IMARC Group, a leading market research company, has recently releases report titled “Blockchain In Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global blockchain in retail market size, analysis, trends, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Blockchain In Retail Market
Blockchain in retail refers to decentralized and distributed ledger technology (DLT) that relies on cryptography to record digital transactions in the retail industry. It can improve inventory management by providing real-time visibility of inventory levels and movements to reduce the risk of overstocking or stockouts and improves overall inventory efficiency. It can also help reduce transaction costs and enhance cross-border transactions. It can enable retailers to gather and analyze customer data more effectively, which provides valuable insights into consumer preferences and behaviors. It can be utilized to facilitate faster and more secure payment and settlement processes.
How big is the Blockchain In Retail Market?
The global blockchain in retail market size reached US$ 370.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,681.7 Million by 2028, exhibiting a growth rate (CAGR) of 54% during 2023-2028.
What Are the Growth Prospects and Trends in The Blockchain In Retail Industry?
The increasing adoption of transparent transactions in the retail industry to build trust between suppliers, companies, and customers represents one of the primary factors fostering the market growth around the world. In addition, the rising use of blockchain in retail to streamline inventory management by providing accurate and up-to-date records of inventory levels, which reduces the risk of overstocking and stockouts, is contributing to the market growth. Apart from this, the growing adoption of blockchain in retail to provide retailers with real time data on sales, inventory, and customer behavior, which enable faster decision making and strategic planning, is creating a positive outlook for the market.
What is included in market 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
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
The report provides a comprehensive analysis of the industry key players listed below:
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. and Tata Consultancy Services Limited (Tata Group).
