Blockchain In Retail Market: IMARC Group

IMARC Group has recently released a new research study “Blockchain In Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global blockchain in retail market size reached US$ 233.5 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3,731.75 Million on by 2027, exhibiting a growth rate (CAGR) of 54.50% during 2022-2027.

Blockchain in retail refers to distributed ledger technologies (DLTs) that rely on cryptography to store, share and record digital transactions. It is utilized to ensure management, compliance, consumer experience, supply chain, fraud detection, payments and smart contract, and loyalty and rewards management. It also offers increased transparency, on-time delivery, improved security, reduced costs, real-time information, quick payments, and decentralized identity (DID), which aids users in verifying identity and data when required. As a result, blockchain in retail is gaining immense traction across the globe.

Market Trends

The market is primarily driven by the expanding e-commerce industry across the globe. In addition, the increasing investment by retailers in blockchain-based solutions to ensure product safety, reliability, authenticity, and quality, along with the trend of transparent transactions in the retail industry, is contributing to market growth. Moreover, the emergence of technologies such as the internet of things (IoT) and artificial intelligence (AI) and the growing international trade in retail represent another major growth-inducing factor. Besides this, the rising popularity of the internet with the widespread adoption of blockchain technology for knowing your customer/Identity (KYC/ID) and fraud prevention is also providing a positive thrust to the market growth. Furthermore, the extensive use of blockchain in online shopping and retail for easy traceability of goods and the escalating demand for smart contracts to save time and cost is creating a favorable market outlook.

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who are the key players/companies in the blockchain in retail market?

Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Services & Technologies (P) Ltd, Cognizant, Infosys Limited, International Business Machines Corporation, Oracle Corporation, Reply, SAP SE, Sofocle Technologies Pvt. Ltd. and Tata Consultancy Services Limited (Tata Group). 

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Solution:

• Unified Communication and Collaboration
• Enterprise Social Collaboration
• Project and Team Management
• Document Management System

Breakup by Deployment Mode:

• Public Cloud
• Private Cloud
• Hybrid Cloud

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by End Use Industry:

• BFSI
• IT and Telecommunication
• Media and Entertainment
• Education
• Healthcare and Life Sciences
• Government and Public Sectors
• Others

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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