Blockchain Retail Market Size Projected to Grow at a CAGR of 42.8% in 2021-2028

03/07/2023 10:58 • AI & Tech Insights • 64 views

It is reported that Fortune Business Insights pointed out in a report that the global blockchain retail market size in 2020 is 126.8 million US dollars, which is expected to increase from 172.2 million US dollars in 2021 to 208.28 million US dollars in 2028, with a CAGR of 42.8% in 2021-2028. The growing demand for simplifying business processes has driven market growth.

Report: It is estimated that the size of the blockchain retail market will reach 208.28 million US dollars in 2028

Interpretation of the news:

Blockchain technology has been one of the most disruptive innovations in the past decade, with its potential to revolutionize various industries, including retail. The Fortune Business Insights report on global blockchain retail market size for 2020 indicated that the market was worth $126.8 million and projected a growth trend up to 2028, with an expected value of $208.28 million in that year. This translates to a CAGR of 42.8% from 2021 to 2028.

The key driver of this growth in blockchain retail is the demand for simplifying business processes, which has led to the increased adoption of blockchain technology across the retail industry. One of the notable benefits of blockchain technology in the retail industry is the ability to enhance supply chain management through increased transparency, efficiency, and accountability. This creates more secure and trustworthy records, which can help businesses build trust with customers, suppliers, and stakeholders.

Another aspect contributing to the growth of blockchain retail is the steady increase in global retail sales as reported by Statista. The retail industry has seen a year-on-year increase in sales, with a forecast value of over 28 trillion US dollars in 2021. The adoption of blockchain technology by retail businesses has facilitated increased operational efficiency, thus improving consumer experiences and generating higher sales.

Furthermore, the growing popularity of e-commerce platforms has propelled the adoption of blockchain technology in retail. The e-commerce market has grown significantly in recent years, with forecasts indicating that it will continue to grow in the coming decade. Blockchain technology enhances security, and, in turn, improves consumer trust in online platforms, thus driving the growth of the e-commerce sector.

In conclusion, based on the Fortune Business Insights report, it is evident that the global blockchain retail market size is set to grow exponentially in the next seven years, with a CAGR of 42.8%. The use of blockchain technology in the retail industry is gaining momentum due to its potential to streamline business processes, improve supply chain management, increase transparency, and boost sales. Furthermore, e-commerce growth is also driving the adoption of blockchain technologies by retail businesses, and this trend is expected to continue in the foreseeable future.

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