IMARC Group's report titled “Blockchain in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The blockchain in retail market size reached US$ 370.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,681.72 Million by 2028, exhibiting a growth rate (CAGR) of 54.00% during 2023-2028.
Blockchain in retail is a decentralized digital ledger that allows multiple parties to record and validate transactions securely and transparently without central authority. It consists of cryptographic features ensuring the integrity and traceability of all data and reducing the risk of fraud, human error, or any manipulation. It is available in three forms, including public, private, and consortium blockchains. It significantly benefits retail in areas, such as verifying the authenticity of products, streamlining supply chain operations, and ensuring secure and quick payments. It is utilized in supply chain management, customer loyalty programs, and inventory tracking.
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Blockchain in Retail Market Trends and Drivers:
The rising demand for improved supply chain transparency among consumers and retailers represents one of the vital factors impelling the growth of the market. Additionally, the advent of decentralized finance (DeFi) platforms allows blockchain into retail financing options, providing flexibility and choices for consumers and retailers. Besides this, the penetration of internet of things (IoT) technology in retail operations to enhance real-time tracking and monitoring is contributing to the growth of the market. Moreover, the rising emergence of direct-to-consumer (D2C) models in retail using blockchain to ensure product authenticity and streamlining distribution channels is propelling the market growth. In addition, the growing focus on maintaining data privacy and securing confidential information from hackers is positively influencing the market. Furthermore, the increasing adoption of smart contracts that automate numerous operational procedures, such as invoicing, payments to compliance checks, and inventory management, are bolstering the market growth.
Report Segmentation:
The report has segmented the market into the 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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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.
- Tata Consultancy Services Limited (Tata Group)
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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