New York, June 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Blockchain In Retail Global Market Report 2022” – https://www.reportlinker.com/p06286071/?utm_source=GNW
The global blockchain in retail market is expected to grow from $0.47 billion in 2021 to $0.87 billion in 2022 at a compound annual growth rate (CAGR) of 86.47%.The blockchain in retail market is expected to reach $11.10 billion in 2026 at a CAGR of 88.74%.
The blockchain in the retail market consists of sales of blockchain solutions by entities (organizations, sole traders, and partnerships) that can be used extensively in retail to maintain product quality, tackle fraud, manage consumer data, improve loyalty programs, track inventory, automating back office administration, and others. Blockchain technology helps in storing digital records in a safe and auditable manner, enabling a safe, speedy, and cost-effective transfer of assets.
The main components of blockchain in retail includes platform/solutions and services.The blockchain platform or software solutions in retail designed for inventory management, person to merchant transactions, preventing cyber-attacks, product provenance, preventing counterfeit goods and fraud, and others.
The providers of blockchain in retail includes application providers, middleware providers, and infrastructure providers. These solutions are used in large enterprises and small and medium enterprises for compliance management, identity management, loyalty & rewards management, payments, smart contracts, supply chain management, and others.
North America was the largest region in the blockchain in retail market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the blockchain in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for transparency in the retail supply chain is driving the blockchain in the retail market.Transparency in the retail supply chain demands complete disclosure of information at every link, which includes sourcing of raw material, water usage in textile dying, customer care instructions, the environmental impact of goods distribution and others.
The companies operating in the retail sector are investing in blockchain technologies to increase transparency to enhance customer experience, employee satisfaction, revenue boost, and others.For instance, according to the survey conducted by Serai in collaboration with KMPG in 2021, more than two- thirds of respondents from the apparel industry reported supply chain transparency is an extremely important issue in the current scenario.
Thus, an increase in transparency in the retail supply chain is expected to boost blockchain in the retail market during the forecast period.
Technological developments are a key trend gaining popularity in blockchain in the retail market.The companies operating in blockchain in the retail market are focusing on developing innovative technological solutions to meet the technical requirements and demands of end-users across the globe.
For instance, in 2019, Oracle joined UCLCRT and MONOCHAIN to launch a Retail Blockchain Consortium.It is designed to advance the use of distributed ledger technologies within the Retail Industry.
It is used for tracking food sourcing, food freshness, and inventory control. For fashion brands, blockchain can provide tamper-resistant record-keeping of their garments via tags bearing a printed QR code to track all their info that can be stored on the digital ledger.
In February 2020, iQSTEL Inc., a USA-based provider of telecommunication and technology services acquired a 75% stake in itsBchain, a USA-based provider of blockchain solutions for carriers, the corporate and retail market for an undisclosed amount. Through this, iQSTEL Inc. is focused on expanding its operations and business presence in the smart contracts and blockchain technologies sector-specific to telecommunication industry.
The countries covered in the blockchain in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06286071/?utm_source=GNW
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