Home Blockchain Global Blockchain in Retail Market to Hit $3.27 Billion by 2028

Global Blockchain in Retail Market to Hit $3.27 Billion by 2028

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Global Blockchain in Retail Market to Hit $3.27 Billion by 2028

Increased demand for global blockchain in the retail market is expected to push its value beyond $3.27 billion by 2028, according to the market research organization Facts and Factors.

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With a value of $137.17 million recorded in 2021, the market is expected to establish a compound annual growth rate (CAGR) of around 57.32% during the forecast period between 2022 and 2028.

Speak announcement:

“Retailers can provide their customers with features such as record customer service, traceability, real-time information and on-time delivery information through blockchain in retail solutions.”

Additionally, blockchain technology is instrumental in showing the precise location of different products, as well as their security and reliability.

Therefore, the need for improved solutions based on transaction transparency is a factor that is expected to drive the growth of global blockchain in the retail market.

The report noted:

“Low-cost, secure and fast payment processing services are made possible by blockchain in retail due to the use of encrypted distributed ledger technology.”

Companies like Loyalty Inc. have already got the ball rolling in this market. For example, it launched a supply chain traceability system in December 2020 that allowed retailers and owners to document the chain of custody from point of origin to record importer.

The report has segmented the global blockchain in retail market on the basis of region, end-user, application, and product type.

Highlighted facts and factors:

“Based on application, the market has been segmented into supply chain management, food safety management, customer data management identity management, compliance management, security transaction processing invoicing, etc.”

Meanwhile, some of the major competitors dominating the global blockchain in the retail market include IBM, Oracle, Microsoft, Bitfury, AbraBitpay 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 growing demand, according to a recent report by SkyQuest Technology Consulting.

Image source: Shutterstock

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