USD 30.30 billion
Smart Retail Market Size, Share, Growth Analysis, By System (Smart Payment Systems, Robotics), By Application (Foot- Traffic Monitoring, Inventory Management), By Technology, (Artificial Intelligence (AI), Blockchain), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25Z2010 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
62
|Figures:
75
Smart Retail Market Insights
Global Smart Retail Market size was valued at USD 30.25 billion in 2022 and is poised to grow from USD 39.05 billion in 2023 to USD 301.34 billion by 2031, growing at a CAGR of 29.10% during the forecast period (2024-2031).
Growing emphasis of retail organizations on improving the user shopping experience and rising demand for personalized shopping experiences are projected to drive smart retail market growth. Increasing penetration of digital technologies in the retail industry and emphasis on improving efficiency of retail operations are also creating new opportunities for smart retail companies. Evolving consumer preferences, advancements in retail technologies, and growing acceptance of smart retail solutions are also expected to boost smart retail market development in the future. Moreover, rising volumes of data and demand for data-driven decision-making in retail businesses will also promote the sales of smart retail solutions and systems in the long run. However, high costs of deployment, data privacy concerns, and dependence of reliable internet connectivity are some restraints that could hinder smart retail market growth potential going forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
29% CAGR
Global Smart Retail Market ($ Bn)
Country Share for North America Region (%)
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Smart Retail Market Segmental Analysis
Global Smart Retail Market is segmented by system, application, retail offering, technology, and region. Based on system, the market can be segmented into Digital signage solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, POS Solutions, Smart Cards, Robotics, and Analytics (AI). Based on retail offering market is segmented into Apparel and accessories, fast moving consumer goods, hardlines and leisure goods, others. Based on application, the market is segmented into Visual Marketing, Smart Label, Smart Payment System, Intelligent System and others. Based on technology, the market is segmented into Visual Recognition, Blockchain, Artificial Intelligence (AI), and Mobile. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
Artificial intelligence is projected to emerge as the most widely used technology in the global smart retail market. Wide application scope and rapid advancements in artificial intelligence technologies help the dominance of this segment. Growing demand for automation and emphasis on improving retail shopping experiences are also forecasted to benefit market development going forward.
On the other hand, the demand for visual recognition technologies is projected to increase at a rapid pace across the forecast period and beyond. Growing adoption of contactless payments, self-checkout terminals, and high demand for personalized shopping experiences are projected to help this segment boost market growth at a rapid pace. Advancements in visual recognition technologies and their integration with artificial intelligence and machine learning will offer new business scope for smart retail companies.
Analysis by System
Digital signage systems are estimated to account for a prominent chunk of the global smart retail market share. Growing emphasis of retail businesses to improve their marketing and attract more customers is projected to promote the demand for digital signage systems in the future. Moreover, increasing affordability and availability of novel digital signage systems that are more capable of getting better customer engagement is also expected to help the dominance of this segment.
On the other hand, the demand for smart payment systems is projected to increase rapidly over the coming years. Growing demand for faster and more efficient payment systems around the world will drive market growth via this segment. Rising popularity of contactless payment systems and advancements in payment authentication technologies will also help generate new opportunities for smart retail companies through this segment.
Global Smart Retail Market By Solution
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Smart Retail Market Regional Insights
Presence of a strong retail infrastructure and willingness of retail organizations to opt for smart retail solutions has allowed North America to hold a dominant stance in the global market. Canada and the United States are slated to remain the most opportune markets for smart retail companies in this region. Presence of an aware consumer base and high consumer spending potential are also encouraging the adoption of smart retail solutions and services in this region. Integration of artificial intelligence to provide personalized customer experience and gain valuable insights on consumer behavior will also generate good revenue for smart retail companies.
The Asia Pacific region is projected to emerge as the fastest-growing market for smart retail companies in the world. Rapid urbanization and evolving consumer preferences are projected remain the primary factors driving up the demand for smart retail in this region. China, India, and Japan are estimated to spearhead smart retail demand owing to the presence of a massive retail consumer base in these countries. Investments in retail infrastructure development, growing disposable income, and boom in e-commerce activity are factors that influence the adoption of smart retail in this region.
