The global blockchain in retail market is anticipated to grow at an exponential CAGR of 78.5% during the forecast period (2023-2030). India is a key contributor to the growth of the global blockchain in retail market. The blockchain supports the transaction of cryptocurrencies such as Bitcoin or Ethereum. Hence, in India, many organizations are adopting the blockchain technology in the retail sector to improve customer relations, supply chain traceability, efficiencies, and cost savings. Local banks are adopting the technology, while 56.0% of businesses are moving to make it a core part of their operations. Government agencies are also trialing blockchain-powered projects, and students throughout India are studying blockchain in big numbers – all from the government’s initiative with the National Blockchain Framework (NBF).
Browse the full report description of “Blockchain in Retail Market Size, Share & Trends Analysis Report by Application (Compliance Management, Smart Contract, Supply Chain & Inventory Management, Transaction Management, Automated Customer Service, and Identity Management) Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/blockchain-in-retail-market
Blockchain is already making its presence felt in India’s e-commerce sector. According to India Brand Equity Foundation, India’s e-commerce market is expected to reach $111.0 billion by 2024 and $200 billion by 2026. Blockchain is an e-commerce accelerator because it provides a secure method of storing and sharing payment information. Its distributed ledger technology allows retail companies to collaborate closely, easily, and transparently with all supply chain partners including distributors, retailers, importers, and more. Instead of each player maintaining a database, blockchain provides a unified payment and transaction platform for all participants. Blockchain enhances security and privacy as all transactions are independently processed and verified and cannot be altered or deleted. It also enables faster transactions, with 24/7 processing reducing transaction times. Hence, the rising adoption of blockchain in growing retail industry of India is driving the global blockchain in retail market.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes SAP SE, IBM Corp., Oracle Corp., Microsoft Corp., and Amazon Web Services, Inc. among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Blockchain in Retail Market Report Segment
By Application
Global Blockchain in Retail Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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