SMART RETAIL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global smart retail market is estimated to be valued at USD 31.22 Bn in 2024. The market is expected to reach USD 155.25 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 25.7% from 2024 to 2031. The global smart retail market is expected to witness significant growth in the coming years owing to the rising adoption of digitization and automation across the retail sector. Factors such as increasing online shopping activities, growing need for personalized shopping experience among customers, and implementation of advanced technologies including AI, IoT, and analytics are propelling the demand for smart retail solutions globally. Smart retail uses digital technologies to optimize the retail operations and enhance customer experience in-stores. The concept of smart stores involves the deployment of digital touchpoints, intelligent vending machines, digital signage, and self-checkout kiosks integrated with automation systems to provide a seamless shopping experience to customers.

Market Dynamics:

The global smart retail market is anticipated to grow at a robust rate, driven by factors such as the increasing adoption of advanced technologies, rising investment in digital transformation initiatives, and a growing consumer preference for cashless and contactless shopping experiences. Moreover, the integration of IoT connectivity in retail environments facilitates real-time inventory tracking, predictive analytics, equipment maintenance, and remote asset monitoring, further boosting market expansion. Despite these advantages, the market faces challenges such as high initial investment and maintenance costs associated with smart retail systems, along with concerns over cybersecurity threats. Nevertheless, advancements in predictive analytics and the rollout of 5G connectivity present significant opportunities for smart retail vendors to innovate, develop cutting-edge solutions, and attract a larger customer base.

Key Features of the Study:

- This report provides in-depth analysis of the global smart retail market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global smart retail market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Amazon.com, Inc., Alibaba Group Holding Limited, IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Intel Corporation, Cisco Systems, Inc., Zebra Technologies Corporation, Toshiba Corporation, Siemens AG, Honeywell International Inc., NCR Corporation, Samsung Electronics Co., Ltd., and Google LLC

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global smart retail market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart retail market

Market Segmentation

• By Solution Insights (Revenue, USD Bn, 2019 - 2031)
• • Hardware
  • Software
• By Technology Insights (Revenue, USD Bn, 2019 - 2031)
• • IoT Solutions
  • Artificial Intelligence
  • Augmented Reality/Virtual Reality
  • Blockchain
  • Others
• By Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Inventory Management
  • Visual Marketing
  • Smart Label
  • Smart Payment System
  • Others (Robotics, Analytics)
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Amazon.com, Inc.
  • Alibaba Group Holding Limited
  • IBM Corporation
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • Intel Corporation
  • Cisco Systems, Inc.
  • Zebra Technologies Corporation
  • Toshiba Corporation
  • Siemens AG
  • Honeywell International Inc.
  • NCR Corporation
  • Samsung Electronics Co., Ltd.
  • Google LLC