Heightened demand for the worldwide blockchain in the retail market is expected to drive its value past the $3.27 billion mark by 2028, according to market research organization Facts and Factors.
With a value of $137.17 million recorded in 2021, the market is anticipated to set a compound annual growth rate (CAGR) of approximately 57.32% during the forecast period between 2022 and 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.”
Moreover, blockchain technology plays an instrumental role in showing the precise location of different products, as well as their safety and reliability.
Therefore, the need for enhanced transaction transparency-based solutions is a factor that is anticipated to spur growth in the global blockchain in the retail market.
The report noted:
“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.”
Companies like Loyalty Inc. have already set the ball rolling in this market. For instance, it launched a supply chain traceability system in December 2020 that enabled retailers and owners to document the custody chain from the point of origin to the record importer.
The report segmented the global blockchain in the retail market based on region, end-user, application, and product type.
Facts and Factors pointed out:
“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.”
Meanwhile, some of the primary competitors dominating the global blockchain in retail market include IBM, Oracle, Microsoft, Bitfury, Abra, Bitpay, and Blockchain Foundry.
On the other hand, the digital asset management (DAM) market is expected to generate revenue worth $9.32 billion by 2028 based on soaring demand, according to a recent report by SkyQuest Technology Consulting.
Image source: Shutterstock
