According to Fortune Business Insights, the size of the global blockchain retail market is expected to increase from $172.2 million in 2021 to over $2 billion by 2028. Both end-user demand for the product and the Increasing use of technology in Supply Chain Management is expected to sustain the market’s projected CAGR of 42.8%.
Blockchain Inherent Benefits
The value of the global blockchain retail market size is expected to grow from $172.2 million in 2021 to more than $2 billion by 2028, according to a study by market research firm Fortune Business Insights. In a report titled “Blockchain in Retail Market Forecast, 2023-2028,” the research firm also revealed that the CAGR during this period is expected to exceed 42.8%.
According to a report from the research firm on March 10 Press release Highlighting the likely drivers of demand for the technology, analysts at Fortune Business Insights argue that “growing demand for the product from end-users such as retail, as well as (the) supply chain, is expected to navigate demand of (a) retail solution.”
Expanding on why the technology is increasingly being favored by businesses in the blockchain retail sector, the report notes the inherent benefits of the technology, such as increased efficiency and increased transparency.
“The integration of blockchain technology in the retail sector offers numerous benefits, such as secure, cost-effective and fast payment processing through encrypted distributed ledgers. This technology allows real-time verification of transactions without the need for intermediaries such as banks or clearing houses,” the report states.
Growing adoption of smart contracts
Similarly, the anticipated growth of digital payments within the retail sector is expected to drive demand for the technology. In the report, the growing adoption of smart contracts is also identified as a growth driver of the blockchain retail sector.
Meanwhile, the report states that North America, which held the largest share of the blockchain retail market in 2020, is likely to maintain this dominant position due to the “significant capitalization” on record. While growth in the European market is expected to be driven by companies “widely embracing the notion of blockchain technology”, in the Asia Pacific region this will be led by “dominant nations such as India, China, South Korea and Japan.” “.
In Latin America, as well as the Middle East and Africa, the adoption of digital technologies and government programs are expected to sustain demand, the report added.
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