Increased demand for blockchain worldwide in the retail market is expected to push 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 establish a compound annual growth rate (CAGR) of approximately 57.32% during the forecast period between 2022 and 2028.

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“Retailers can provide their customers with features such as unprecedented customer care, traceability, real-time information, and on-time delivery information thanks to blockchain in retail solutions.”

Furthermore, blockchain technology plays a critical role 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 anticipated to spur the growth of global blockchain in the retail market.

The report noted:

“Low-cost, fast and secure 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 started 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 the point of origin to the importer’s record.

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

Facts and factors indicated:

“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 major competitors dominating the global blockchain retail market include IBM, Oracle, Microsoft, Bitfury, openBitpay and Blockchain Foundry.

On the other hand, the digital asset management (DAM) market is expected to generate $9.32 billion in revenue by 2028 based on increased demand. according to to a recent report by SkyQuest Technology Consulting.

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