According to the latest report by IMARC Group, titled, “Smart Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global smart retail market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the smart retail market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 31.2 Billion |
| Market Forecast in 2028 | US$ 118.82 Billion |
| Growth rate (2023 to 2028) | CAGR of 24.90% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is smart retail?
Smart retail uses smart technologies designed to provide the consumer with an excellent, quick, safe, and smart shopping experience through data-driven solutions to improve operations and optimize numerous processes within the retail industry. It involves the integration of advanced technologies such as the Internet of Things (IoT), big data analytics, and automation to establish a seamless and personalized shopping environment. It comprises customized recommendations, self-checkout systems, interactive digital signage, inventory management systems, retail robots, real-time inventory, smart carts, and smart shelves. In addition, it enhances customer engagement and efficiency, tracks assets, improves supply chain management, and offers automated checkout and decision-making in the retail sector, ultimately providing consumers with a convenient and customized shopping experience. Consequently, smart retail is gaining immense popularity in supermarkets, hypermarkets, and specialty and department stores across the globe.
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What are the growth prospects and trends in the smart retail industry?
The market is primarily driven by the significant expansion in the retail sector. Additionally, the recent onset of the coronavirus disease (COVID-19) pandemic led to the escalating demand for online shopping alternatives, contactless experiences, and effective supply chain management, thus contributing to market growth. In line with this, smart retail technologies offer convenience, personalization, and seamless shopping experiences that align with consumer expectations with several features, such as mobile payments and self-checkout options, which is also influencing market growth. Moreover, several technological advancements and integration of virtual reality (VR), artificial intelligence (AI), blockchain, machine learning (ML), and augmented reality (AR) to improve the consumer experience, facilitate accurate inventory management, and enhance store operations represent another major growth-inducing factor. Besides this, the growing environmental awareness led to the adoption of energy-efficient technologies to address packaging waste, promote eco-friendly products, and integrate sustainable practices into their operations. Apart from this, the smart retail market is growing at different rates in numerous regions, with North America being the largest market due to several technological advancements, the widespread adoption of digital technology in every application, and the increasing application of smart retail solutions in intelligent dressing mirrors, reception robots, big data analytics, and shopping guide robots across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, Vivo, a mobile producer, introduced Vivo Smart Retail to help retailers see the demand for smartphones using smart retail networks in India. Furthermore, the extensive use of smart retail by small and medium enterprises (SMEs) and the shifting individual preference toward digital payments such as credit cards, prepaid cards, debit cards, and electronic wallets are creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Offering:
- Hardware
- RFID Tags and Labels
- Scanner/Readers
- Mobile Computers
- Point of Sale (POS) Terminals
- Others
- Software
- Retail Management Software
- POS Software
- Inventory Management
- Others
- Services
- Integration and Deployment Services
- Consulting Services
- Support and Maintenance Services
Breakup by Retailer Size:
- Small and Mid-sized Retailers
- Large Retailers
Breakup by Application:
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others
Breakup by End User:
- Supermarkets
- Hypermarkets
- Specialty Stores
- Department Stores
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Adroit Worldwide Media Inc.
- com Inc.
- Cisco Systems Inc.
- Google LLC (Alphabet Inc.)
- Honeywell International Inc.
- Ingenico
- Intel Corporation
- NCR Corporation
- NVIDIA Corporation
- NXP Semiconductors N.V.
- PTC
- Samsung Electronics Co. Ltd.
- Zippin
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