The global market size for things related to blockchain is expected to grow really quickly. The market size was at $172.2 million in 2021 but will grow to over $2 billion by 2028! This growth is because people want more of blockchain products and suppliers use the technology in supply chain management a lot. It looks like this increase will keep growing, with a growth rate of 42.8% each year.
Inherent Benefits of Blockchain
According to a recent report by Fortune Business Insights, the value of the global blockchain retail market will skyrocket over the next 7 years. In 2021, it was estimated at $172.2 million and it’s projected to grow further and reach an amazing $2 billion by 2028. On top of that, experts are estimating its growth rate (CAGR) at a whopping 42.8%.
According to a recent report by Fortune Business Insights, the use of technology in retail and supply chain is on the rise. This means that more people are using this technology to do their shopping and get things they need faster.
Businesses in the blockchain retail sector find technology more and more useful because it makes things faster and more transparent.
The retail sector is using a new technology called blockchain which can make payments more secure, faster and more affordable. A report states that this tech lets transactions be checked instantly without needing to involve any banks or processing centers.
A Bright Future for Digital Retail Payments
Experts think that the use of digital payments in retail stores will rise and this is a good thing because it will make using blockchain technology easier. Another change we will see is that smart contracts are becoming more and more popular which means that using blockchains in retail stores will keep growing.
North America has the most amount of blockchain retailers and it is expected to stay in this position for a while thanks to its “significant capitalization”. The European and Asia Pacific markets are also predicted to increase because companies in those regions will start using more blockchain technology. Four countries that especially stand out as leaders in this sector are India, China, South Korea, and Japan.
It looks like the usage of digital technologies and government programs will keep increasing in Latin America, the Middle East, and Africa. Do you have any thoughts on this? Let us know what you think in the comments section.