Global Smart Retail Market By Region
- Largest
- Fastest
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Smart Retail Market Dynamics
Drivers
Personalized Shopping Experience
- Consumer preferences are evolving rapidly around the world and this has led to high popularity and demand for personalized shopping experiences around the world. Smart retail technologies and solutions help provide the aforementioned experience thereby driving market growth as well.
Growing e-Commerce Activity
- The e-commerce industry is booming around the world and this has significantly impacted the retail industry. The rise of omnichannel retailing along with e-commerce popularity is projected to bolster the importance of smart retail solutions and in turn, drive smart retail market development as well.
Restraints
High Costs of Implementation
- Deploying smart retail solutions is a costly task as it involves the use of advanced technologies and systems. Along with this, the costs of integrating these novel smart retail solutions with legacy systems also make the implementation more expensive thereby impeding demand outlook.
Data Privacy Concerns
- Smart retail solutions utilize consumer data to make informed choices and provide a better retail shopping experience. However, these solutions are not immune to cyberattacks and data breaches, which in turn, raises concerns regarding consumer data privacy and security.
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Smart Retail Market Competitive Landscape
Smart retail companies should invest in the development of solutions and services that enhance the shopping experience for retail customers. Integrating artificial intelligence with smart retail solutions will be a major trend that no company should miss out on going forward. Collaborations, mergers, and acquisitions will also be common strategies used by smart retail companies to expand their market share and business presence on a global level.
Smart Retail Market Top Player’s Company Profiles
- Amazon.com, Inc. (US)
- Cisco Systems, Inc. (US)
- Google LLC (US)
- Honeywell International Inc. (US)
- Huawei Technologies Co., Ltd. (China)
- IBM Corporation (US)
- Fiserv, Inc. (US)
- Intel Corporation (US)
- LG Display Co., Ltd. (South Korea)
- NCR Corporation (US)
- NVIDIA Corporation (US)
- NXP Semiconductors (Netherlands)
- PAX Global Technology Limited (China)
- Samsung Electronics (South Korea)
- Toshiba Corporation (Japan)
- Zebra Technologies Corporation (US)
- Oracle Corporation (US)
- Shopify Inc. (Canada)
- Square, Inc. (US)
- Alipay (China)
- PayPal Holdings, Inc. (US)
- Epicor Software Corporation (US)
- Elo Touch Solutions, Inc. (US)
- NEC Corporation (Japan)
- BrightSign, LLC (US)
Smart Retail Market Recent Developments
- In June 2024, Instacart, a grocery technology company based in the United States, announced the launch of its AI-powered smart carts at select stores. The company joined hands with Price Chopper and McKeever’s Market & Eater to offer its novel offering at select stores of the aforementioned retail establishments.
- A leading retail chain in Europe, Auchan Retail Polska announced the launch of its first fully autonomous smart store in Warsaw in June 2023. The store used an AI-powered tool called Trigo to automate its operations.
- Singtel (Singapore Telecommunications Limited) launched a 5G smart retail showcase to address the evolving retailer and consumer demand in Singapore in February 2023. This was a first for the Singaporean retail space as Singtel tries to maximize its business potential and application scope of 5G technology.
Smart Retail Key Market Trends
Personalization of Retail Experience
- As consumer preferences change the need for personalization becomes more and more eminent. smart retail companies should develop solutions that help personalization of shopping experience for all retail customers irrespective of their preferences or spending potential.
Use of AI for Analytics
- Integrating artificial intelligence with retail solutions to generate better insights and gain better insights into consumer behavior, purchasing patterns, and changing trends will generate new opportunities for the use of artificial intelligence in retail.
Smart Retail Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, evolving consumer preferences and growing proliferation of digital technologies in the retail industry are projected to drive the demand for smart retail over the coming years. On the contrary, high costs of deployment and data privacy concerns are key issues that slow down the global smart retail market development. Presence of strong retail infrastructure and early adoption of advanced technologies helps North America remain the top market for smart retail companies. Integration of artificial intelligence and high demand for personalized shopping experiences will bolster the demand for smart retail over the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 30.25 billion |
| Market size value in 2031 | USD 301.34 billion |
| Growth Rate | 29.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Retail Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Retail Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Retail Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Retail Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Retail Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Retail Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Smart Retail Market Report Snapshots
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