Smart Retail Market Size Share Global forecast to 2022-2029
Smart Retail Market as valued at USD 23.5 billion in 2021, and is expected to reach USD 142.8 billion in 2029, growing at a significant higher CAGR of 25.3% over the forecast period (2022-2029).
The factors driving the growth of Smart Retail Market includes rise in the number of retail stores around the world, increasing awareness about foot traffic in the retail sector, rapid growth in the e-commerce sector, growing influence of social media platforms and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI) by major corporations, rising focus by companies on enhancing the customer relationships, increase in the launch of innovative products and rapid urbanization, are some of the additional factors boosting the market growth. In addition, increasing investments by major players on research and development, rising disposable incomes and growing population growth rates, are further supplementing the market growth.
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However, growth of the Smart Retail Market is hindered due to high maintenance cost of advanced computing systems.
The prominent players operating in the market are NXP semiconductors, Walmart Inc., Bosch Group, Google, NVIDIA, Amazon Web Services, Samsung Electronics, CISCO Systems, Par Technology, Intel Cooperation, IBM Cooperation, Microsoft Cooperation, Verifone Holding, Inc., Broadcom Limited, Analog Devices, Honeywell International Inc.
Based on Application, the Smart Payment Systems segment is predicted to expand at a remarkable CAGR during the forecast period
Rise in the volumes of cashless transactions and growing emphasis by major companies on enhancing customer’s experience, are some of the factors responsible for the segment’s growth.
On the Other hand, the Visual Marketing segment is projected to capture the largest market share over the forecast period. Growing influence of social media platforms on millennials, increasing focus by retailers on providing smooth shopping experience to customers and rapid growth in the e-commerce sector, are propelling growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Presence of the leading players such as Amazon Web Services, IBM Cooperation and Microsoft Cooperation, rising demand for smart retail solutions such as big data analytics and intelligent dressing mirrors and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Market Segmentation
Segmentation By Technology
Wi-Fi
• Bluetooth
• LAN
• Zigbee
• Others
Segmentation By Application
Smart Payment Systems
• Smart Labels
• AR/VR
• Intelligent Vending Machine
• Data Analytics/ Artificial Intelligence
• Smart Cart
• Visual Marketing
• Indoor Navigation
• Others
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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