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Asia Pacific Smart Retail Market Expected to Climb to USD 198.16 Billion by 2034 with a 31.3% CAGR
Asia Pacific Smart Retail Market
In 2024, the Asia Pacific smart retail market was valued at USD 13.05 billion. At a CAGR of 31.3%, the market is projected to reach USD 198.16 billion in 2034 from USD 17.05 billion in 2025. Some of the key reasons for this growth are:
• The move towards personalized experiences in nations like India and China is fueling market demand.
• The transition to digital payments has enhanced the convenience and efficiency of shopping, thus fueling market expansion.
• The growing embrace of e-commerce and omnichannel retailing propels the advancement of the smart retail market in the Asia Pacific region.
• The increasing urbanization and transition to smart cities drive the growth of the smart retail market in the Asia Pacific region.
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What Is Smart Retail?
Smart retail involves integrating advanced technologies and data-driven solutions into traditional retail stores to enhance the customer experience, optimize operations, and improve business outcomes. Smart retail is essentially a digital transformation of traditional commercial stores, adding new functionalities through the use of IoT devices. The goal is to improve the customer experience by making shopping more personalized, faster, and smarter. Smart retail can lead to increased sales, improved customer loyalty, and enhanced operational efficiency. For example, using computer vision, sensor fusion, and deep learning to track shopper/product interaction and automatically charge for purchases.
Key Players in Market
Asia Pacific smart retail market is constantly evolving, with numerous companies striving to innovate and distinguish themselves by leveraging extensive research and development and advanced techniques. Some of them are:
• Amazon.com, Inc.
• Bosch Global Software Technologies Private Limited
• Cisco Systems, Inc.
• Cognizant
• Honeywell International Inc.
• IBM
• Ingenico
• IntelliVision
• InvenSense (TDK Corporation)
• Probiz Technologies
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Analysis by Country
• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• Australia
• Rest of Asia Pacific
Developments in the Asia Pacific Smart Retail Industry
• In August 2024, Advantech highlighted its IoT and AI technologies for smart retail at the NRF Retail Show 2024 in Singapore. The focus was on improving store operations, environmental monitoring, and AI-driven self-service solutions.
• In February 2023, Singtel introduced Singapore's first 5G-enabled smart retail showcase. This initiative, in collaboration with Apple and other partners, aimed to boost retail workflows, customer engagement, and operational efficiency through high-speed connectivity and Multi-Access Edge Computing (MEC).
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Segmental Overview
• The Asia Pacific smart retail market is segmented primarily based on application, solution, and country.
• Based on the solution, Asia Pacific market for smart retail is segmented into hardware and software.
• In 2024, the hardware segment led the Asia Pacific smart retail market share due to its essential role in facilitating features like real-time inventory monitoring, customized advertisements, and smooth transactions.
• By application, the market is segmented into smart labels, visual marketing, smart payment systems, intelligent systems, and others.
• The visual marketing segment is anticipated to experience the fastest growth in the forecast period as retailers are progressively utilizing visual marketing tools to connect with customers, improve product displays, and provide tailored shopping experiences.
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