Smart Retail Market: Expected To Reach USD 105.27 Billion By 2029 With A 20.36% CAGR

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Smart Retail Market

According to a Report by Exactitude Consultancy, top companies covered include: IBM, Intel Corporation, Cisco Systems Inc., Microsoft

The Smart Retail Market is experiencing growing demand due to the rise in IoT, AI, and data analytics for enhanced customer experiences.” - Exactitude Consultancy

LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire / -- The global smart retail market size was valued at USD 19.86 billion in 2022, and projected to reach USD 105.27 billion by 2029, with a CAGR of 20.36% from 2023 to 2029.

The market for smart retail around the globe is growing rapidly primarily due to what can be referred to as the continuous advancement of new technologies in the sphere of retail. Some of these factors include; the ever increasing consumer expectations for improved customer satisfaction, which may be through IoT, AI and RFID. Ongoing innovative smart technologies consequently act to influence consumer behavior and preferences by helping retailers to improve operation flexibility and to offer more satisfying shopping experiences. It also has its own share of challenges that involves high costs to start the implementation process, issues that are related to the aspect of data privacy, and the need for highly qualified workforce. This is compounded by the fact that most of the smart technologies were developed independently to solve specific problems and therefore are not easily compatible.

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Market Growth Factors

There is a steadily growing and constant usage of the IoT technology.

There may also be room for smart retail to expand because of such developments in digital and internet technologies that also enable the merchants to merchandise their wares, manage their businesses, and organize the value chains. This market is growing swiftly because of the increasing application of IoT technology in objectives like modifying the skills of workers, smart retail, smart retail and connected retail services. In the next years, the elements of the market are expected to contribute to this market growth.

An ever-growing point of interest regarding smart stores

Retail being the frontline in the consumer world is undergoing change due to the integration of advanced technologies such as artificial intelligence, machine learning and IoT. They also foster elegant flow that ensures that any immersion process, as well as the search for right and relevant options on an individual basis is as fast as needed. The application of mechanical parts in smart shops involves recognition of the customers, data belonging to the products, selection of products, navigation within the shops and even the check out processes. Such developments also help in the growth of the smart retail business together with the growing demand for in-store experiences.

Competitive Analysis:

In this section, we assess the competitive landscape of the Smart Retail Market, focusing on key players.

IBM, Intel Corporation, Cisco Systems Inc., Microsoft, Huawei Investment & Holding Co. Ltd, Samsung Electronics, Google Inc., Trigo, Standard Cognition Walmart Inc., Alibaba Group Holding Limited, Amazon Inc., Smartcart.

Smart Retail Market Recent Developments:

EW York and ecommerce compan, Instacart in March 2024 further deepened their cooperation to enable more grocers in the AWG to adopt ecommerce solutions and smart carts known as Caper Carts.

Rewe Ready was to be opened in February 2024 at a shop of the REWE Group located at the EnBW Hypernetz EV Charging Hub in Lichtenau, Chemnitz Germany. It will offer consumer the blend of the computer vision cameras with sensor fusion which makes the shopping more unique and smooth. The company will also provide time to market advantage, as well as the solutions will be easy to implement; thus, smart fridges will be on plug and play devices.

In January 2024, omnichannel PayTech specialist Secure Retail said it will acquire UK-based payments acceptance software company Smart Technology Solutions (STS).

Full Report of the Smart Retail Market @:

Segmentation Analysis

Smart Retail Market By Solution Outlook

Smart Retail Market can be divided into hardware and software solution for the system which is necessary for the development of smart retail technologies. Some of the hardware options include sensors, RFID tags, smart shelves and beacons-which are already implemented to improve experience and operations in the store environment. The software sector includes analytical tools, cloud services, and artificial intelligence tools that apply to store management and consumers' relations as well as to sales promotion. Over the years 2020 to 2029 the proportion in hardware segment is expected to remain consistent due to increasing spendings on the infrastructure by the retailers. However, the software segment is expected to proliferate at a faster rate, owing to the growing demand for higher levels of analytics, betterment in data management, and real-time customer information, which forms the major driving factor for the market during this period.

