Press release
Soaring Demand Set to Propel Smart Retail Market to $162.71 Billion by 2029
Smart Retail
What Is the Expected CAGR for the Smart Retail Market Through 2025?
Recently, the smart retail market size has experienced a significant increase. The projected growth from $54.56 billion in 2024 to $67.73 billion in 2025, with a compound annual growth rate (CAGR) of 24.1%. This upward trend during the historical period can be linked to factors like consumer demand, the use of data analytics and advancements in mobile connectivity.
What's the Projected Size of the Global Smart Retail Market by 2029?
It is anticipated that the smart retail market will experience a significant expansion in the coming years, reaching a value of $162.71 billion by 2029. This equates to a compound annual growth rate (CAGR) of 24.5%. This projected growth during the forecast period can be linked to developments such as the adoption of 5G technology, the incorporation of contactless solutions, and sustainability initiatives. Key trends expected during this period include the use of augmented reality (AR) and virtual reality (VR), tech advancements, increased utilization of the internet of things (IoT), localization and personalization, the application of blockchain for transparency in supply chains, and the rise of multi-channel retail.
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Top Growth Drivers in the Smart Retail Industry: What's Accelerating the Market?
The smart retail market is projected to expand due to the growing usage of robots and automation. Automation involves using self-regulating physical devices, computer applications, and other technologies to accomplish tasks that are normally done by humans. Robotics relates to creating, developing, and implementing machines to perform tasks. Automation and robots streamline interdepartmental collaboration between research & development, manufacturing, and sales by automating procedures associated with alert systems and real-time monitoring of customer feedback. The provision of exceptional shopping convenience through automation and robots heightens the appeal for the smart retail market. A case in point, a report by the International Federation of Robotics in October 2022, announced that industrial robots' global usage reached 517,385, marking a 31% annual increase. Thus, the escalating use of automation and robots is propelling the smart retail market's growth.
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What Trends Will Shape the Smart Retail Market Through 2029 and Beyond?
The progression of technology is becoming an increasingly prevalent trend in the smart retail market. In order to solidify their market position, leading companies in this industry are focusing on introducing new tech-oriented solutions. Singtel, a telecommunications company based in Singapore, serves as an example of this trend. In February 2023, the company introduced Singapore's first 5G-enabled smart retail showcase. This innovative project leverages 5G tech to boost retail experiences for both consumers and businesses. It forms part of Singapore's plan to revamp its retail sector using digitalization and top-tier tech, displaying the potential of 5G to facilitate immersive, interactive shopping environments.
What Are the Main 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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Which Top Companies are Driving Growth in the Smart Retail Market?
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
Which Regions Will Dominate the Smart Retail Market Through 2029?
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
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