Blockchain Retail Market Estimated to Reach USD 2 Billion in 2028
Fortune Business Insights has estimated that the global blockchain retail market is expected to reach from the USD 172.2 million recorded in 2021 to USD 2 billion by 2028. Both the demand for the product by end-users as well as the technology used in supply chain management are expected to sustain the projected market compound annual growth rate (CAGR) of 42.8%.
Inherent Benefits of Blockchain Technology
The
value of the global blockchain retail market is expected to increase from the
USD 172.2 million recorded in 2021 to USD 2 billion by 2028, according to a
study by the market research firm Fortune Business Insights. In a report titled
"Blockchain in Retail Market Forecast, 2023–2028," the research firm
has also revealed that the CAGR during the period is expected to reach 42.8%.
Fortune
Business Insights analysts argue that the "surging demand for the product
from end-users such as retail as well as the supply chain is expected to
navigate the demand for a solution in retail." The research firm’s March press statement highlights the key
drivers of demand for the technology.
Rising Adoption of Smart Contracts
The
estimated growth of digital payments in the retail sector is expected to drive
demand for the technology. The rising adoption of smart contracts is also identified
as a key driver of blockchain growth in the retail sector.
The
report indicates that North America, which held the largest share of the
blockchain retail market in 2020, is likely to hold on to the top position due
to the "significant capitalization" that has been recorded. While
growth in the European market is expected to be driven by companies
"expansively adopting the concept of blockchain technology," in the
Asia-Pacific region, it will be driven by "nations such as India, China,
South Korea, and Japan."
In
Latin America as well as in the Middle East and Africa, the embrace of digital
technologies and government programs is expected to sustain demand, the report
adds.
Expanding
on why the technology is increasingly favored by businesses in the blockchain
retail sector, the report points to the inherent benefits of the technology,
such as improved efficiency and increased transparency.
"The
integration of blockchain technology in the retail sector offers numerous
benefits, such as secure, cost-effective, and swift payment processing through
encoded distributed ledgers. The technology allows for real-time verification
of transactions without the need for intermediaries like banks or
clearinghouses," the report has stated.
What
is your take on the blockchain retail market's estimated growth? Please post your comments.
0 Comments