Smart Retail Market By Retail Offering

The value added by the players in the Smart Retail Market is segmented by offering, where apparel and accessories, fast-moving consumer goods (FMCG), hardlines and leisure goods, and others cater to the segment in the retail. A major growth is expected in the apparel and accessories category due to smart mirror, virtual fitting rooms and personal shopping experience, which appeals to new technological users. FMCG segment will remain the market leader as most of the products have a short shelf life and the usage of the self-checkout kiosks and smart shelves for inventory management will also rise. Televisions and home appliances, as well as leisure products such as home electronics and improvement goods will also get catches from smart retail technology with customer contact and operational efficiencies. The 'Others' segment covering broad range of products such as beauty and personal care items is forecasted to have a growth as various retailers across all sectors adopt smart solutions due to changing consumer requirements.

Smart Retail Market By Application

Based on the application, the Smart Retail Market has been categorized into visual marketing, smart label, smart payment system, robotics, and others. As a result of the increase in demand for attractive and appealing advertisements and commercials, visual merchandising such as digital signages and digital interfaces are expected to rise in the future. RFID and NFC are the most popular smart labels for constantly monitoring inventories and guaranteeing products' availability for improving supply chain operations. Greater efficiency and security in these payments are fundamental drivers in Smart payment systems will therefore increase due to the increased adoption of contactless payments and digital wallets. The segments such as the robotics of self-serving service robots and automated checkouts are expected to be the major growth areas in retail store making operations and customer service better. The 'Others' segment encompasses quite a range of other bespoke applications like the smart fitting rooms and augmented reality which are steadily finding their place.

Smart Retail Market By End User

Sliced and diced basis is also based on the end consumer types which includes supermarkets and hypermarkets, specialists' retailers, departmental stores, and others. Supermarkets and hyper markets are expected to dominate the market due to the availability of a wide product range and large base of customers who are likely to compel the organizations to seek for effective supply chain management and customer relationship management solutions. More and more specialty stores, which target specific categories of products, including electronics, apparels or health and beauty products, are integrating smart retail concepts and tools into their stores as response to high competition. Aomi believes that large format stores selling almost everything are likely to incorporate smart solutions to help determine the best store layout and carry out market segmentation. Another subcategory under 'Other End Users,' which comprises convenience stores, online retailers with physical stores, and pop-up stores, will also increase because such businesses integrally adopt smart retail technologies to improve efficiency and customer experience.

Smart Retail Market Regional Insights

North America

North America is expected to occupy a large portion of the overall share because of the well-developed technology framework, higher smart retail penetration, and major stakeholders in the region's retail industry. The region has been quite vibrant in the development of technology that would improve on the customer touch points and retail environment. North America's market is characterized by strong commitment to R&D, broad retail infrastructure, and a technologically literate customer base, and is all for that a central region for further advancement in smart retail strategies and practices.

Asia Pacific

Different factors have led to the increase of smart retail in Asia Pacific as explained next. The region has a big number of consumers, higher per capita income, and growing urbanization that has resulted in more consumers demanding better shopping environments. Furthermore, all the four countries – China, Japan, South Korea, and India – are representing the most innovation and digital trends in the retail business. Factors such as observed expanded e-commerce market and a higher distribution of smartphone and internet connection are therefore credited for smart retail solution in Asia Pacific. Due to constant advancements and investment across the region, this Asia Pacific smart retail market is predicted to grow significantly in the next few years.

Market Segmentation:

In this section, we provide a breakdown of the Smart Retail Market into segments based on different criteria, including the type of analysis, industry verticals, and geographic regions.

Smart Retail Market By Solution Outlook

Hardware

Software

Smart Retail Market By Retail Offering

Apparel And Accessories

Fast-Moving Consumer Goods

Hardlines And Leisure Goods

Others

Smart Retail Market By Application

Visual Marketing

Smart Label

Smart Payment System

Robotics

Others

Smart Retail Market By End User

Supermarkets

Hypermarkets

Specialty Stores

Department Stores

Other End Users

Key Questions Covered in Smart Retail Market Report:

What is the present Smart Retail market size in terms of revenue and volume, and how much growth is expected during the forecast period?

Which are the key developments that are anticipated to stimulate Smart Retail market trends?

Which factors will trigger product demand and how much product consumption is estimated?

What are the upcoming business opportunities and restraints?

Which region will dominate the global Smart Retail market share?

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