Blockchain In Retail Market 2023, Size, Demand, Share, Growth And Forecast 2028

IMARC Group’s report titled “Blockchain In Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global blockchain in retail market forecast. The 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 technology is transforming the retail industry by introducing distributed ledger solutions that utilize cryptography to securely record digital transactions. This technology brings various benefits to retailers, including increased transparency, faster delivery, real-time access to information, cost reduction, quicker payment processing, enhanced security, and improved customer service. By implementing blockchain, retailers can streamline operations, simplify application interoperability, and eliminate the need for intermediaries. Moreover, blockchain enables comprehensive product tracking throughout the supply chain, enabling businesses to trace suppliers, manufacturers, and specific batches, thereby resolving supply chain challenges. As a result, blockchain solutions are being widely embraced by commercial organizations, optimizing administrative processes in retail back offices and empowering employees to focus on value-added activities.

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Blockchain In Retail Market Trends and Drivers:

The blockchain in retail market is being driven by various factors that contribute to its growth and adoption. One key driver is the increasing demand for transparent transactions that foster trust among suppliers, companies, and customers. Retailers recognize the importance of ensuring authenticity, quality, reliability, and product safety, and they are investing in blockchain-based solutions to meet these needs. Technological advancements and the expansion of international trade in the retail sector are also significant factors propelling market growth. Blockchain technology provides cryptographic security, which helps reduce fraud and enhances the overall appeal of blockchain solutions in the retail industry. It finds applications in various areas, including digital payments, online shopping, risk and compliance, supply chain management, and more. The increasing need for smart contracts to streamline operations, reduce costs, and eliminate intermediaries is also driving the adoption of blockchain in retail. By leveraging blockchain, companies can save time and expenses associated with transaction authentication, benefiting both retailers and customers. The transparency and immutability offered by blockchain technology not only improve trust and security but also enable more efficient and cost-effective operations in the retail sector.

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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