Press release
Smart Retail Market Size to Reach US$ 118.82 Billion, Globally, by 2028 at 24.90% CAGR
Smart Retail Market Research and Forecast Report 2023-2028
Report Highlights:
How big is the smart retail market?
The global smart retail market size reached US$ 31.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 118.82 Billion by 2028, exhibiting a growth rate (CAGR) of 24.90% during 2023-2028.
What is smart retail?
Smart retail uses smart technologies designed to provide the consumer with an excellent, quick, safe, and smart shopping experience through data-driven solutions to improve operations and optimize numerous processes within the retail industry. It involves the integration of advanced technologies such as the Internet of Things (IoT), big data analytics, and automation to establish a seamless and personalized shopping environment. It comprises customized recommendations, self-checkout systems, interactive digital signage, inventory management systems, retail robots, real-time inventory, smart carts, and smart shelves. In addition, it enhances customer engagement and efficiency, tracks assets, improves supply chain management, and offers automated checkout and decision-making in the retail sector, ultimately providing consumers with a convenient and customized shopping experience. Consequently, smart retail is gaining immense popularity in supermarkets, hypermarkets, and specialty and department stores across the globe.
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What are the growth prospects and trends in the smart retail industry?
The market is primarily driven by the significant expansion in the retail sector. Additionally, the recent onset of the coronavirus disease (COVID-19) pandemic led to the escalating demand for online shopping alternatives, contactless experiences, and effective supply chain management, thus contributing to market growth. In line with this, smart retail technologies offer convenience, personalization, and seamless shopping experiences that align with consumer expectations with several features, such as mobile payments and self-checkout options, which is also influencing market growth. Moreover, several technological advancements and integration of virtual reality (VR), artificial intelligence (AI), blockchain, machine learning (ML), and augmented reality (AR) to improve the consumer experience, facilitate accurate inventory management, and enhance store operations represent another major growth-inducing factor. Besides this, the growing environmental awareness led to the adoption of energy-efficient technologies to address packaging waste, promote eco-friendly products, and integrate sustainable practices into their operations.
Apart from this, the smart retail market is growing at different rates in numerous regions, with North America being the largest market due to several technological advancements, the widespread adoption of digital technology in every application, and the increasing application of smart retail solutions in intelligent dressing mirrors, reception robots, big data analytics, and shopping guide robots across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, Vivo, a mobile producer, introduced Vivo Smart Retail to help retailers see the demand for smartphones using smart retail networks in India. Furthermore, the extensive use of smart retail by small and medium enterprises (SMEs) and the shifting individual preference toward digital payments such as credit cards, prepaid cards, debit cards, and electronic wallets are creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Breakup by Retailer Size:
Small and Mid-sized Retailers
Large Retailers
Breakup by Application:
Visual Marketing
Smart Label
Smart Payment System
Intelligent System
Others
Breakup by End User:
Supermarkets
Hypermarkets
Specialty Stores
Department Stores
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Adroit Worldwide Media Inc.
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
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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