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

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).

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. '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) '

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.  

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.  

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.