Smart Retail Market

Smart Retail Market Size:

The global smart retail market size reached US$ 38.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 239.9 Billion by 2032, exhibiting a growth rate (CAGR) of 22.41% during 2024-2032. The rising technological advancements, changing consumer expectations, rising automation trends, sudden outbreak of the coronavirus disease (COVID-19), the increased product adoption due to personalization, convenience, and seamless shopping experiences are some factors propelling the market share.

Smart Retail Market Analysis:

• Major Market Drivers: The growth of IoT devices and advancements in AI technology are driving the smart retail market growth.
• Key Market Trends: Personalized shopping experiences and cashier-less stores are emerging as smart retail market trends.
• Geographical Trends: North America is dominating the smart retail market demand. The smart retail market analysis shows that Asia Pacific is also playing an important role in driving the smart retail market revenue.
• Competitive Landscape: Amazon.com Inc., Cisco Systems Inc., and Google LLC (Alphabet Inc.) are some of the smart retail market companies.
• Challenges and Opportunities: The smart retail market forecast shows that data privacy concerns might be a challenge for the smart retail market outlook. The smart retail market report shows that enhanced customer engagement is one of the smart retail market recent opportunities.
   

Smart Retail Market Trends:

Changing Consumer Expectations

The evolution of consumer expectations significantly impacts smart retail market statistics, driven by the desire, for convenience, personalization, and seamless shopping experiences. Consumers now anticipate retailers to provide omnichannel services, personalized suggestions, convenient and secure payment methods, and efficient order fulfillment. In response, retailers are embracing technologies to meet these evolving demands. By utilizing intelligence IoT (Internet of Things) and data analytics retailers can. Analyze customer data to deliver personalized experiences improve inventory management and streamline operations.

Insights from Data Analysis

Through the adoption of technologies, retailers can gather customer data from various touchpoints. Analyzing this data provides insights into consumer behavior trends and preferences. These insights empower retailers to make decisions based on data analysis results. They also assist in tailoring marketing strategies to preferences optimizing inventory levels efficiently managing the operations for a customer experience. Data-driven insights play a role in driving smart retail market overview as they enable retailers to pinpoint areas, for enhancement streamline operational processes effectively allocate resources.

Rising Automation Trend

Retail stores are implementing automated checkout systems, robotic fulfillment centers, self-driving delivery vehicles, and inventory management robots. These advanced technologies and smart retail market recent developments help increase accuracy and streamline processes. It allows human workers to focus on valuable tasks. By using inventory management systems, retailers can precisely monitor stock levels, prevent shortages, and reduce inventory. This optimization leads to cost savings, better inventory turnover rates, and increased customer satisfaction. This, in turn, also drives the smart retail market recent price.

Smart Retail Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on offering, retailer size, application, and end user.

Breakup by Offering:

• Hardware
  • RFID Tags and Labels
  • Scanner/Readers
  • Mobile Computers
  • Point of Sale (POS) Terminals
  • Others
• Software
  • Retail Management Software
  • POS Software
  • Inventory Management
  • Others
• Services
  • Integration and Deployment Services
  • Consulting Services
  • Support and Maintenance Services
     

Hardware accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the offering. This includes hardware (RFID tags and labels, scanner/readers, mobile computers, point of sale (POS) terminals, and others), software (retail management software, POS software, inventory management, and others) and services (integration and deployment services, consulting services, and support and maintenance services). According to the report, hardware represented the largest segment.

The hardware components are essential, for powering the growth of the sector. Smart retail solutions rely on a range of hardware like sensors, beacons, RFID tags, smart shelves, and digital signs. These devices enable real-time data collection simplify inventory control processes improve customer experiences and support personalized marketing efforts. For example, sensors and beacons track customer movements helping retailers analyze foot traffic patterns and optimize store layouts. RFID tags enhance inventory tracking and management, thus reducing instances of out-of-stock products. Smart shelves, with a display offer product details and promotional offers. Overall, hardware serves as the backbone of solutions empowering retailers to boost operational efficiency, enhance customer interactions, and drive sales in the long run.

