Rising Demand From The Food And Beverage Industry Fuels Connected Retail Market: Powering Innovation and Expansion in the Global Connected Retail Market by 2025

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What Is the Expected CAGR for the Connected Retail Market Through 2025?
The market size of connected retail has experienced swift expansion in the past few years. Expected to increase from $43.18 billion in 2024 to $51.32 billion in 2025, the compound annual growth rate (CAGR) stands at 18.9%. Factors contributing to the growth in the historical period include the popularity of e-commerce, improved customer interaction, the need for tailored experiences, the impact of social media, streamlining of the supply chain, and the advent of intelligent stores.

What's the Projected Size of the Global Connected Retail Market by 2029?
The size of the connected retail market is projected to witness a swift expansion in the coming years. The market is anticipated to reach $103.96 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 19.3%. This surge during the forecast period is likely to be spurred by factors such as touch-free shopping, the adoption of voice commerce, environmental considerations, integration between multiple channels, and the use of intelligent mirrors and fitting rooms. The forecast period is also expected to see significant trends such as the incorporation of Internet of Things (IoT), mobile commerce and payments, the use of data analytics and artificial intelligence (AI), the introduction of smart shelves and RFID technology, as well as the emergence of subscription-based models.

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Top Growth Drivers in the Connected Retail Industry: What's Accelerating the Market?
The connected retail market is set to experience an upswing due to the rising demand from final consumers like the food and beverage sector. This industry includes all businesses engaged in processing, packaging, and distributing raw food items. Connected retail enhances the customer engagement of food and drink brands by offering a uniform brand experience that meets customer preferences. For example, in 2023, the UK's Food & Drink Federation, an organization guiding and representing UK food and drink producers, reported that food and drink exports grew by 31% in 2022 relative to 2021. Additionally, the food and drink sector generated a turnover of $3.52 billion (£10.3 billion) in 2022, equating to 33% of total Scottish manufacturing. Thus, the burgeoning demand from end customers like the food and beverage sector is propelling the expansion of the connected retail market.

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What Trends Will Shape the Connected Retail Market Through 2029 and Beyond?
The rise in technological innovations is a predominant trend gaining traction in the connected retail industry. To maintain their market positions, prominent firms in the connected retail sector are embracing novel technologies. For instance, in September 2022, Instacart, an American grocery technology firm, introduced its connected stores. This is a compilation of new and existing technologies designed to assist retailers in delivering a customized experience in both digital and physical environments. This new solution empowers grocers to fuse their app or website flawlessly with the in-store experience, thereby creating a coherent, customized experience for their clients.

What Are the Main Segments in the Connected Retail Market?
The connected retailmarket 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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Which Top Companies are Driving Growth in the Connected Retail Market?
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

Which Regions Will Dominate the Connected Retail Market Through 2029?
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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