It is expected that the global blockchain will be more popular than ever in the retail sector, driving its value to $3.27 Billion by 2028. according Facts and Factors, a market research company.
The market has a value of $137.17million in 2021. It is expected to record a compound annual rate (CAGR), of approximately 57.32% over the forecast period of 2022-2028.
Per the announcement:
“Retailers may provide their customers features like record-breaking customer care, traceability, real-time information, and on-time delivery information thanks to blockchain in retail solutions.”
Blockchain technology is also an important tool in identifying the exact location of products and ensuring their safety and reliability.
The need for improved transaction transparency-based solutions will be a key factor driving growth in the global retail market’s blockchain.
The report stated:
“Low-cost, secure, and speedy payment processing services are made possible by the blockchain in retail because of the usage of encrypted distributed ledger technology.”
Loyalty Inc. and other companies have started to make a mark in this space. Loyalty Inc. launched a supply-chain traceability system in December 2020, which allowed retailers and owners to document their custody chain from point of origin through to the record importer.
The report analyzed the global blockchain market in retail based on geography, end-user, app, and product type.
Facts and factors highlighted:
“On the basis of application, the market has been segmented into supply chain management, food safety management, customer data management identity management, compliance management, billing transaction processing, and others.”
Some of the major competitors to the global Blockchain in Retail Market include IBM, Microsoft, Oracle, Microsoft and Bitfury. AbraBlockchain Foundry, Bitpay and e-Bitpay
A rising demand means that the digital asset management market (DAM) will generate revenues worth $9.32 Billion by 2028. According SkyQuest Technology Consulting has released a report.
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