Blockchain in Retail Market Size (2024 - 2029)

Blockchain in Retail Market Analysis

The Blockchain in Retail Market size is estimated at USD 0.47 billion in 2024, and is expected to reach USD 4.01 billion by 2029, growing at a CAGR of 52.92% during the forecast period (2024-2029).

• The increasing demand for transparency in the retail supply chain, the fast, frictionless transactions, and the demand for improved customer service are driving the blockchain in retail market growth.
• Blockchain technology empowers retail businesses to maintain transparent, secure record-keeping, track the provenance of goods, and provide a method to engage in secure transactions. In addition, blockchain technology in the retail sector helps store digital records safely and audibly, enabling a safe, speedy, and cost-effective transfer of assets. Thus driving the demand for blockchain in the retail segment.
• The advantages of blockchain to improve the value chain for the retail business are significant and have gained substantial traction over the past few years, thus positively impacting the market growth. By putting data and transactions on the digital ledger, the speed of transactions can be quicker, paper-based processes can be eliminated, goods can be traced across diverse supply chains, and fake goods can be filtered out.
• Moreover, consumer demand for fast, frictionless transactions is leading to sharp increases in mobile and online e-commerce fraud and associated costs. Blockchain technology is significantly enabling fast, frictionless, and secure transactions in the retail segment. Additionally, Blockchain efficiency in handling, securing, and decentralizing loyalty program data is also driving the adoption of blockchain in the retail segment. The technology facilitates the creation and transmission of points across programs and retailers.
• Additionally, the increasing retail theft drives the blockchain technology demand in the retail sector for fraud prevention and detection. For instance, according to the data from the National Retail Federation's 2022 Retail Security Survey, retail losses from stolen goods increased to USD 94.5 billion in 2021, up from USD 90.8 billion in 2020.
• The COVID-19 pandemic lowered consumers' financial potential, decreasing retail blockchain services and solutions sales. However, post-pandemic, retail industries started recovering from economic setbacks during the outbreak and are expected to provide significant opportunities for the growth of blockchain in the retail segment over the forecast period.

Blockchain in Retail Industry Segmentation

Originally used only for financial transactions, blockchain has expanded its roots to other industries, including retail, which is changing the way retailers and suppliers are earning consumer loyalty. It makes the retailers equipped to deal with challenges in transaction management, customer service or inventory management.

The Blockchain in Retail Market is segmented by Application (Compliance Management, Smart Contract, Supply Chain and Inventory Management, Transaction Management, Automated Customer Service, Identity Management), and Geography (North America, Europe, Asia Pacific, Rest of the World).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.