Blockchain in Retail Market

Description

The retail blockchain market is projected to increase from US$ 600.5 million in 2024 to US$ 7020.55 million by 2031, with an expected CAGR of 42.45% during the period from 2025 to 2031. Blockchain, known for its immutable ledger or digital record shared across a network, is often seen as a means to enhance services and processes. Its applications range from asset tracking to transaction documentation, and it is particularly gaining traction in the financial sector due to its vast potential.

Analysis of Blockchain in Retail Market

The forecast for the blockchain in retail market is based on a variety of secondary and primary research findings, including key company publications, association data, and databases. Blockchain provides retailers with an improved way to secure, organize, and share information. Enhanced transparency among retailers, consumers, and manufacturers leads to increased trust, greater flexibility, and a wider array of service options. The implementation of blockchain in retail allows for the recording of every product movement, which can be tracked by wholesalers and retailers alike. Overall, system management becomes more efficient and streamlined, with ledgers maintained on a network for easy access by all stakeholders. The rapid pace of retail and the industry's swift growth, coupled with the evolving landscape of rising customer expectations, make blockchain a highly attractive solution. It addresses numerous industry challenges, including security and counterfeit issues, data management difficulties, and a significant reduction in operational costs.

Overview of Blockchain in Retail Industry

Blockchain technology can enhance business processes by reducing or eliminating potential friction among partners. Smart contracts can simplify contract execution, automatically fulfilling contract terms once predefined obligations are met.In 2019, Carrefour began gradually implementing blockchain technology across several of its Carrefour Quality Lines, including Auvergne chicken, Cauralina tomato, Loue farm-raised eggs, Rocamadour AOC cheese, Gillot fresh milk, Norwegian salmon, and Christmas chicken. Consumers can access transparent information by scanning the QR code on the product label with their smartphones.Leading retail companies are actively utilizing blockchain technology to address challenges throughout their supply chains, which is propelling the growth of the blockchain in retail market.

Strategic Insights

Drivers of Blockchain in Retail Market

The adoption of blockchain technology to enhance supply chain efficiency is a key driver for the blockchain in retail market.

Blockchain presents a strong case for upgrading and optimizing supply chain management, transforming it in various ways. The platform enables efficient data communication among supply chain participants, eliminating the need for intermediaries. Data can be recorded, verified, updated, or accessed on a shared digital database, providing a clear overview of shipments and other supply chain activities. It accelerates and simplifies payments based on agreements between parties by allowing secure real-time verification and transactions without intermediaries.

IoT sensors and smart devices can be integrated into the supply chain to monitor product-related factors (such as temperature and humidity) and log them on the blockchain to identify issues and fully account for their impact on supply chain operations. If you need specialized IoT development for your supply chain, our experts possess the necessary expertise.

Segmentation Analysis of Blockchain in Retail Market Report

The blockchain in retail market report categorizes applications into compliance management, smart contracts, supply chain and inventory management, transaction management, automated customer service, and identity management. The smart contract segment is anticipated to capture a significant share of the blockchain retail market in 2024.Blockchain technology can establish an immutable audit trail that logs changes to compliance tasks and user actions. Blockchain entries contain details such as who made the change, the date and time, and the nature of the modification.

Geographical Analysis of Blockchain in Retail Market

The blockchain in retail market report is primarily segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is witnessing rapid growth and is expected to hold a substantial share of the blockchain in retail market. The region's significant advancements in blockchain technology have fueled this growth, with countries like the US and Canada leading the way.

Scope of Blockchain in Retail Market Report

The "Blockchain in Retail Market Analysis" was conducted based on core investment strategies and geographical considerations. The market is segmented by application into compliance management, smart contracts, supply chain and inventory management, transaction management, automated customer service, and identity management. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Recent Developments in Blockchain in Retail Market

Companies are employing both inorganic and organic strategies, such as mergers and acquisitions, in the blockchain in retail market. Below are some recent key developments in the market:

In October 2018, after 18 months of development, IBM officially launched Food Trust, a blockchain-based food tracking network. In the same announcement, the company revealed that Carrefour, a major grocery retailer, would join their ecosystem. The France-based company, which operates over 12,000 stores in 33 countries, will begin testing blockchain technology in its locations.[Source: IBM, Company Website]

Coverage & Deliverables of Blockchain in Retail Market Report

The market report "Blockchain in Retail Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas:

Market size & forecast at global, regional, and country levels for all key market segments included in the scope.Market dynamics such as drivers, restraints, and key opportunities.Key future trends.Detailed PEST & SWOT analysis.Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.Industry landscape and competition analysis, including market concentration, heat map analysis, key players, and recent developments.In-depth company profiles.

