What is the Market Size Analysis for the Smart Retail Market?
The smart retail market size has seen significant growth in recent years, expanding from $54.56 billion in 2024 to an estimated $67.73 billion in 2025, representing a compound annual growth rate (CAGR) of 24.1%. This surge in the historic period can be attributed to factors such as consumer demand, data analytics, and mobile connectivity.
In terms of forecasts, the smart retail market size is set to witness a robust growth trajectory, expanding to $162.71 billion in 2029 at a compound annual growth rate (CAGR) of 24.5%. The exponential growth in the forecast period can be attributed to the implementation of 5G, the rise of contactless solutions, and sustainability initiatives. Key trends to watch in the forecast period include Augmented Reality (AR) and Virtual Reality (VR) integration, technological advancements, the expanding use of Internet of Things (IoT), localization and personalization, the use of blockchain for supply chain transparency, and multi-channel retailing.
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What are the Key Growth Drivers for the Smart Retail Market?
The smart retail market growth is being propelled by the increasing use of robots and automation. Automation employs autonomous devices, computer programs, and other technological innovations for tasks typically performed by humans. The use of robots and automation enhances collaboration among R&D, manufacturing, and marketing departments by digitalizing processes. Such automation also provides exceptional shopping convenience to customers, increasing the demand for the smart retail market. For instance, as reported by the International Federation of Robotics in October 2022, there was an increase of 31% year-on-year in the use of industrial robots, reaching 517,385 worldwide.
What are the Main Segments within the Smart Retail Market?
1) By System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
2) By Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
3) By Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications
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Who are the Major Players in the Smart Retail Market?
Key players in the smart retail market include Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics Co. Ltd., Verifone Inc., International Business Machines Corporation (IBM), Cisco Systems Inc., Ingenico Group SA, Amazon.com Inc. NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, Bossa Nova Robotics Inc., Robert Bosch GmbH, Microsoft Corporation, NVIDIA Corporation, NXP Semiconductors NV, Trigo Vision Ltd., PTC Inc., Prismview LLC, NEC Display Solutions Ltd., Elo Touch Solutions Inc., E Ink Holdings Inc., Diebold Nixdorf Inc., ComQi Inc., Bluebird Inc., Advantech Co. Ltd., 3M Company.
What are the Emerging Trends in the Smart Retail Market?
Technological advancement is a key trend in the smart retail market. Major players are focused on developing new technology solutions to strengthen their market presence. Accordingly, in February 2023, Singtel, a Singaporean telecommunications company, debuted the country’s first 5G-enabled smart retail showcase. Part of a broader effort to digitally transform Singapore’s retail sector with advanced technologies, this innovative initiative leverages 5G technology to provide immersive and interactive shopping experiences to consumers and businesses.
Which Regions Are Expected to Lead the Smart Retail Market’s Growth?
North America emerged as the largest region in the smart retail market in 2024. Meanwhile, the Asia-Pacific region is anticipated to be the fastest-growing in the smart retail market forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Smart Retail Market Report 2025 Offer?
Smart retail involves the use of intelligent technologies in commerce to provide consumers with better, faster, safer, and more convenient shopping experiences. It applies new technologies to digitally enhance traditional shopping experiences for customers and businesses. The Smart Retail Market research report from The Business Research Company shares insights about global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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