Farmington, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Global Blockchain In Retail Market Size Was Valued At USD 240.45 Million In 2022 And Is Projected 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 loyalty programmes for customers. As more retail sales happen online, stores are finding it hard to change how they deliver products to match how customers search for and buy products, which are always changing. For example, blockchain technology helps stores store information about their suppliers better, makes payments and contracts easier, and even makes it harder to make fake goods by making it easier to tell if a product is real or not.
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Recent Developments:
- In July 2019 - Together with IBM and shopping centre operator Scentre Group, a group of Australian financial services companies launched a pilot that puts retail lease bank guarantees 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 with 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 its corporate finance system. The Moscow-based retailer has used blockchain to help suppliers and factoring firms work together. Factoring firms 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 time frame of the forecast. The demand for solutions in industries like retail and others is growing, which is making the market bigger. All three of IBM, Oracle, and Accenture spend money to make platforms and solutions that are more advanced. Also, the companies are putting a lot of work into integrating solutions with AI, IoT, and other technologies so they can offer interactive experiences in real time.
The services are likely to grow quickly over the next few years because more people want safer ways to update data and keep track of what they do.
By Type Analysis
During the time frame of the forecast, the private distributed ledger technology is expected to have the biggest share of the retail blockchain market. More and more private solutions are being used in the retail business. The growth of the market is also helped by the low transaction fees of private blockchain.
Because they are being used more and more in retail, public blockchain is likely to become more well-known. More and more public organisations are using solutions to design platforms and solutions that give a clear and real-time view. This is likely to drive blockchain trends in the retail industry.
During the time period of the forecast, consortium is also expected to grow very quickly. More retail projects are being built in developed countries like the U.S., Germany, and others. This is making the industry grow.
By Application Analysis
By use, the market is split 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 because more companies are using technology that makes it easy for them to share data and more people are worried about security. Supply chain management solutions are used to organise, get, and use data about customers to learn more about end users. Also, as logistics and supply chain management get better, market opportunities for key vendors will get better in the future.
Regional Outlook:
North America had the biggest 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 on the world market. Smart payments, contracts, and other high-tech things have become more popular because of technology. Some of the first retailers to use technology were tech giants like IBM Corporation, Oracle Corporation, and Accenture PLC, and they are still far ahead of the curve when it comes to using it. IDC says that in 2021, the U.S. spent more on technology than any other country, at USD 2.6 million.
Companies in Europe are becoming more and more interested in blockchain technology because the region is expected to grow quickly. Some of the things that are helping the region grow are investments by key players in the market, government projects, and more money going into research and development.
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Scope of 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 |
| By Application | Supply Chain Management, Food Safety Management, Customer Data Management, Identity Management, Compliance Management, Billing Transaction Processing, Others |
| By Companies | IBM Corporation (New York, U.S.), Oracle Corporation (Texas, U.S.), Accenture Plc (Dublin, Ireland), Tata Consultancy Services (Maharashtra, India), Amazon Web Services, Inc. (Washington, U.S.), Cisco Systems Inc. (California, U.S.), Auxesis Services and Technologies (P) Ltd. (Mumbai, India), Guardtime (Lausanne, Switzerland), Sofocle Technologies (Uttar Pradesh, India), Capgemini SE (Paris, France) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical 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 down on paperwork and administrative costs, and saves money. Also, using distributed ledger technology in both the supply chain and inventory management will make sure that corporate standards are met and lower the risk of bad PR from supply chain mistakes.
Market Driving Factors:
With encrypted distributed ledgers technology, the blockchain in retail makes it easy, safe, and cheap to process payments. This makes it possible to check the transactions in real time without clearing houses or banks being in the middle. Digital payments have grown a lot in the retail industry, which has helped increase the demand for distributed ledger technology. Adding technology to the supply chain will also make it safer, more open, and easier to track. For example, in December 2020, New Generation Computing Inc. and Loyalty Inc. released a supply chain traceability solution that lets retailers and owners document the chain of custody from origin to importer of record. In the same way, in January 2020, Accenture released procurement solution. The solution puts the teams of buyers and sellers on the same platform so they can easily and safely share data.
Customers can now use distributed ledger technology with less trouble. The distributed ledger technology helps automate, find, and handle problems that could affect their daily workflows, such as payroll systems and transactions for financial services. Staff uses 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 gives them 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 Market Players:
IBM Corporation (New York, U.S.), Oracle Corporation (Texas, U.S.), Accenture Plc (Dublin, Ireland), Tata Consultancy Services (Maharashtra, India), Amazon Web Services, Inc. (Washington, U.S.), Cisco Systems Inc. (California, U.S.), 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
By Application
- Supply Chain Management
- Food Safety Management
- Customer Data Management
- Identity Management
- Compliance Management
- Billing Transaction Processing
- Others
Regions and Countries Covered
- North America: (US, 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)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- 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. In 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, at 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 - The Fintech blockchain Market size was valued at US$ 2.012 Billion. The total Fintech blockchain revenue is expected to grow by 75.80% from 2022 to 2030, reaching nearly US$ 183.56 Billion. Most of the growth in the FinTech blockchain market is likely to happen in North America.
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