What is the Historic and Current Scenario of the Smart Retail Market?
The smart retail market has seen considerable growth due to a variety of factors.
• The size of the smart retail market has seen a dramatic increase in past years. The anticipated rise is from $54.56 billion in 2024 to a sizeable $67.73 billion in 2025, with a compound annual growth rate (CAGR) of 24.1%.
The surge in the previous years can be linked to factors such as consumer demand, data analytics, and mobile connectivity.
What are the Forecasted Growth and Key Factors of the Smart Retail Market?
The smart retail market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the smart retail market is predicted to experience significant expansion, reaching a value of $162.71 billion in 2029. This represents a compound annual growth rate (CAGR) of 24.5%.
This growth through the forecast period can mainly be credited to developments such as the implementation of 5G, contactless solutions, and sustainability initiatives. Key trends anticipated during this forecast period includes advancements in augmented reality (AR) and virtual reality (VR), technology progression, broader usage of the Internet of Things (IoT), focused localization and personalization, blockchain integration for supply chain visibility, and multi-channel retailing.
What Are the Critical Driver Fuelling the Smart Retail Market's Growth?
The surge in the application of robots and automation is projected to drive the growth of the smart retail market in the future. These refer to the use of self-governing physical devices, software, and other technologies designed to perform tasks traditionally done by humans. Robotics includes the creation, development, and application of machines to complete tasks. Robots and automation enhance cooperation among R&D, manufacturing, and marketing departments by making processes that entail alerts and customer opinion monitoring more efficient. The application of robots and automation provides unparalleled shopping comfort for customers, thereby boosting the smart retail market's demand. For instance, a report from the International Federation of Robotics in October 2022, demonstrated that 517,385 industrial robots were deployed worldwide, reflecting a 31% yearly increase. Consequently, the escalating application of robots and automation is fueling the expansion of the smart retail market.
How Is the Smart Retail Market segmented?
The smart retail market 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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What New Trends Are Influencing the Smart Retail Market?
The smart retail market is witnessing growing popularity in the trend of technological progression. Significant corporations active in the smart retail sector are strategically developing novel technical solutions to solidify their standing. Specifically, in February 2023, Singtel, a telecommunications organization based in Singapore, introduced the country's inaugural 5G-enabled smart retail display. This progressive scheme applies 5G technology to improve retail interaction for clients and businesses. This display, the result of Singapore's measures to digitally and technologically revolutionize its retail industry, exemplifies the potential of 5G to produce immersive and engaging shopping encounters.
Who Are the Key Players in the Smart Retail Market?
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
What Is The Most Dominant Region In The Smart Retail Market?
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
