The Business Research Company’s report on the Smart Retail Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the smart retail market further?
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, in October 2022, according to a report released by the International Federation of Robotics, 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.
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What are the key factors influencing the forecasted market size of the smart retail industry?
The smart retail market size has grown exponentially in recent years. It will grow from $54.56 billion in 2024 to $67.73 billion in 2025 at a compound annual growth rate (CAGR) of 24.1%. 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 $162.71 billion in 2029 at a compound annual growth rate (CAGR) of 24.5%. 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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Who are the leading competitors in the smart retail market?
Major companies operating 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 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
Which emerging trends are set to transform the smart retail market landscape?
Technological advancement is a key trend gaining popularity in the smart retail market. Major companies operating in the smart retail market are focused on developing new technological solutions to strengthen their position. For instance, in February 2023, Singtel, a Singapore-based telecommunications company, launched Singapore’s first 5G-enabled smart retail showcase, an innovative initiative that utilizes 5G technology to enhance the retail experience for consumers and businesses. Launched as part of Singapore’s efforts to transform its retail sector through digitalization and advanced technologies, this showcase demonstrates the capabilities of 5G in creating immersive and interactive shopping experiences.
How do different geographies compare in terms of market share and growth potential in the smart retail market?
North America was the largest region in the smart retail market in 2024.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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Which major segments of the smart retail market are experiencing the fastest growth?
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
Subsegments:
1) By Digital Signage Solutions: LED Displays, Interactive Kiosks, Video Walls, Digital Menu Boards
2) By Smart Labels: Electronic Shelf Labels (ESLs), RFID Labels, QR Code Labels
3) By Smart Payment Systems: Mobile Payment Solutions, Contactless Payment Systems, Point Of Sale (POS) Systems, Cryptocurrency Payment Solutions
4) By Intelligent Vending Machines: Smart Snack Vending Machines, Beverage Vending Machines, Inventory Management Systems For Vending
5) By Augmented Reality Solutions: AR Applications For Product Visualization, AR marketing Campaigns, Virtual Try-On Solutions
6) By Virtual Reality Solutions: VR Shopping Experiences, Virtual Store Tours, Immersive Brand Experiences
7) By Other Systems: Customer Analytics Platforms, Inventory Management Systems, Supply Chain Management Solutions
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How is the smart retail market defined?
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.
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