Press release
Global Smart Retail Market to Reach $162.72 Billion by 2029, Growing at 24.5% CAGR
Smart Retail Market
The smart retail market is set to witness growth, spurred by the burgeoning utilization of robotics and automation. Automation encompasses the use of self-operating physical gadgets, computational applications, and other technological methods for tasks usually accomplished by humans. Meanwhile, robotics involves the creation and deployment of machines to perform duties. Through automating processes tied to alerts and monitoring customer viewpoints in real time, robots and automation enhance coordination among research & development, manufacturing, and marketing divisions. Such use of robotics and automation greatly enhances shopping convenience, thereby driving up demand in the smart retail market. For example, the International Federation of Robotics reported in October 2022 that 517,385 industrial robots were operational worldwide in various industries, marking a 31% boost from the previous year. Therefore, the surge in the use of robotics and automation is guiding the smart retail market on an upward trajectory.
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How will the growth rate of the smart retail market shape industry trends by 2034?
The size of the smart retail market has witnessed significant expansion over the past few years. It is projected to escalate from a valuation of $54.56 billion in 2024 to an impressive $67.73 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 24.1%. The growth observed in the historical period is primarily due to factors such as consumer demand, data analytics, and mobile connectivity.
Predictions indicate substantial expansion in the smart retail market in the upcoming years, with the market size expected to balloon to $162.71 billion in 2029, representing a compound annual growth rate (CAGR) of 24.5%. This growth during the predicted period can be attributed to factors such as the rollout of 5G technology, the introduction of contactless solutions, and sustainability-forward initiatives. Key trends that are anticipated to drive this growth throughout the forecasted period include the applications of augmented reality (AR) and virtual reality (VR), technological advancements, the proliferation of internet of things (IoT), an increased emphasis on localization and personalization, the application of blockchain for boosting transparency in supply chains, and the rise of multi-channel retailing.
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What trends are poised to drive the future success of the smart retail market?
Progression in technology is an emerging trend observed in the smart retail market. Large-scale corporations participating in the smart retail market are pouring their resources into creating innovative technological solutions to cement their market standing. For instance, a telecommunications firm located in Singapore, Singtel, unveiled the first 5G-enabled smart retail display in Singapore in February 2023. This initiative implements 5G technology to boost the retail experience for both customers and enterprises. As part of the strategy to revolutionize Singapore's retail sector via digitization and cutting-edge technology, this demonstration shows how 5G can be harnessed to provide engaging and interactive shopping experiences.
Which primary segments of the smart retail market are driving growth and industry transformations?
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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Which geographical regions are pioneering growth 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
Who are the influential players reshaping the smart retail market landscape?
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
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What Is Covered In The Smart Retail Global Market Report?
•Market Size Forecast: Examine the smart retail market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart retail market for a structured understanding.
•Key Players Overview: Analyze major players in the smart retail market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart retail market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart retail market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart retail market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart retail market.
•Competitive Landscape: Review strategic developments in the smart retail market, including expansions, agreements, and new product launches.
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