Breakup by Retailer Size:

• Small and Mid-sized Retailers
• Large Retailers
   

A detailed breakup and analysis of the smart retail market based on the retailer size has also been provided in the report. This includes small and mid-sized retailers and large retailers.

Breakup by Application:

• Visual Marketing
• Smart Label
• Smart Payment System
• Intelligent System
• Others
   

Visual marketing dominates the smart retail market

The report has provided a detailed breakup and analysis of the smart retail market based on the application. This includes visual marketing, smart label, smart payment system, intelligent system, and others. According to the report, visual marketing represented the largest segment.

The smart retail market will be driven by visual marketing. Visual elements are the main tools in capturing and retaining the customer’s attention, with the use of digital signage, interactive displays, and augmented reality on the rise. Visual marketing enables retailers to deliver outstanding personalized experiences, exposed products, promotions, and brand messages in an immersive manner. It makes for a lively in-store ambiance as well as improved customer experience throughout the store. Visual marketing also underpins effective product discovery, assists with decision-making, and drives impulsive buying decisions. Smart retailers can hold customers spellbound through visual effects, thereby establishing stronger brand loyalty which eventually results in higher sales revenues.

Breakup by End User:

• Supermarkets
• Hypermarkets
• Specialty Stores
• Department Stores
• Others
   

A detailed breakup and analysis of the smart retail market based on the end user has also been provided in the report. This includes supermarkets, hypermarkets, specialty stores, department stores, and others.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest smart retail market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

North America is a key driver of the smart retail market. Technological advancements, digital infrastructure, and consumer-oriented markets characterize this region. North American consumers are often first adopters of new technology and value convenience as well as personalized experiences highly. Retailers have been forced to introduce smart retail solutions into their businesses due to the presence of tech-savvy buyers and a robust ecosystem around e-commerce platforms. Nearly 46% of North American retailers achieved double-digit annual retail revenue growth in FY2021. Additionally, there is a highly competitive retail environment in North America that consists of both large retailers’ chains and innovative start-ups fostering innovation culture therefore promoting market growths that go along with technological changes.

Competitive Landscape:

The key players have adopted modern technologies. This includes cashier-less stores, personalized recommendations, and online-to-offline integration. They have also used customer data to offer targeted marketing campaigns and improve inventory management. In addition to that, they have embraced automated cash registers retail outlets that give tailored suggestions on products based on an individual’s interests or preferences and full integration between online resources with physical shopping markets. At the same time, they are likewise putting money in place for other relevant smart shelf solutions so that their operational efficiency can be enhanced together with having a better understanding of the customers’ buying habits by use of intelligent shopping carts as well as taking advantage of improved logistic systems. Moreover, it has been noticed that the players have utilized consumer information available at hand through customized promotional activities and supply chain control improvement.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Adroit Worldwide Media Inc.
• Amazon.com Inc.
• Cisco Systems Inc.
• Google LLC (Alphabet Inc.)
• Honeywell International Inc.
• Ingenico
• Intel Corporation
• NCR Corporation
• NVIDIA Corporation
• NXP Semiconductors N.V.
• PTC
• Samsung Electronics Co. Ltd.
• Zippin
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Smart Retail Market News:

• April 4, 2024: Amazon.com Inc. and AXA, a worldwide leader in insurance and asset management, announced their intention to jointly develop and build AXA Digital Commercial Platform (DCP) and associated software services to enable next-generation risk management.
• March 27, 2024: Cisco Systems Inc. launched 2024 cybersecurity readiness index.
• March 27, 2024: Honeywell International Inc. announced the intention to acquire the entire share capital of Civitanavi Systems S.p.A.

Smart Retail Market Report Scope:

Key Questions Answered in This Report:

• How has the global smart retail market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global smart retail market?
• What is the impact of each driver, restraint, and opportunity on the global smart retail market?
• What are the key regional markets?
• Which countries represent the most attractive smart retail market?
• What is the breakup of the market based on the offering?
• Which is the most attractive offering in the smart retail market?
• What is the breakup of the market based on the retailer size?
• Which is the most attractive retailer size in the smart retail market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the smart retail market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the smart retail market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global smart retail market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart retail market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global smart retail market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart retail industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.