Blockchain in Retail Market Size, Share, Growth Analysis, By Providers(Application Providers, Middleware Providers and Infrastructure Providers), By Application(Compliance Management, Identify Management), By Organization Size(SMEs and Large Enterprize) - Industry Forecast 2024-2031

Global Blockchain in Retail Market size was valued at USD 5.9 billion in 2022, USD 8.4 billion in 2023 and is projected to grow USD 70 billion by 2031, growing at a CAGR of 42.40% in the forecast period (2024-2031).

The market is primarily driven by the growing demand for efficiency and speed in supply chain and retail transactions, as well as the growing interest in the application of blockchain technology in these industries. Furthermore, the quickly evolving global trade and retail business landscape, supported by a rise in venture capital and investments directed towards blockchain technology providers, has expanded the market's potential opportunities. Every day, the retail and SCM industries handle a great number of information flow and transactions. Sales, fees, certificates, approvals, payments, procurement data, and details on the authentication procedure are a few examples of potential information sources. One of the biggest problems supply chain organizations have been maintaining quality and product flow monitoring, along with lowering costs and expediting delivery.

Many companies in the supply chain management industry are using blockchain technology to improve the efficiency and transparency of their company operations, as well as the final delivery phase overall. One of the primary aspects that will likely propel the expansion of the blockchain supply chain market overall is the prevention of data tampering through the integration of blockchain technology with SCM systems. Furthermore, this technology allows transactions to be recorded on distributed ledgers, which improves efficiency, transparency, and fraud protection for several agencies. Three key factors are driving the expansion of the blockchain supply chain market: more e-commerce, improved supply chain transaction security, and the requirement for supply chain transparency. Two factors that are preventing the blockchain supply chain sector from growing are a lack of awareness of technology and labor scarcity.