Press release
Global Connected Retail Market Size, Share, Forecasts 2023 - 2033 | Top key players: International Business Machines Corporation (IBM), SAP SE, Intel Corporation, NCR Corporation, Fujitsu Limited, and Others.
Global Connected Retail Market Size
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The use of technology to integrate many aspects of the retail industry, such as supply chain management, sales, inventory control, and customer experience, to provide customers with a connected shopping experience is referred to as the "connected retail market." The utilization of technologies like cloud computing, IoT sensors, mobile applications, data analytics, and artificial intelligence is being implemented to enhance retailing experiences by providing real-time insights about inventory levels, sales trends, and customer traffic. However, a challenge hindering the expansion of the market being investigated is the lack of fundamental IoT standards to control data flow and improve data security and privacy.
The hardware segment held the largest share of 50.33% in 2023 and is estimated to grow at a CAGR of 11.74% throughout the projection period.
Based on the component, the global connected retail market is categorized into software, hardware, and services. Among these, the hardware segment held the largest share of 50.33% in 2023 and is estimated to grow at a CAGR of 11.74% throughout the projection period. The growing adoption of the omnichannel retail strategy has raised the need for hardware that supports a connected retail environment.
The Bluetooth low energy segment accounted for the largest market share in 2023 and is estimated to grow at a CAGR of 10.83% throughout the projection period.
Based on the technology, the global connected retail market is classified into ZigBee, Bluetooth low energy, NFC (near field communication), wi-fi, and others. Among these, the Bluetooth low-energy segment accounted for the largest market share in 2023 and is estimated to grow at a CAGR of 10.83% throughout the projection period. This section is a result of retailers deliberately placing BLE beacons throughout the store to send targeted messages, promotions, and sequential offers to customers' cell phones.
The food and beverage stores segment held a significant market share in 2023 and is anticipated to grow at the fastest CAGR during the forecast period.
Based on the application, the global connected retail market is divided into food and beverage, home and personal, electronics and appliances, sporting goods and toys, apparel, and others. Among these, the food and beverage stores segment held a significant market share in 2023 and is anticipated to grow at the fastest CAGR during the forecast period. The reason for this market increase is that connected retail helps food and beverage brands by boosting customer interaction and offering a dependable brand experience that satisfies customer preferences.
North America is anticipated to hold the largest share of the connected retail market over the predicted timeframe.
North America is anticipated to hold the largest share of the connected retail market over the predicted timeframe. The ability to browse products online, verify availability at nearby stores, and make purchases via several channels has made shopping more smooth for customers.
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Asia Pacific is expected to grow at the fastest CAGR growth of the connected retail market during the forecast period. This is mostly due to the rapid adoption of digital technologies and cell phones in the region. There is a substantial number of tech-savvy consumers as a result of rising smartphone usage and internet penetration in countries like China, India, and Southeast Asia.
Major key players in the global connected retail market include NXP Semiconductors NV, Honeywell International Inc., Rockwell Automation, Inc., UiPath Inc., Cisco Systems, Inc., GE Digital, MindTree Ltd., PTC Inc., International Business Machines Corporation (IBM), SAP SE, Intel Corporation, NCR Corporation,Fujitsu Limited, and Others.
Recent Development
In January 2024, SAP announced the introduction of new AI-driven retail capabilities. These developments use AI to streamline supply chain operations, enhance inventory management, and offer individualized shopping experiences. The ultimate goal is to boost productivity and customer happiness in the retail industry by enabling retailers to better understand and react to client preferences in real time.
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Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the connected retail market based on the below-mentioned segments:
Global Connected Retail Market, By Component
Software
Hardware
Services
Global Connected Retail Market, By Technology
ZigBee
Bluetooth Low Energy
NFC (Near Field Communication)
Wi-Fi
Others
Global Connected Retail Market, By Application
Food and Beverage
Home and Personal
Electronics and Appliances
Sporting Goods and Toys
Apparel
Others
Global Connected Retail Market, By Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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