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Blockchain In Retail - Understanding Market Penetration, Key Market Changes And Making A Logical Assumption

Published on: May 2022

Let us study the market overview of Blockchain in Retail industry

The blockchain in the retail market is predicted to increase at a CAGR of 96.4 percent from $44.2 million in 2017 to $2,339.5 million by 2023, from a low of $44.2 million in 2017. The study's base year is 2017, with the projection period running from 2018 through 2023.

The drivers and restraints for the Blockchain in Retail market

The market's main drivers include the growing interest in blockchain technology adoption in the retail and supply chain management industries, as well as the growing demand for efficiency and speed in retail and supply chain transactions. Furthermore, the fast changing international commerce and retail industry environment, bolstered by increased venture capital and investments in blockchain technology providers, has expanded the market's growth prospects.

What defines the market for Blockchain in Retail?

The goal of this market research study on blockchain in retail is to define, describe, and forecast the market by provider, application, organisation size, and geography. The study examines the market's opportunities for stakeholders by identifying the market's high-growth categories. It highlights the market's major players and examines their core strengths in depth, including new product launches, partnerships, agreements, and collaborations. The study also includes thorough information on the primary variables impacting market growth (drivers, constraints, opportunities, and challenges).

Collating data from various trusted sources

Data was collected from various industry associations and consortiums, such as Enterprise Ethereum Alliance (EEA), Hyperledger Consortium, Blockchain Collaborative Consortium (BCCC), and R3CEV Blockchain Consortium, as well as other sources, such as company financials, journals, press releases, paid databases, and annual reports, to estimate and forecast the blockchain in retail market. The overall market size was calculated using a bottom-up approach based on the revenue of the market's major participants. After determining the overall market size, the total market was divided into several segments and sub-segments, which were then confirmed through primary research by conducting extensive interviews with key people such as CEOs, Vice Presidents (VPs), directors, executives, and blockchain specialists.

To complete the total market engineering process and arrive at exact numbers for all segments and subsegments, data triangulation and market breakdown techniques were used.

Major service providers in the blockchain in retail market include

  • IBM (US)
  • SAP (Germany)
  • Microsoft (US)
  • Oracle (US)
  • AWS (US)
  • Bitfury (Netherlands)
  • Auxesis Group (India)
  • Cegeka (Netherlands)
  • BTL (Canada)
  • Guardtime (Estonia)
  • CoinBase (US)
  • Loyyal (US)
  • Sofocle (India)
  • BigchainDB (Germany)
  • RecordsKeeper (Spain)
  • BitPay (US)
  • Abra (US) (Singapore)

Retailers, blockchain technology providers, independent software providers, consulting firms, system integrators, Value-added Resellers (VARs), and information technology (IT) agencies are among the stakeholders.

Target audience for blockchain in retail market

  • Regulatory bodies
  • Blockchain technology solution vendors
  • Independent Software Vendors (ISVs)
  • Consulting firms
  • VARs

The research report segments the blockchain in retail market into the following submarkets:


  • Application Providers
  • Middleware Providers
  • Infrastructure Providers


  • Compliance Management
  • Identity Management
  • Loyalty and Rewards Management
  • Payments
  • Smart Contracts
  • Supply Chain Management
  • Others (Anti-Counterfeiting, Advertising, and Consumer Data Management)

Organisation Size

  • SMEs
  • Large Enterprises

Blockchain in Retail Market by Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

What are the advantages of Industry Data Analytics?

The market is rapidly changing due to the industry's continual expansion. Technology improvements have provided a number of benefits to today's businesses, resulting in daily economic fluctuations. As a result, in order to properly strategize, a firm must first grasp the patterns of market changes. Businesses with an effective strategy have a head start in planning and a competitive advantage. Industry Data Analytics is a dependable source for market reports that will assist you in obtaining the leads that your organisation needs.

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