Product Code: TIPRE00003060

1. INTRODUCTION

1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
- 1.3.1. Blockchain in Retail Market - By Type of Provider
- 1.3.2. Blockchain in Retail Market - By Application
- 1.3.3. Blockchain in Retail Market - By Region
  - 1.3.3.1. By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. BLOCKCHAIN IN RETAIL MARKET LANDSCAPE

4.1. OVERVIEW
4.2. ECOSYSTEM ANALYSIS
4.3. PEST ANALYSIS
- 4.3.1. North America - PEST Analysis
- 4.3.2. Europe - PEST Analysis
- 4.3.3. Asia Pacific (APAC) - PEST Analysis
- 4.3.4. Middle East & Africa (MEA) - PEST Analysis
- 4.3.5. South America (SAM)- PEST Analysis

5. BLOCKCHAIN IN RETAIL MARKET - KEY INDUSTRY DYNAMICS

5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC

6. BLOCKCHAIN IN RETAIL MARKET - GLOBAL MARKET ANALYSIS

6.1. BLOCKCHAIN IN RETAIL - GLOBAL MARKET OVERVIEW
6.2. BLOCKCHAIN IN RETAIL - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE

7. BLOCKCHAIN IN RETAIL MARKET REVENUE AND FORECASTS TO 2028 - TYPE OF PROVIDER

7.1. OVERVIEW
7.2. TYPE OF PROVIDER MARKET FORECASTS AND ANALYSIS
7.3. INFRASTRUCTURE PROVIDER
- 7.3.1. Overview
- 7.3.2. Infrastructure Provider Market Forecast and Analysis
7.4. MIDDLEWARE PROVIDER
- 7.4.1. Overview
- 7.4.2. Middleware Provider Market Forecast and Analysis
7.5. APPLICATION PROVIDER
- 7.5.1. Overview
- 7.5.2. Application Provider Market Forecast and Analysis

6. BLOCKCHAIN IN RETAIL MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION

7.6. OVERVIEW
7.7. APPLICATION MARKET FORECASTS AND ANALYSIS
7.8. IDENTITY MANAGEMENT
- 7.8.1. Overview
- 7.8.2. Identity Management Market Forecast and Analysis
7.9. COMPLIANCE MANAGEMENT
- 7.9.1. Overview
- 7.9.2. Compliance Management Market Forecast and Analysis
7.10. PAYMENT MANAGEMENT
- 7.10.1. Overview
- 7.10.2. Payment Management Market Forecast and Analysis
7.11. LOYALTY & REWARDS MANAGEMENT
- 7.11.1. Overview
- 7.11.2. Loyalty & Rewards Management Market Forecast and Analysis
7.12. SMART CONTRACTS
- 7.12.1. Overview
- 7.12.2. Smart Contracts Market Forecast and Analysis
7.13. SUPPLY CHAIN MANAGEMENT
- 7.13.1. Overview
- 7.13.2. Supply Chain Management Market Forecast and Analysis
7.14. OTHERS
- 7.14.1. Overview
- 7.14.2. Others Market Forecast and Analysis

