Market Overview:
The global Blockchain in the Retail market was estimated at USD 206.55 Million in 2021 and is projected to reach 9402.73 Million by the end of 2028, growing at a CAGR of 72.54% over the analysis period.
A blockchain in retail is a system that encourages more trustworthy and authentic interactions between the company and the customer. The main benefit of this system is that it encourages loyalty and complete transparency. Blockchain in retail works with existing systems to provide real-time data that allows for a better understanding of customers and simple transactions. Blockchain in retail enables retailers to provide real-time delivery and services in record time. Scalability and interoperability are the factors necessary for blockchain adoption. This is only possible when industry standards are set, which is at a lagging phase right now. The Telecom sector is struggling with the mass adoption of blockchain technology.
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The Report Will Include A Major Chapter
· Patent Analysis
· Regulatory Framework
· Technology Roadmap
· BCG Matrix
· Heat Map Analysis
· Price Trend Analysis
Top Key Players Covered In The Blockchain in Retail Market:
IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (US), Auxesis Group (India), Cegeka (Belgium), BTL (US, Guardtime (US), Amazon Web Services (US), and Other Major Players.
Market Dynamics and Factors:
The increasing adoption of blockchain-as-a-service and smart contract services in retailers is one of the main factors driving the growth of the blockchain in the retail market. In addition, one of the few drivers of blockchain in the retail market is the growing use of technology and supply chain management in retailers in the management industry. The blockchain in retail facilitates low-cost, secure, and fast payment processing services with the use of encrypted distributed ledger technology. This allows for real-time transaction verification without the use of intermediaries such as clearing houses and banks. The retail industry has seen a significant increase in digital payments, which has increased demand for distributed ledger technology.
Due to the numerous high-value distributed applications of blockchain technology, it is transforming the entire retail industry. As a result, blockchain in the retail sector is introducing new business models in a variety of areas, including digital payment, smart contracts, internet/online shopping, and risk and compliance. As a result of these factors, retailers are investing massive sums to investigate blockchain technology, for such factor, the growth of Blockchain in the retail market is driving during the forecast period.
Key Industry Development:
In August 2019, IBM Corporation and Maersk partnered to develop a technology shipping solution named Trade Lens. The solution aims to promote secure and efficient global trade by using DLT in the supply chain
In June 2019, MIMOS collaborated with Oracle Corporation to utilize blockchain technology to streamline various processes for greater trust and transparency. The collaboration aims to improve supply chain processes and ease of doing business processes in Malaysia.
Blockchain in Retail Market Segmentation:
By Deployment Model
· On-premises
· Cloud-based
By Cluster Type
· High Availability (HA) and Failover
· Load Balancing
· HA & Load Balancing
· Distributed & Parallel Processing
By End Users
· Life Science
· Industrial Manufacturing
· Banking
· Defense
· Gaming Industry
· Retail
· Others
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For this report, Introspective Market Research has segmented the Blockchain in Retail Market based on region:
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Scope of the Report:
The latest research on the Blockchain in the Retail market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Blockchain in the Retail industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Blockchain in the Retail market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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