According to TechSci Research report, “Blockchain in Retail Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F”, The Global Blockchain in Retail Market was valued at USD 480.12 million in 2023 and is expected to reach USD 5288.21 Million by 2029 with a CAGR of 48.94% during the forecast period.
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A key trend in the global blockchain in retail market is the growing adoption of decentralized finance (DeFi) solutions. DeFi uses blockchain technology to recreate traditional financial services in a decentralized way, enabling activities like lending, borrowing, and trading without the need for intermediaries. Retailers are increasingly turning to DeFi platforms to enhance their financial operations and improve customer engagement. For instance, many retailers are adopting blockchain-based payment systems to accept cryptocurrencies, offering consumers more payment options and responding to the rising demand for digital currencies.
In addition, DeFi solutions are streamlining financial transactions by enabling peer-to-peer exchanges, which reduces transaction fees and enhances liquidity management. This is particularly beneficial in regions with limited or costly access to traditional financial services. DeFi platforms also present innovative financial products that can be integrated into loyalty programs and reward systems, allowing customers more flexibility and creative ways to earn and redeem rewards. As DeFi technologies continue to evolve, they are expected to increasingly shape the retail sector’s financial landscape, promoting greater efficiency and innovation.
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Private Blockchain Segment: Dominating the Global Blockchain in Retail Market
The Private Blockchain segment is expected to dominate the global blockchain in retail market, driven by several key factors. Private blockchains have gained popularity due to their ability to provide enhanced privacy, security, and control over transactions. Retailers are turning to private blockchains because they allow for customized solutions with permissioned access, which is crucial for safeguarding sensitive business and customer data. Unlike public blockchains, where transactions are visible to all participants, private blockchains enable businesses to set up restricted networks with access limited to authorized users, making them ideal for retail operations focused on confidentiality and compliance with data protection regulations.
Several trends are propelling the growth of the private blockchain segment in the retail industry. One major driver is the increasing demand for secure and transparent supply chain management. Retailers are using private blockchains to track goods and authenticate products, improving transparency and reducing the risk of fraud. Moreover, private blockchain solutions help improve operational efficiency by automating key processes, such as payments, inventory management, and loyalty programs, which further minimizes the risk of errors. As retailers seek more secure, scalable, and efficient blockchain solutions, the private blockchain segment is poised for continued growth in the coming years.
Asia-Pacific: Fastest-Growing Region for Blockchain in Retail
The Asia-Pacific region is emerging as the fastest-growing market for blockchain in retail, fueled by rapid digitalization, rising e-commerce adoption, and increasing demand for secure, transparent supply chain solutions. Leading economies like China, India, and Japan are at the forefront of this growth, supported by favorable government policies and a growing trend of blockchain integration across various retail operations such as inventory management, payment systems, and customer loyalty programs.
The region’s tech-savvy population and substantial investments in blockchain research and development further accelerate its expansion. Companies in Asia-Pacific are adopting blockchain to enhance trust, traceability, and operational efficiency, particularly in areas like food safety and counterfeit prevention. As the retail sector continues to evolve, the adoption of blockchain technology in Asia-Pacific is set to revolutionize traditional business practices, positioning the region as a key player in the global blockchain in retail market.
Key market players in the Global Blockchain in Retail Market are:-
SAP SE
IBM Corporation
Oracle Corporation
Microsoft Corporation
Tata Consultancy Services Limited
Amazon.com, Inc.
Capgemini SE
Accenture PLC
Provenance Limited
Cognizant Technology Solutions Corporation
Crunchbase, Inc.
Cisco Systems Inc.
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“The global blockchain in retail market presents numerous opportunities for innovation and growth. One significant opportunity lies in enhancing supply chain transparency and efficiency, allowing retailers to track products in real-time, verify authenticity, and reduce fraud. Blockchain’s ability to provide a tamper-proof and immutable ledger can revolutionize inventory management, streamline logistics, and improve overall operational efficiency. Additionally, blockchain opens doors for more secure and transparent payment systems, including cryptocurrency transactions, which cater to the growing demand for digital payment options and cross-border transactions. Another promising area is the development of blockchain-based loyalty and rewards programs, which can offer customers more flexible, interoperable, and fraud-resistant rewards systems. The technology also provides opportunities for better compliance with regulatory requirements, especially in terms of data security and provenance. Furthermore, as the retail sector increasingly embraces e-commerce and omnichannel strategies, blockchain can facilitate seamless integration across various platforms and touchpoints, enhancing customer experiences and operational coordination. Overall, these opportunities highlight blockchain’s potential to drive significant advancements in retail operations, customer engagement, and financial transactions”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Blockchain in Retail Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Platform/Solutions, Services), By Type (Public Blockchain, Private Blockchain, Consortium Blockchain), By Application (Supply Chain Management, Food Safety Management, Customer Data Management Identity Management, Compliance Management, Billing Transaction Processing, and Others), By Region & Competition 2019-2029F” has evaluated the future growth potential of Global Blockchain in Retail Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Blockchain in Retail Market.
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