The global blockchain in retail market is anticipated to grow at a 96.4% CAGR during the projected period 2021-2027and is expected to reach USD 4,924.3 million by 2027. Customer services such as record-time service, real-time information, on-time delivery information, and traceability are all available with blockchain in retail applications. Also, blockchain technology provides authenticity, product safety, quality, and reliability, with its supply chain providers so as to know the exact location of the product. Furthermore, fast mode of transactions, improved transactions owing to transparency-based solutions in the logistics industry will propel the growth of blockchain in retail market.
The COVID-19 pandemic has led to disruption in the economy and social stress globally. Owing to the closure of manufacturing facilities and production units globally, the unemployment rate has increased. This has resulted in decreased spending for blockchain in retail solutions. The COVID-19 pandemic has had little impact on the retail sector. The industries globally are using distributed ledger technology and smart contracts so as to provide transparency and secure supply chain records.
Request to get a free sample copy at https://www.vynzresearch.com/ict-media/blockchain-in-retail-market/request-sample
Based on application, the global blockchain in retail market is segregated into compliance management, smart contracts, loyalty and rewards management, identity management, payments, supply chain management, and others. The supply chain management contributes to the largest share in the market owing to increased adoption to allow data sharing across the organizations and an increased number of security concerns. Supply chain management solutions are adopted to organize, acquire, and use customer data to understand consumers.
North America dominates the market owing to significant investment in blockchain for retail services and technology, technological development like smart payment, contracts, etc. Furthermore, North America is the early adopter of technology in retail sector.
In July 2021, Oracle Financial Services Software Ltd, a division of Oracle Corp, has partnered with Everest, a financial technology company, to introduce blockchain to banks around the world to improve their product offerings. Oracle Financial's software is used in retail, corporate, and insurance banking. Everest, whose blockchain technology offers a wide range of financial services, said it recently collaborated on the Central Bank of Samoa's regulatory compliance platform with the Asian Development Bank.
The prominent players for the blockchain in the retail industry include IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Accenture plc, Intel Corporation, BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
Source: VynZ Research
