Overview and Scope
Smart retail refers to the use of intelligent technologies in commerce to offer consumers a better, faster, safer, and more convenient purchase experience. It applies new technologies to digitally enhance traditional shopping for customers and businesses.
Sizing and Forecast
The smart retail market size has grown exponentially in recent years. It will grow from $44.09 billion in 2023 to $55.44 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to consumer demand, data analytics, mobile connectivity.
The smart retail market size is expected to see exponential growth in the next few years. It will grow to $143.36 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to 5g implementation, contactless solutions, sustainability initiatives. Major trends in the forecast period include augmented reality (ar) and virtual reality (vr), technology advancements, expanded use of internet of things (iot), localization and personalization, blockchain for supply chain transparency, multi-channel retailing.
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Segmentation & Regional Insights
The smart retail market covered in this report is segmented –
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
North America was the largest region in the smart retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart retail market share during the forecast period. The regions covered in the smart retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing use of robots and automation is expected to propel the smart retail market growth going forward. Automation refers to the employment of autonomous physical devices, computer programs, and other technology to carry out tasks that are typically completed by humans. Robotics is the design, development, and use of machines to carry out tasks. Robots and automation improve collaboration between the R&D, manufacturing, and marketing departments by automating processes related to the alerts and monitoring client opinions in real-time. The use of robots and automation offer exceptional shopping convenience to customers, that increase the demand for smart retail market. For instance, according to a report released by the International Federation of Robotics in October 2022, 517,385 industrial robots were in use in industries worldwide, which showed an increase of 31% year-on-year. Therefore, the increasing use of robots and automation is driving the growth of the smart retail market.
Key Industry Players
Major companies operating in the smart retail market report are 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 S. A., 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
The smart retail market report table of contents includes:
1. Executive Summary
2. Smart Retail Market Characteristics
3.Smart Retail Market Trends And Strategies
4.Smart Retail Impact Of COVID-19
5.Smart Retail Market Size And Growth
6.Smart Retail Segmentation
7.Smart Retail Regional And Country Analysis
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27.Smart Retail Competitive Landscape And Company Profiles
28.Smart Retail Key Mergers And Acquisitions
29. Smart Retail Future Outlook and Potential Analysis
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