8. BLOCKCHAIN IN RETAIL MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS

8.1. NORTH AMERICA
- 8.1.1. North America Blockchain in Retail Market Overview
- 8.1.2. North America Blockchain in Retail Market Forecasts and Analysis
- 8.1.3. North America Market Forecasts and Analysis - By Type of Provider
- 8.1.4. North America Market Forecasts and Analysis - By Application
- 8.1.5. North America Market Forecasts and Analysis - By Countries
  - 8.1.5.1. US market
    - 8.1.5.1.1. US Market By Type of Provider
    - 8.1.5.1.2. US Market by Application
  - 8.1.5.2. Canada market
    - 8.1.5.2.1. Canada Market By Type of Provider
    - 8.1.5.2.2. Canada Market by Application
  - 8.1.5.3. Mexico market
    - 8.1.5.3.1. Mexico Market By Type of Provider
    - 8.1.5.3.2. Mexico Market by Application
8.2. EUROPE
- 8.2.1. Europe Blockchain in Retail Market Overview
- 8.2.2. Europe Blockchain in Retail Market Forecasts and Analysis
- 8.2.3. Europe Market Forecasts and Analysis - By Type of Provider
- 8.2.4. Europe Market Forecasts and Analysis - By Application
- 8.2.5. Europe Market Forecasts and Analysis - By Countries
  - 8.2.5.1. France market
    - 8.2.5.1.1. France Market By Type of Provider
    - 8.2.5.1.2. France Market by Application
  - 8.2.5.2. Germany market
    - 8.2.5.2.1. Germany Market By Type of Provider
    - 8.2.5.2.2. Germany Market by Application
  - 8.2.5.3. Italy market
    - 8.2.5.3.1. Italy Market By Type of Provider
    - 8.2.5.3.2. Italy Market by Application
  - 8.2.5.4. Russia market
    - 8.2.5.4.1. Russia Market By Type of Provider
    - 8.2.5.4.2. Russia Market by Application
  - 8.2.5.5. UK market
    - 8.2.5.5.1. UK Market By Type of Provider
    - 8.2.5.5.2. UK Market by Application
  - 8.2.5.6. Rest of Europe market
    - 8.2.5.6.1. Rest of Europe Market By Type of Provider
    - 8.2.5.6.2. Rest of Europe Market by Application
8.3. ASIA PACIFIC (APAC)
- 8.3.1. Asia Pacific Blockchain in Retail Market Overview
- 8.3.2. Asia Pacific Blockchain in Retail Market Forecasts and Analysis
- 8.3.3. Asia Pacific Market Forecasts and Analysis - By Type of Provider
- 8.3.4. Asia Pacific Market Forecasts and Analysis - By Application
- 8.3.5. Asia Pacific Market Forecasts and Analysis - By Countries
  - 8.3.5.1. South Korea
    - 8.3.5.1.1. South Korea Market By Type of Provider
    - 8.3.5.1.2. South Korea Market by Application
  - 8.3.5.2. China market
    - 8.3.5.2.1. China Market By Type of Provider
    - 8.3.5.2.2. China Market by Application
  - 8.3.5.3. India market
    - 8.3.5.3.1. India Market By Type of Provider
    - 8.3.5.3.2. India Market by Application
  - 8.3.5.4. Japan market
    - 8.3.5.4.1. Japan Market By Type of Provider
    - 8.3.5.4.2. Japan Market by Application
  - 8.3.5.5. Australia market
    - 8.3.5.5.1. Australia Market By Type of Provider
    - 8.3.5.5.2. Australia Market by Application
  - 8.3.5.6. Rest of APAC market
    - 8.3.5.6.1. Rest of APAC Market By Type of Provider
    - 8.3.5.6.2. Rest of APAC Market by Application
8.4. MIDDLE EAST AND AFRICA (MEA)
- 8.4.1. Middle East and Africa Blockchain in Retail Market Overview
- 8.4.2. Middle East and Africa Blockchain in Retail Market Forecasts and Analysis
- 8.4.3. Middle East and Africa Market Forecasts and Analysis - By Type of Provider
- 8.4.4. Middle East and Africa Market Forecasts and Analysis - By Application
- 8.4.5. Middle East and Africa Market Forecasts and Analysis - By Countries
  - 8.4.5.1. South Africa market
    - 8.4.5.1.1. South Africa Market By Type of Provider
    - 8.4.5.1.2. South Africa Market by Application
  - 8.4.5.2. Saudi Arabia market
    - 8.4.5.2.1. Saudi Arabia Market By Type of Provider
    - 8.4.5.2.2. Saudi Arabia Market by Application
  - 8.4.5.3. UAE market
    - 8.4.5.3.1. UAE Market By Type of Provider
    - 8.4.5.3.2. UAE Market by Application
  - 8.4.5.4. Rest of MEA market
    - 8.4.5.4.1. Rest of MEA Market By Type of Provider
    - 8.4.5.4.2. Rest of MEA Market by Application
8.5. SOUTH AMERICA (SAM)
- 8.5.1. South America Blockchain in Retail Market Overview
- 8.5.2. South America Blockchain in Retail Market Forecasts and Analysis
- 8.5.3. South America Market Forecasts and Analysis - By Type of Provider
- 8.5.4. South America Market Forecasts and Analysis - By Application
- 8.5.5. South America Market Forecasts and Analysis - By Countries
  - 8.5.5.1. Brazil market
    - 8.5.5.1.1. Brazil Market By Type of Provider
    - 8.5.5.1.2. Brazil Market by Application
  - 8.5.5.2. Argentina market
    - 8.5.5.2.1. Argentina Market By Type of Provider
    - 8.5.5.2.2. Argentina Market by Application
  - 8.5.5.3. Rest of SAM market
    - 8.5.5.3.1. Rest of SAM Market By Type of Provider
    - 8.5.5.3.2. Rest of SAM Market by Application

