the increasing proliferation of blockchain to fight counterfeiting in the retail sector, and blockchain contribution to B2B payments are expected to offer significant growth opportunities for the stakeholders in the blockchain in the retail market. However, the growing number of digital attacks, lack of awareness, and technical understanding of blockchain technology is expected to pose serious challenges to the growth of the blockchain in retail market. Besides, a surge in demand for blockchain-based solutions for faster and contactless payment processing during the COVID-19 pandemic and increasing demand for QR code or near-field communication chip (NFC)-enabled products in retail stores are the latest trends in the global blockchain in retail market.
Impact of COVID-19 on the Blockchain in Retail Market
The COVID-19 pandemic adversely impacted the global economy. Lockdown restrictions and social distancing norms were implemented across several countries, negatively affecting multiple industries, including the blockchain in retail industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the blockchain in retail market. The COVID-19 pandemic also impacted the financial potential of consumers, resulting in a considerable decline in the sales of retail blockchain solutions and services. The blockchain in retail market was moderately impacted by the COVID-19 pandemic due to delayed and postponed customer orders but started to recover from the last quarter of 2020.
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The following factors are encouraged the growth of the blockchain in retail market during the COVID-19 pandemic:
- Authorities across the globe are encouraging digital payment systems in response to the COVID-19 pandemic.
- Blockchain-based platforms can be useful in reviewing, recording, and tracking demand, supplies, and logistics processes.
- The emergence of Cryptocurrency in financial technology continuously grows and evolves to become more prominent. Major cryptocurrencies such as Bitcoin and Ethereum have made their way to the retail sector, allowing users to pay for online products and services.
- Rising demand for cashless and contactless payment in the retail sector during the COVID-19 pandemic.
- Globally, economies are in various stages of development, having either started developing, replaced or are busy replacing daily batch payment systems with blockchain-based payment systems that execute payments faster.
- During the COVID-19 pandemic, retail manufacturers could manage orders, shipping documents or other supplementary requirements with the emergence of a blockchain-based system. Suppliers can track shipments and logistics, manage to create invoices and provide product origin tracking opportunities for supply chain participants and consumers.
- Several retailers are deploying blockchain-based systems for benefits such as improved supply chains, transparency, faster payments, security, and cost-efficiency solutions.
The global blockchain in retail market is segmented by component (solutions and services), application (smart contract, consumer experience management, transaction management, supply chain management, compliance management, identity management, food safety management, fraud detection/management, and other applications), organization size (large enterprises, and small and medium-sized enterprises), provider (application provider, middleware provider, and infrastructure provider), type (public blockchain, permissioned or private blockchain, federated or consortium blockchain, and hybrid blockchain), deployment mode (on-premise deployment, and cloud-based deployment). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on component, in 2022, the solutions segment is expected to account for the largest share of the global blockchain in retail market. The large market share of this segment is attributed to the surge in demand for retail blockchain solutions to ensure effective supply chain and fraud management, the increasing popularity of cryptocurrency payment solutions, the increasing demand for blockchain solutions for improving food safety, and the growing demand for cloud-based blockchain solutions.
However, the services segment is projected to register the highest CAGR during the forecast period due to the rising number of retail blockchain services launches to stay up to date on new and updated regulations and the increasing demand for designing, implementation & support, and consulting & development of blockchain solutions.
Based on application, in 2022, the supply chain management segment is expected to account for the largest share of the blockchain in retail market. The large market share of this segment is attributed to the growing need to implement a transparent supply chain process for retail industries, the growing need to maintain the authenticity of raw materials, including component suppliers, the increasing demand for faster payments systems, and the rising need for visibility for all parties across the full supply chain. Also, this segment is projected to register the highest CAGR during the forecast period.
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Based on deployment mode, in 2022, the cloud-based deployment segment is expected to account for the larger share of the global blockchain in retail market. The large market share of this segment is attributed to the increasing need for cloud-based retail blockchain solutions for processing large amounts of customer data, the growing benefits of centralized data storage, and the increasing need to reduce internal system design, implementation, and ongoing maintenance costs. The benefits of cloud infrastructure, such as ease of adoption, minimal requirement for in-house infrastructure, high scalability, and easy installation of retail blockchain solutions, support the growth of the cloud-based segment. Also, this segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global blockchain in retail market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global blockchain in retail market. The large market share of this region is attributed to the increasing adoption of blockchain technology by retail organizations in the region, the growing implementation of payment and wallet solutions, and the increasing usage of smart contracts and digital identity solutions. Furthermore, prominent factors, such as the increasing use of Cryptocurrency among people in North America and growing demand for retail blockchain solutions by North American e-commerce market such as Apple Inc. (U.S.), Amazon.com Inc. (U.S.), Best Buy Co. Inc. (U.S.), and eBay Inc. (U.S.) and rising demand for supply chain management solutions is promoting the growth of the blockchain in retail market. However, the Asia-Pacific is projected to register the highest CAGR during the forecast period due to the growing adoption of B2B blockchain-based payment systems, increasing demand for retail payment systems, and the growing presence of well-established blockchain companies.
The key players operating in the global blockchain in retail market are International Business Machines Corporation (U.S.), SAP SE (Germany), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Cognizant Technology Solutions Corporation (U.S.), Tata Consultancy Services Limited (India), Coinbase, Inc. (U.S.), Bitfury Holding B.V. (Netherlands), Auxesis Services & Technologies (P) Ltd (India), Reply (Italy), Blockchain Foundry inc. (Canada), Cisco Systems, Inc. (U.S.), BitPay Inc. (U.S.), Abra (U.S.), Project Provenance Ltd (U.K.), and BigchainDB GmbH (Germany).
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Scope of the Report
Blockchain in Retail Market, by Component
- Solutions
- Services
Blockchain in Retail Market, by Application
- Smart Contract
- Consumer Experience Management
- Transaction Management
- Supply Chain Management
- Compliance Management
- Identity Management
- Food Safety Management
- Fraud Detection/Management
- Other Applications
Blockchain in Retail Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Blockchain in Retail Market, by Provider
- Application Provider
- Middleware Provider
- Infrastructure Provider
Blockchain in Retail Market, by Type
- Public Blockchain
- Permissioned or Private Blockchain
- Federated or Consortium Blockchain
- Hybrid Blockchain
Blockchain in Retail Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Blockchain in Retail Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of Middle East & Africa
-
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