Press release
Smart Retail Market Size Forecasted To Achieve $162.71 Billion By 2029 With Steady Growth
Smart Retail
What Is the Smart Retail Market Size and Projected Growth Rate?
In recent times, there has been a significant growth in the size of the smart retail market. The prediction is that it would increase from a worth of $54.56 billion in 2024 to $67.73 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.1%. The expansion observed in the historical period is tied to factors such as customer demand, data analytics, and mobile connectivity.
In the forthcoming years, significant expansion is forecasted for the smart retail market, with projections indicating a growth to $162.71 billion by 2029 and a compound annual growth rate (CAGR) of 24.5%. This growth during the forecast period is projected to be driven by factors such as the adoption of 5G, the utilization of contactless solutions, and sustainability initiatives. Notable trends expected in the forecast period encompass augmented reality (AR) and virtual reality (VR), advancements in technology, wider application of the internet of things (IoT), increased focus on localization and personalization, application of blockchain for increasing supply chain transparency, and expansion of multi-channel retailing.
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What Are the Major Segments in the Smart Retail Market?
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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What Are The Driving Smart Retail Market Evolution?
The growth of the smart retail market is forecast to accelerate due to the expanding application of robots and automation. Autonomous physical devices, computer software, and other technologies, commonly known as Automation, are used to accomplish tasks ordinarily done by humans. The creation, expansion, and application of machinery to perform tasks is known as robotics. Robots and automation enhance the synergy among the R&D, manufacturing, and marketing divisions by automating alerts and monitoring consumer sentiments in real-time. The implementation of robots and automation provides unmatched convenience to shoppers, leading to increased demand in the smart retail market. For example, a report by the International Federation of Robotics, published in October 2022, revealed that 517,385 industrial robots were operational in various industries around the globe, a surge of 31% from the previous year. Thus, the rising employment of robots and automation is fueling the expansion of the smart retail market.
Which Firms Dominate The Smart Retail Market Segments?
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
What Trends Are Expected to Dominate the Smart Retail Market in the Next 5 Years?
The growth of technological innovation is a prime trend that is gathering momentum within the smart retail industry. Numerous prominent businesses in this market are focusing their efforts on creating new tech-based solutions to fortify their market standing. For example, in February 2023, Singtel, a telecom company based in Singapore propelled the country's inaugural 5G-enabled smart retail display. This pioneering venture, which makes use of the power of 5G to elevate the retail experience for customers and enterprises was part of Singapore's ambitious plans to digitally revolutionize its retail sector with the aid of cutting-edge technologies. The demonstration was a testament to the potential of 5G in generating captivating and interactive shopping encounters.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Retail Market?
2. What is the CAGR expected in the Smart Retail Market?
3. What Are the Key Innovations Transforming the Smart Retail Industry?
4. Which Region Is Leading the Smart Retail Market?
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