Growing demand for transparent transactions in the retail industry drives growth
DUBLIN, February 2, 2023 /PRNewswire/ — The “Blockchain in the Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to researchandmarkets.com offering.
The global blockchain in the retail market reached a value of $233.5 Million in 2021. Looking ahead, the publisher expects the market to reach a value of US$3,731.75 Million by 2027, exhibiting a CAGR of 58.71% during 2021-2027.
Taking into account the uncertainties of COVID-19, we are continuously tracking and evaluating the direct and indirect influence of the pandemic. These insights are included in the report as a major contributor to the market.
Blockchain in retail refers to a disruptive technology that relies on cryptography to record digital transactions on a distributed ledger in the retail industry.
It is a cost-effective solution as it automates transactions and application interoperability and eliminates the need for administration. It helps companies trace product back through the supply chain, identifying suppliers, manufacturers, and batches to resolve supply chain issues.
Enables Decentralized Identity (DID), which helps retailers verify user identity and data when necessary. In addition, it streamlines administrative processes in retailers’ back offices, allowing employees to focus more on value-added work.
Blockchain in Retail Market Trends:
The growing demand for transparent transactions in the retail industry to build trust between suppliers, companies and customers represents one of the key factors driving the market.
Additionally, there is an increase in retailers’ investments in blockchain-based solutions to ensure product quality, reliability, authenticity, and security. This, along with increasing technological advances and international trade in the retail sector, is fueling market growth.
Additionally, blockchain offers enhanced cryptographic security for your databases and transactions that help reduce fraud and sustainability for retailers. This, along with the increasing use of blockchain in retail for digital payments, online shopping, and risk and compliance, is positively influencing the market.
In addition to this, the growing employment of blockchain in retail to monitor supply chain transactions to facilitate product traceability offers lucrative growth opportunities for industry players. In addition, the growing demand for smart contracts to save businesses time and cost and eliminate merchants who charge more to authenticate a transaction is fueling market growth.
Key questions answered in this report:
How has global blockchain performed so far in the retail market and how will it perform in the coming years?
What has been the impact of COVID-19 on the global blockchain in the retail market?
What are the key regional markets?
What is the breakdown of the market based on the component?
What is the market break based on type?
What is the division of the market according to the size of the organization?
What is the market breakdown based on the application?
What are the various stages in the industry value chain?
What are the major driving factors and challenges in the industry?
What is the structure of the global blockchain in the retail market and who are the key players?
What is the degree of competition in the industry?
Key topics covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Interested parties
2.3 Data sources
2.3.1 Primary sources
2.3.2 Secondary sources
2.4 Market estimation
2.4.1 Bottom-up approach
2.4.2 Top-down approach
2.5 Forecast methodology
3 Executive summary
4.2 Key Industry Trends
5 Global Blockchain in the Retail Market
5.1 Market Overview
5.2 Market performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakdown by Component
6.1.1 Market trends
6.1.2 Market Forecast
6.2.1 Market trends
6.2.2 Market Forecast
7 Market Breakdown by Type
7.1 Public blockchain
7.1.1 Market trends
7.1.2 Market Forecast
7.2 Private blockchain
7.2.1 Market trends
7.2.2 Market Forecast
7.3 Consortium Blockchain
7.3.1 Market trends
7.3.2 Market Forecast
8 Market Breakdown by Organization Size
8.1 Large Companies
8.1.1 Market trends
8.1.2 Market Forecast
8.2 Small and Medium Enterprises (SMEs)
8.2.1 Market trends
8.2.2 Market Forecast
9 Market Breakdown by Application
9.1 Supply chain management
9.1.1 Market trends
9.1.2 Market Forecast
9.2 Food safety management
9.2.1 Market trends
9.2.2 Market Forecast
9.3 Customer data management
9.3.1 Market trends
9.3.2 Market Forecast
9.4 Identity management
9.4.1 Market trends
9.4.2 Market Forecast
9.5 Compliance Management
9.5.1 Market trends
9.5.2 Market Forecast
9.6.1 Market trends
9.6.2 Market Forecast
10 Market Breakdown by Region
11 SWOT Analysis
12 Value chain analysis
13 Porter’s Five Forces Analysis
14 Price analysis
15 Competitive Landscape
15.1 Market structure
15.2 Key Players
15.3 Key Player Profiles
For more information on this report, visit https://www.researchandmarkets.com/r/xglb75-in?w=5
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SOURCE Research and Markets