Meticulous Research®, a global leader in market research, has published an in-depth report titled, ‘Smart Retail Market by Offering (Hardware, Software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores), and Geography - Global Forecast to 2030’.
According to the report, the smart retail market is projected to expand at a robust CAGR of 22.4% from 2023 to 2030, reaching $91.36 billion by the end of the decade. The market's growth is driven by rising demand for better customer experiences and efficient retail operations, along with the increasing adoption of smart technologies such as AI, IoT, and data analytics. The growing number of smart stores and the use of technology to mitigate risks like shoplifting further fuel this growth. However, the reluctance of the unorganized retail sector to embrace advanced technologies may limit the market’s potential.
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The report segments the smart retail market by offering, technology, application, and end user, providing a detailed assessment of the competitive landscape across different regions and countries.
Based on offering, the market is divided into hardware, software & analytics, and services. In 2022, the hardware segment dominated the market, thanks to the increasing deployment of IoT solutions for various applications, such as secure remote management and automatic reordering of low-stock items. Despite hardware's lead, the software & analytics segment is anticipated to grow at the fastest pace, driven by the expanding use of analytics in retail for digital transformation and customer behavior analysis.
The technology segment is categorized into IoT, big data analytics, AI, robotics, cloud computing, and others. IoT held the largest market share in 2022, attributed to the need for real-time tracking and delivery management. Nevertheless, AI is expected to exhibit the highest growth, fueled by the rising number of internet users, increasing smart device usage, and government-driven digitization efforts.
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Regarding application, the market is segmented into customer experience management, supply chain management, store operations, inventory management systems, smart payment systems, and others. Store operations led the market in 2022, as retailers aimed to control trade-processing costs and reduce operational risks. However, customer experience management is expected to grow the fastest, with retailers increasingly focusing on personalizing interactions using AI, machine learning, and automation technologies.
The end user segment is divided into supermarkets, hypermarkets, specialty stores, department stores, and others. Hypermarkets accounted for the largest share in 2022, driven by the widespread use of smart devices like beacons and sensors to enhance operational efficiency. Meanwhile, department stores are expected to grow at the fastest rate due to their ability to offer a diverse range of products and additional services under one roof, appealing to consumers seeking greater convenience.
Regionally, Asia-Pacific held the largest share of the global smart retail market in 2022, with countries like India and China driving growth due to their rapidly expanding retail and e-commerce sectors. Growing disposable income, increasing social media use, and government initiatives promoting advanced technologies and foreign investment are expected to continue propelling the market in this region.
Key Players:
The key players operating in the smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/smart-retail-market-5428
Key questions answered in the report-
- Which are the high-growth market segments based on offering, technology, application, and end user?
- What was the historical market for smart retail?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the smart retail market?
- Who are the major players, and what shares do they hold in the smart retail market?
- How is the competitive landscape in the smart retail market?
- What are the recent developments in the smart retail market?
- What are the different strategies adopted by the major players in the smart retail market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global smart retail market, and how do they compete with the other players?
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