Press release
2025-2034 Smart Retail Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Smart Retail
What Will the Smart Retail Industry Market Size Be by 2025?
The size of the smart retail market has seen substantial expansion over the past few years. It is projected to rise from $54.56 billion in 2024 to $67.42 billion in 2025, with a compound annual growth rate (CAGR) of 23.6%. The growth witnessed during the historic period is a result of rising consumer demand, increased use of data analytics, and improved mobile connectivity.
What's the Long-Term Growth Forecast for the Smart Retail Market Size Through 2029?
We anticipate a significant surge in the size of the smart retail market in the ensuing years, with its value estimated to be $159.54 billion in 2029, courtesy of a compound annual growth rate (CAGR) of 24.0%. This escalation within the prediction period can be credited to the deployment of 5G technology, the adoption of touchless solutions, and the rise of sustainability programs. The forecast period is also poised to observe key trends like the increased use of augmented reality (AR) and virtual reality (VR), technological progress, broader application of the internet of things (IoT), localization and customization, the application of blockchain in enhancing supply chain transparency, and multi-channel retailing.
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What Are the Key Growth Drivers Fueling the Smart Retail Market Expansion?
The smart retail market is set for anticipated expansion due to the rising implementation of robots and automation. Automation, which involves the use of self-operating physical devices, computer software, or other tech to perform tasks normally done by humans, along with robotics, which encompasses the creation and utilization of machines for task execution, are believed to be the propelling forces. Robots and automation heighten the synergy between the R&D, manufacturing, and marketing teams by automating real-time client observations and alert-related processes. Customers find the use of robots and automation in their shopping experience extremely convenient, which stimulates the demand for the smart retail market. To illustrate, the International Federation of Robotics reported in October 2022 that the global industries utilized 517,385 industrial robots, marking a 31% annual increase. Consequently, the escalating use of robots and automation is accelerating the smart retail market's growth.
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What Are the Key Trends Driving Smart Retail Market Growth?
The growth and prominence of technological innovation is a notable trend in the smart retail market. Leading companies in this market are concentrating on the creation of new technological solutions to consolidate their dominance. An example of this was in February 2023, when Singtel, a telecommunications company based in Singapore, introduced the country's first 5G-powered smart retail display. This inventive move leverages 5G technology to augment retail encounters for both consumers and businesses. This display, which was launched in line with Singapore's strategy to digitally transform and incorporate cutting-edge technologies in its retail sector, illustrates how 5G can be utilized to craft engaging and interactive shopping experiences.
How Is the Smart Retail Market Segmented?
The smart retailmarket 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 Companies Are Leading the Charge in Smart Retail Market Innovation?
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 Are Leading the Global Smart Retail Market in Revenue?
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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