Strategic Forecast for the Connected Retail Industry: Market Outlook 2025-2034

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Connected Retail Market Size Growth Forecast: What to Expect by 2025?
In recent times, significant growth has been observed in the connected retail market size. The market is projected to escalate from $43.18 billion in 2024 to $51.71 billion in 2025, registering a compound annual growth rate (CAGR) of 19.7%. Various contributory factors underpinning this growth during the past period include an upsurge in e-commerce, improved customer experience, burgeoning demand for personalization, impact of social media, optimization in supply chain, and the advent of smart stores.

How Will the Connected Retail Market Size Evolve and Grow by 2029?
The market size of connected retail is predicted to experience significant expansion in the upcoming years, reaching $106.76 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 19.9%. This anticipated growth during the prediction period can be attributed to factors such as the surge in contactless shopping, acceptance of voice commerce, concerns about sustainability, the blending of various platforms, and the usage of smart mirrors and fitting rooms. Internet of Things (IoT) integration, mobile commerce and payments, data analysis and artificial intelligence (AI) implementation, smart shelves and RFID technology adoption, along with subscription-based models, present as key trends in the forecast period.

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What Drivers Are Propelling the Growth of Connected Retail Market Forward?
The surge in utilization from sectors like the food and beverage industry is projected to bolster the expansion of the connected retail market in the future. The latter industry encompasses all enterprises involved in the processing, packaging, and distribution of raw food stuffs. Connected retail assists food and beverage companies in enhancing consumer interaction through a homogenized brand experience that caters to customer tastes. For example, the UK-based Food & Drink Federation, which supports UK food and drink manufacturers, reported in 2023 a 31% increase in food and drink exports in 2022 compared to 2021. Furthermore, the food and beverages industry accounted for a turnover of $3.52 billion (£10.3 billion) in 2022, equating to 33% of total Scottish manufacturing. Thus, the ascending demand from sectors such as food and beverage is propelling the growth of the connected retail market.

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Which Emerging Trends Are Transforming the Connected Retail Market in 2025?
The advancement of technology is an emerging trend in the connected retail market. Major industry players are embracing these advancements to maintain their market position. Take for example Instacart, a US-based grocery tech enterprise, which introduced connected stores in September 2022. The suite, comprising both new and existing technologies, is designed to assist retailers in crafting a customized retail experience, online and in physical stores. This addition allows grocers the ability to blend their application or site with the physical shopping experience, crafting a unique, personalized approach for customers.

What Are the Key Segments in the Connected Retail Market?
The connected retail market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Technology: ZigBee, NFC (Near Field Communication), Bluetooth Low Energy, Wi-Fi, Other Technologies
3) By Application: Electronics And Appliances, Home And Personal Care, Food And Beverage, Apparel, Sporting Goods And Toys, Other Applications

Subsegments:
1) By Hardware: Point Of Sale (POS) Systems, IoT Devices, Digital Signage, Self-Service Kiosks
2) By Software: Inventory Management Systems, Customer Relationship Management (CRM) Software, Analytics And Reporting Software, Payment Processing Software
3) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Managed Services

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Who Are the Key Players Shaping the Connected Retail Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Connected Retail Market?
North America was the largest region in the connected retail market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global connected retail market during the forecast period. The regions covered in the connected retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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