Smart Retail Market to Reach $91.36 Billion By 2030 by Meticulous Research®

According to a new market research report titled, "Smart Retail Market by Offering (Hardware, software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography - Global Forecasts to 2030, the smart retail market is expected to grow at a CAGR of 22.4% from 2023 to 2030 to reach $91.36 billion by 2030.

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Smart retail refers to an established commercial shop that has gone through the digital revolution and transformed its space with new features. It integrates various cutting-edge technologies, including Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT), in the retail industry to enhance consumers' shopping experience, facilitate accurate inventory management, and improve store operations. It offers several benefits, such as increased efficiency, quality, and output sustainability

The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market. The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.

Growing significance for the enhancement of customer experiences and retail operations is expected to drive smart retail market growth

Currently, customer experience in the retail industry is witnessing a dynamic shift and directly impacting the overall business. Consumers are focusing on a personalized shopping experience across all channels. This has put a lot of pressure on online and offline retailers. Product availability and superior customer service are essential for retailers to attract and retain customers. Many retailers are adopting advanced technologies to offer customers seamless shopping experiences, such as contactless self-service, zero-friction, faster & secure digital payments, streamlining critical operations with in-house staff, analyzing customer behavior, and faster decision-making.

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The COVID-19 pandemic completely altered the perception of the consumer and the way brands sell their products. The retail industry is adjusting according to the shifting technology to earn new customers while maintaining its existing customer base. Companies are leveraging excellent customer experiences to draw maximum profit. The changing consumer demands and growing competition among retailers for customer loyalty encouraged companies to adopt smart retail solutions that enhance customer experience and engage them for a longer period. Growing adoption of CRM solutions, point-of-sale, IoT, RFID, and other smart devices generating big data allows retailers to efficiently use the datasets to understand customer buying preferences and hidden customer insights. Retailers are adopting smart retail solutions to improve their operations to increase business productivity. This factor has considerably triggered the adoption of retail solutions for managing retail operations.

Furthermore, several companies are adopting new strategies to accelerate omnichannel transformation in retail stores. For instance, in June 2022, Ingenico (France) partnered with DataMesh Group Pty Ltd (Australia) to provide seamless payments and support commerce and retailers. Thus, the growing significance of the enhancement of customer experiences and retail operations is expected to drive smart retail market growth.

Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2023, the hardware segment is estimated to account for the largest share of the global smart retail market. However, the software & analytics segment is expected to grow at the highest CAGR during the forecasted period. The growth of this segment is attributed to the expanding adoption of analytics tools in the retail industry due to growing digitization.

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Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2023, the IoT segment is estimated to account for the largest share of the global smart retail market. The large market share of this segment is attributed to retailers' increasing need to monitor product movement, track location, and predict precise delivery timings.

Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2023, the store operations segment is estimated to accounted for the largest share of the global smart retail market. However, the customer experience management segment is expected to register the highest CAGR during the forecast period due to the need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.

Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2023, the hypermarkets segment is estimated to account for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risks, decrease costs, and increase revenue. However, the department stores segment is expected to register the highest CAGR during the forecast period.

Based on geography, the smart retail market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, the Asia-Pacific segment is estimated to account for the largest share of the global smart retail market. This regional segment's large share can be attributed to the rapidly growing retail and e-commerce industries across developing countries, such as India and China, growing disposable income among consumers, and increasing social media penetration. In addition, the government is supporting the surging economic growth by allowing foreign investments, encouraging organizations to inculcate high-tech solutions embedded with the latest technologies, and launching awareness programs regarding the benefits of data-driven techniques are anticipated to propel the demand for smart retail over the forecast period.

Some of the key players operating in the smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-retail-market-5428

Scope of the report:

Smart Retail Market, by Offering

Hardware
RFID Tags & Labels
Scanner/Readers
Mobile Computers
Point of Sale (POS) Terminals
Intelligent Vending Machines
Digital Signage
Others
Software & Analytics
Business Intelligence
Sales Forecasting
Demand Forecasting
Others
Services
Integration & Deployment Services
Consulting Services
Support & Maintenance Services

Smart Retail Market, by Technology

IoT
Big Data Analytics
AI
Robotics
Cloud Computing
Others

Smart Retail Market, by Application

Customer Experience Management
Supply Chain Management
Store Operations
Inventory Management Systems
Smart Payment Systems
Others

Smart Retail Market, by End User

Supermarkets
Hypermarkets
Specialty Stores
Department Stores
Other End Users

Smart Retail Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Denmark
Netherlands
Sweden
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Australia & New Zealand
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

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This release was published on openPR.