9. INDUSTRY LANDSCAPE

9.1. MERGERS & ACQUISITIONS
9.2. MARKET INITIATIVES
9.3. NEW DEVELOPMENTS

10. BLOCKCHAIN IN RETAIL MARKET, KEY COMPANY PROFILES

10.1. AMAZON WEB SERVICES
- 10.1.1. Key Facts
- 10.1.2. Business Description
- 10.1.3. Products & Services
- 10.1.4. Financial Overview
- 10.1.5. SWOT Analysis
- 10.1.6. Key Developments
10.2. AUXESIS GROUP
- 10.2.1. Key Facts
- 10.2.2. Business Description
- 10.2.3. Products & Services
- 10.2.4. Financial Overview
- 10.2.5. SWOT Analysis
- 10.2.6. Key Developments
10.3. BITFURY
- 10.3.1. Key Facts
- 10.3.2. Business Description
- 10.3.3. Products & Services
- 10.3.4. Financial Overview
- 10.3.5. SWOT Analysis
- 10.3.6. Key Developments
10.4. BLOCKPOINT
- 10.4.1. Key Facts
- 10.4.2. Business Description
- 10.4.3. Products & Services
- 10.4.4. Financial Overview
- 10.4.5. SWOT Analysis
- 10.4.6. Key Developments
10.5. BLOCKVERIFY
- 10.5.1. Key Facts
- 10.5.2. Business Description
- 10.5.3. Products & Services
- 10.5.4. Financial Overview
- 10.5.5. SWOT Analysis
- 10.5.6. Key Developments
10.6. CEGEKA
- 10.6.1. Key Facts
- 10.6.2. Business Description
- 10.6.3. Products & Services
- 10.6.4. Financial Overview
- 10.6.5. SWOT Analysis
- 10.6.6. Key Developments
10.7. IBM CORPORATION
- 10.7.1. Key Facts
- 10.7.2. Business Description
- 10.7.3. Products & Services
- 10.7.4. Financial Overview
- 10.7.5. SWOT Analysis
- 10.7.6. Key Developments
10.8. MICROSOFT CORPORATION
- 10.8.1. Key Facts
- 10.8.2. Business Description
- 10.8.3. Products & Services
- 10.8.4. Financial Overview
- 10.8.5. SWOT Analysis
- 10.8.6. Key Developments
10.9. ORACLE CORPORATION
- 10.9.1. Key Facts
- 10.9.2. Business Description
- 10.9.3. Products & Services
- 10.9.4. Financial Overview
- 10.9.5. SWOT Analysis
- 10.9.6. Key Developments
10.10. SAP SE
- 10.10.1. Key Facts
- 10.10.2. Business Description
- 10.10.3. Products & Services
- 10.10.4. Financial Overview
- 10.10.5. SWOT Analysis
- 10.10.6. Key Developments

11. APPENDIX

11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS