Blockchain in Retail Market is Likely to Increase at a Significantly High CAGR during Forecast Period 2031
Blockchain in Retail Market is Likely to Increase at a Significantly High CAGR during Forecast Period 2031
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The global blockchain in retail market is anticipated to grow at an exponential CAGR of 78.5% during the forecast period. 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).
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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.
Global Blockchain in Retail Market Report Segment
By Application
- Compliance Management
- Smart Contract
- Supply Chain & Inventory Management
- Transaction Management
- Automated Customer Service
- Identity Management
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Company Profiles
- Accenture PLC
- Auxesis Services & Technologies (P) Ltd.
- BigchainDB GmbH
- Bitfury Holdings Inc.
- BitPay Inc.
- Blockchain Foundry Inc.
- BlockVerifyy
- Capgemini SE
- Cisco Systems Inc.
- Cognizant Technology Solutions Corp.
- copyright Inc.
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