Press release
Exploring the Rise of the Global Connected Retail Market: Predicted Growth Rates, Driving Factors, and Key Market Trends
Connected Retail Market Size
What Is The Projected Market Size Of The Global Connected Retail Market And Its Growth Rate?
The connected retail market has seen considerable growth in recent years and is projected to continue this upward trend:
• It is expected to grow from $43.18 billion in 2024 to $51.71 billion in 2025, representing a CAGR of 19.7%. This growth can be attributed to factors such as the rise of e-commerce, improved customer experience, demand for personalization, social media influence, supply chain optimization, and emergence of smart stores.
• The market size is anticipated to further increase to $106.76 billion in 2029, a CAGR of 19.9%. Key drivers influencing this forecasted growth include trends like contactless shopping, voice commerce adoption, sustainability concerns, cross-channel integration, smart mirrors and fitting rooms, IoT integration, mobile commerce and payments, data analytics and AI, smart shelves and RFID technology, and subscription-based models.
What Is Driving The Growth In The Connected Retail Market?
The growth of the connected retail market is being driven by increased demand from various end users, particularly the food and beverage industry. This sector, comprising businesses engaged in the processing, packaging, and distribution of uncooked food, has seen significant benefits from integrating connected retail solutions into their operations. Connected retail enables food and beverage brands to improve customer engagement through a consistent brand experience that aligns with customer preferences. For instance, the Food & Drink Federation reported a 31% increase in UK food and drink exports in 2022 compared to 2021. In addition, the industry reported a turnover of $3.52 billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. This growing demand from the food and beverage industry is a key factor in the market's positive performance.
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Who Are the Key Players Driving Connected Retail Market Growth?
Major companies operating in the connected retail market include:
• Microsoft Corporation
• Zebra Technologies Corporation
• Intel Corporation
• PTC Inc.
• SAP SE
• Cisco Systems Inc.
• International Business Machines Corporation
• Google LLC
• NXP Semiconductors N.V.
• Softweb Solutions Inc.
• Honeywell International Inc.
• Sonata Software Limited
• iVend Retail
• Avanade Inc.
• Fujitsu Limited
• Verizon Enterprise Solutions
• Amazon Inc.
• ARM Holdings PLC.
• Belatrix Software Private Limited
• Samsung Electronics Co. Ltd.
• Toshiba Corporation
• Siemens AG
• Wipro Limited
• accenture* plc
• Capgemini SE
• Infosys Limited
• NEC Corporation
• Tata Consultancy Services Limited
• DXC Technology Company
What Are The Key Trends In The Connected Retail Market?
Key trends in the connected retail market include:
• Integration of Internet of Things (IoT)
• The rise of mobile commerce and payments
• The use of data analytics and artificial intelligence (AI)
• The introduction of smart shelves and RFID technology
• The popularity of subscription-based models.
What Are The Segments Of The Global Connected Retail Market?
The global connected retail market can be segmented as follows:
• By Component: Hardware, Software, Services
• By Technology: ZigBee, NFC (Near Field Communication), Bluetooth Low Energy, Wi-Fi, Other Technologies
• By Application: Electronics And Appliances, Home And Personal Care, Food And Beverage, Apparel, Sporting Goods And Toys, Other Applications
Which Region Leads The Connected Retail Market?
In 2024, North America was the largest region in the connected retail market. However, during the forecast period, Asia-Pacific is expected to be the fastest-growing region in the global connected retail market. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Connected Retail Market Global Market Report?
- Market Size Analysis: Analyze the Connected Retail Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Connected Retail Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Connected Retail Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Connected Retail Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements and new product launches in the market.
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