Blockchain in Retail Market Projected to Hit USD 70.05 Billion at a 42.40% CAGR by 2030 – Report by Market Research Future (MRFR)

Market Research Future Insights

According to MRFR analysis, Blockchain in Retail market is expected to register a CAGR of ~ 42.40% from 2022 to 2030 and hold a value of over USD 70.05222 billion by 2030. The blockchain in retail market refers to the application of blockchain technology within the retail industry. Blockchain is a decentralized and distributed ledger technology that enables secure, transparent, and immutable record-keeping of transactions and data.

It allows multiple participants to maintain a shared database without relying on a central authority. In the retail sector, blockchain technology has the potential to revolutionize various aspects of operations, supply chain management, and customer experience. Here are some key areas where blockchain is being utilized in the retail market

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Market Segmentation

Blockchain in Retail market has been segmented into type, Retail Platform, Organization Size, Application.

Type Outlook: Public, Private, Consortium

Retail Platform: Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger Fabric, Multichain, Quorum.

Organization Size: Large Enterprises, SMEs

Application: Compliance Management, Database Management, Auditing, Payment management, Inventory management, Loyalty and Rewards management, Fraud management

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Key Players

• Tata Consultancy Services Limited (India)
• Microsoft Corporation (US)
• Guardtime (US)
• Oracle Corporation (US)
• Amazon Web Services (US)
• BlockApp (US)
• Bitpay (US)
• Microsoft Corporation (US)
• Bitfury USA Inc. (US)
• Cognizant (US)
• Cisco Systems (US)

Regional Analysis

North America has been one of the leading regions in adopting blockchain technology across various sectors, including retail. In the retail industry, blockchain is being used for supply chain management, tracking product provenance, and enhancing customer experience. Major retail players and startups in the region are actively exploring blockchain solutions to streamline their operations and increase transparency.

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Europe is another prominent region where blockchain technology is gaining traction in the retail market. Countries like Switzerland, the United Kingdom, Germany, and Estonia are actively involved in blockchain initiatives. European retailers are leveraging blockchain for supply chain traceability, product authentication, and ensuring ethical sourcing. The European Union is also supporting blockchain projects through funding and regulatory frameworks.

Asia Pacific region has a significant market potential for blockchain in retail. Countries like China, Japan, South Korea, and Singapore are at the forefront of blockchain adoption in the retail industry. These countries have witnessed increased interest in using blockchain for cross-border payments, inventory management, and customer loyalty programs. The presence of large e-commerce companies and a tech-savvy consumer base contributes to the growth of blockchain in retail in this region.

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