Global Smart Retail Market Price 2024, Forecast To 2033
26 Feb, 2024
The smart retail market has experienced exponential growth, surging from $44.09 billion in 2023 to $55.44 billion in 2024, with a CAGR of 25.7%. Historical growth is tied to consumer demand, data analytics, and mobile connectivity. Forecasts anticipate continued exponential growth to $143.36 billion in 2028, with a CAGR of 26.8%, driven by 5G implementation, contactless solutions, and sustainability initiatives. Major trends include augmented reality, technology advancements, IoT expansion, localization, blockchain for supply chain transparency, and multi-channel retailing.
Global Smart Retail Market Key Driver
The smart retail market is experiencing growth driven by the increasing use of robots and automation. A report from the International Federation of Robotics indicates a 31% YoY increase in industrial robots in use globally. This heightened use of automation enhances collaboration between R&D, manufacturing, and marketing, contributing to the smart retail market's expansion.
Get A Free Sample Of The Global Smart Retail Market ReportGlobal Smart Retail Market Segments
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
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the smart retail market in 2023. 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
Major Smart Retail Industry Players
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
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Smart Retail Market Overview
Smart retail refers to the use of intelligent technologies in commerce to offer consumers a better, faster, safer, and more convenient purchase experience. It applies new technologies to digitally enhance traditional shopping for customers and businesses.
Smart Retail Global Market Report 2023 provides data on the global smart retail market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart retail market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.