Blockchain in Retail Market 2029: Key Trends Transforming the Retail Sector

According to a new market research report "Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023"  published by MarketsandMarkets™, the blockchain in retail market expected to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.The major factors driving the blockchain in retail market include need to reduce the total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, an increasing need to prevent data manipulation and for increasing efficiency and speed in retail and supply chain systems.Browse in-depth TOC on "Blockchain in Retail Market”41-Tables29-Figures125- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=79569008The supply chain management segment is estimated to hold the largest market size in the blockchain in retail market in 2018The supply chain management segment is expected to dominate the blockchain in retail market in terms of its contribution to the overall market, as retail companies are deploying blockchain-based supply chain management applications to reduce frauds and errors, improve inventory management, reduce delays from paperwork, identify issues faster, and increase the customer and partners trust.

The blockchain technology helps organization overcome the existing limitations of supply chain systems in terms of privacy, scalability, auditability, confidentiality, and performance.The application providers segment is expected to grow at the highest CAGR in the global blockchain in retail market during the forecast periodThe blockchain in retail market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers.

These providers offer infrastructure to develop in the blockchain-based platforms.

The introduction of technologically advanced blockchain solutions are projected to a drive their adoption in the retail vertical thereby fueling the overall market growth.North America is expected to hold the largest market size in the blockchain in retail market during the forecast periodNorth America is estimated to hold the largest market size in the overall market in 2018.

Moreover, the US government is exploring the blockchain technology to boost the innovation economy.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=79569008Major blockchain vendors in market are IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel), and Blockchain Foundary (Singapore).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.

The blockchain technology offers the retail industry an opportunity to accept cryptocurrencies for payments, enabling cross-border payments and micro-payments.

Several retail companies such as Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, and Shopify are leading the way by adopting Bitcoin transactions.The report provides information on Blockchain in Retail market trends and development, growth drivers, technologies & forecast with expert review.Blockchain has immense potential to streamline transport and logistics processes to track every stage of a product’s journey with real-time information resulting in the reduction of stolen, lost, or damaged goods.

Walmart Inc., an American multinational retail corporation, has already adopted the blockchain technology to keep track of each piece of pork sourced from China with detailed information regarding origin, processing and storage of the product.

With the help of blockchain technology retailers are implementing transparency in the supply chain management.

Wave, an Isreali company, provides blockchain technology to retailers to assist them in tracking their supply chains with the secured and paperless process.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7703Blockchain allows retailers to capture data at every stage of customer interaction to assess customer buying patterns and trends.

Retailers are proactively exploring blockchain’s capabilities along with artificial intelligence and big data analysis for customer loyalty schemes to store loyalty points within a single wallet making it easier to track and redeem the reward points.Regional AnalysisThe global market for blockchain in retail is estimated to grow at a significant rate during the forecast period from 2018 to 2024.

Blockchain in Retail Market:WiseGuyReports.com adds “Global Blockchain in Retail Market Research Report 2020” reports to its database.Executive SummaryGlobal Blockchain in Retail Market is valued approximately at USD 0.15 billion in 2019 and is anticipated to grow with a healthy CAGR of more than 84.6% over the forecast period 2020-2026.

The rising spending on blockchain across world, rising adoption of the blockchain technology in the retail industry, rising efficiency, speed in retail as well as supply chain transactions and reduced total cost of ownership are the few factors responsible for growth of the market over the forecast period.

For instance: as per Statista, the Worldwide spending on blockchain solutions is expected to grow from $1.5 billion in 2018 to an estimated $15.9 billion by 2023.

However, uncertain Regulatory and compliance Environment is the major factor restraining the growth of global Blockchain in Retail market during the forecast period.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5272722-global-blockchain-in-retail-market-size-study-byThe regional analysis of global Blockchain in Retail market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.

Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.Major market player included in this report are:Amazon Web Services, Inc. (AWS)Auxesis Services & Technologies (P) Ltd.Bitfury Group LimitedCognizant, Infosys LimitedInternational Business Machines Corporation (IBM)Microsoft CorporationOracle CorporationSAP SETata Consultancy Services LimitedThe objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years.

The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.

The highly preferred study on “Blockchain in Retail Market” done by MarketsandMarkets™ provides broad analysis about Blockchain in Retail Industry  on the basis of Types, Applications and key players.According to new study "Blockchain in Retail Market by Provider, Application (Compliance Management, Identity Management, Loyalty & Rewards Management, Payment, Smart Contracts, and Supply Chain Management), Organization Size, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Blockchain in Retail Market expected to grow from USD 80.0 million in 2019 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period.The major factors driving the Blockchain in Retail Market include need to reduce the total cost of ownership, upswing in the usage of blockchain technology to create transparent and decentralized supply chain systems, an increasing need to prevent data manipulation and for increasing efficiency and speed in retail and supply chain systems.Browse in-depth TOC on "Blockchain in Retail Market”41- Tables29- Figures 125- PagesAsk for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=79569008The supply chain management segment is estimated to hold the largest market size in the Blockchain in Retail Market in 2019The supply chain management segment is expected to dominate the Blockchain in Retail Market in terms of its contribution to the overall market, as retail companies are deploying blockchain-based supply chain management applications to reduce frauds and errors, improve inventory management, reduce delays from paperwork, identify issues faster, and increase the customer and partners trust.

The blockchain technology helps organization overcome the existing limitations of supply chain systems in terms of privacy, scalability, auditability, confidentiality, and performance.The application providers segment is expected to grow at the highest CAGR in the global Blockchain in Retail Market during the forecast periodThe Blockchain in Retail Market has been segmented on the basis of providers into 3 categories: application providers, middleware providers, and infrastructure providers.

These providers offer infrastructure to develop in the blockchain-based platforms.

The introduction of technologically advanced blockchain solutions are projected to a drive their adoption in the retail vertical thereby fueling the overall market growth.Speak to our Expert Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=79569008North America is expected to hold the largest market size in the Blockchain in Retail Market during the forecast periodNorth America is estimated to hold the largest market size in the overall market in 2019.

Moreover, the US government is exploring the blockchain technology to boost the innovation economy.Major vendors in Blockchain in Retail Market are IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), Guardtime (Estonia), CoinBase (US), loyyal (US), Sofocle (India), BigchainDB (Germany), RecordsKeeper (Spain), BitPay (US), Abra (US), Reply (Italy), Provenance (UK), ModulTrade (UK), Blockverify (UK), OGYDocs (Israel), Warranteer (Israel), and Blockchain Foundary (Singapore).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.

 The global Blockchain in Retail market was valued at USD 69.38 million in 2021and is expected to reach USD 3066.93 million by the year 2027, at a CAGR of 72.54%.A blockchain in retail is a system that encourages more trustworthy and authentic interactions between the company and the customer.

Blockchain provides facilities like real-time delivery and services in record time for the retailers.

Also, the growing use of technology and supply chain management in the retailers in the management industry is also one of the few drivers of the blockchain in retail market.The Global Blockchain in Retail Market report offers deep insights into the market 2021 covering all essential aspects.

It includes a political economy summary of the worldwide market to seek out details of the trade performance, recent trends, key market drivers and challenges, Porter's Five forces analysis, SWOT analysis, price chain analysis.

The analysis report includes a comprehensive analysis of market opportunities, import/export details, key makers, market dynamics, and key regions.To have a snippet of the report, request Report Sample @:https://introspectivemarketresearch.com/request/3977The Blockchain in Retail Market report is focused on qualitative and quantitative insights by industry analysts, inputs from industry experts and industry participants across the value chain.

The source of this report is authentic and provides insight into the marketplace and help the reader in decision making.