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According to Fortune Business Insights, the global blockchain retail market size will surge from a record $172.2 million in 2021 to over $2 billion by 2028 The market is expected to grow rapidly from a record $172.2 million in 2021 to over $2 billion by 2028. Demand for the product from end-users and the growing use of the technology in supply chain management is expected to sustain the projected compound annual growth rate (CAGR) of 42.8%.
Intrinsic Benefits of Blockchain
The global blockchain retail market size is expected to grow from $172.2 million recorded in 2021 to over $2 billion by 2028, according to a study by market research firm Fortune Business Insights. In a report titled “Blockchain Retail Market Forecast, 2023-2028,” the research firm also found that the CAGR for this period is expected to exceed 42.8%.
Analysts at Fortune Business Insights, in part of their March 10 press release, highlighted the high potential to drive demand for this technology, stating, “The surge in product demand from end-users such as retailers and supply chain [in the retail industry solutions) is expected to navigate demand.”
Expanding on why the technology is increasingly favored by operators in the blockchain retail sector, he points to its inherent benefits, including increased efficiency and transparency.
“The integration of blockchain technology in the retail sector offers numerous benefits, including secure, cost-effective, and rapid payment processing through encoded distributed ledgers. The technology enables real-time verification of transactions without the need for intermediaries such as banks or clearinghouses.”
Smart contracts are being increasingly adopted
The expected growth of digital payments in the retail sector is likewise expected to drive demand for this technology. This report also identifies the increasing adoption of smart contracts as a growth driver for the blockchain retail sector.
Meanwhile, North America, which accounted for the largest share of the blockchain retail market in 2020, is likely to maintain this dominant position due to its “large capitalization” record. Growth in the European market is expected to be driven by companies that “broadly adopt the concept of blockchain technology,” while the Asia-Pacific region will be steered by “dominant countries such as India, China, Korea, and Japan.”
In Latin America and the Middle East and Africa, the report adds, demand is expected to be sustained by the adoption of digital technologies and government programs.
Image Credits: Shutterstock, Pixabay, Wiki Commons.
