Smart Retail
PUBLISHED: 2024 ID: SMRC26402
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Smart Retail

Smart Retail Market Forecasts to 2030 - Global Analysis By Solution (Hardware, Software and Services), Technology, Application, End User and By Geography

4.3 (49 reviews)
4.3 (49 reviews)
Published: 2024 ID: SMRC26402

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Smart Retail Market is accounted for $51.9 billion in 2024 and is expected to reach $263.9 billion by 2030 growing at a CAGR of 31.1% during the forecast period. Smart Retail leverages advanced technologies to enhance the shopping experience, streamline operations, and increase efficiency. It integrates Internet of Things (IoT) devices, artificial intelligence (AI), and data analytics to create personalized and seamless customer journeys. In smart stores, RFID tags and sensors track inventory in real-time, reducing stockouts and overstock situations. AI-driven analytics provide insights into consumer behavior, enabling dynamic pricing and targeted marketing. Automated checkout systems, such as Amazon Go's ""just walk out"" technology, eliminate long lines and improve convenience. 

According to the International Smart Retail Organization (ICO), global exports of Smart Retail bags increased from 10.83 million in February 2019 to 11.11 million in February 2020, marking a 2.6% growth within a year.

Market Dynamics: 

Driver: 

Integration of AI, IoT, and other technologies

AI-powered systems can analyze customer data to offer personalized recommendations, predictive insights, and improved customer service through chatbots and virtual assistants. IoT devices, such as smart shelves and beacons, enhance in-store experiences by providing real-time information and personalized offers to shoppers. Additionally IoT sensors monitor the condition and location of goods in real-time, while AI analyzes this data to predict disruptions, optimize routes, and improve delivery times, ensuring a more resilient and responsive supply chain encouraging the market growth.

Restraint:

High upfront investment

Implementing advanced technologies such as AI, IoT, and data analytics requires substantial initial capital outlay for hardware, software, infrastructure, and employee training. This high cost can be a major barrier, especially for small and medium-sized retailers with limited budgets. Additionally, the complexity and scale of integrating these technologies can lead to prolonged implementation periods and potential disruptions to existing operations. Retailers may also face uncertainties regarding the return on investment (ROI), as benefits might not be immediately apparent.

Opportunity:

Consumer demand for personalization

Modern shoppers increasingly expect tailored experiences that cater to their individual preferences and behaviors. This demand drives retailers to adopt advanced technologies such as artificial intelligence (AI), machine learning, and data analytics to gather and analyze customer data. Additionally, in-store technologies like smart shelves and digital displays provide real-time, personalized offers and information, improving the shopping experience boosting the market.

Threat:

Resistance to adopting new technologies

From a management perspective, reluctance to invest in new technologies stems from concerns about the initial costs, potential disruptions to existing processes, and uncertainty about the return on investment. Employees may resist change due to fear of job displacement, lack of training, or discomfort with new tools and systems. Additionally, customers may hesitate to embrace new technologies if they perceive them as intrusive, complex, or unreliable hamper the market.

Covid-19 Impact 

COVID-19 has been adverse on the supply chain of smart retail, hampering the movement of goods due to logistics and travel restrictions. Deliveries have been deferred for retailers as well as consumers. The smart retailing industry, which had registered a healthy CAGR even before the pandemic, has grown steeply since the COVID-19 outburst. As the pandemic situation is uncertain and cannot be anticipated for the coming months, safety measures levied by regulatory bodies are varying rapidly. Contactless operations and social distancing are enabling consumers to access substitute retailing solutions; this is where smart retail plays a vital role in daily life.

The software segment is expected to be the largest during the forecast period

The software is expected to be the largest during the forecast period due to increasing the adoption of analytics software by retailers across the world, to understand specific end-user’s needs and behavior to improve customer engagement and the shopping experience is one of the crucial factors stimulating the growth of the segment. The need to analyze the changing consumer preferences and put a strong emphasis on customer-centric marketing is also growing in line with the rising retail investment. This is anticipated to create immense opportunities for analytics in smart retailing.

The marketing and advertising segment is expected to have the highest CAGR during the forecast period

The marketing and advertising segment is expected to have the highest CAGR during the forecast period as retailers are also considering visual marketing through appealing storefronts, digital signage, interior displays, and state-of-the-art lighting as one of the essential requirements for a smart retail solution to engage customers. Moreover, social media marketing has particularly helped in attracting the millennial population. It has enabled retailers to focus on providing a smooth shopping experience with minimal interference from social media. Hence, in 2020 visual marketing accounted for the majority share of the market.

Region with largest share:

North America is projected to hold the largest market share during the forecast period due to the growing demand for luxury goods and premium items and the rapidly-changing customer preferences for more convenient and less time-intensive retail experiences. The increasing adoption of digital technology across every application area is restructuring the U.S. economy. The post-pandemic effect has impacted the retail industry by digitally transforming businesses faster than previously planned.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to the growing application of smart retail solutions such as big data analytics, intelligent dressing mirrors, reception robots, and shopping guide robots in countries such as Japan and China is expected to drive regional market growth. Apart from big smart retailing players such as Alibaba and Amazon, smaller providers also plan to tap into this opportunity.

Key players in the market

Some of the key players in Smart Retail market include Adroit Worldwide Media Inc., Amazon.com, Inc., Cisco Systems, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Ingenico, Fiserv, Inc., Intel Corporation, LG Display Co., Ltd., NCR Corporation, NVIDIA Corporation, NXP Semiconductors, PAX Global Technology Limited, PTC, Samsung Electronics, Verifone Systems and Zippin 

Key Developments:

In June 2024, Honeywell Completes Acquisition Of Carrier's Global Access Solutions Business And Updates 2024 Outlook. This transaction also strengthens Honeywell's alignment of its portfolio around three compelling megatrends, including automation, and complements Honeywell's Building Automation segment.

In May 2024, Lenovo and Cisco Announce Strategic Partnership to Simplify Path to AI Innovation. The two companies agree to design, engineer and deliver deeply integrated solutions that advance generative AI capabilities and digital workplace solutions to boost enterprise productivity

In May 2024, AT&T and Cisco Introduce a Simpler Way to Deploy 5G Fixed Wireless Access for Businesses. With an integrated digital purchasing experience of AT&T’s wireless WAN service and instant-on provisioning from AT&T, businesses can easily extend 5G FWA across campus and branch environments.

Solutions Covered:
• Hardware
• Software
• Services

Technologies Covered:
• Internet of Things (IoT) 
• Augmented Reality (AR) and Virtual Reality (VR) 
• Big Data and Analytics 
• Machine Learning 
• Blockchain 
• Robotics and Automation 
• Mobile Technologies & Cloud Computing 
• Other Technologies  

Applications Covered:
• Inventory Management
• Customer Experience
• Checkout and Payment
• Supply Chain Management
• Security and Loss Prevention
• In-Store Navigation
• Marketing and Advertising
• Customer Analytics
• Other Applications

End Users Covered:
• Brick-and-Mortar Retailers
• E-commerce Companies
• Shopping Malls
• Consumer Goods Manufacturers
• Food & Beverage Retailers
• Entertainment and Hospitality
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface         
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Technology Analysis      
 3.7 Application Analysis      
 3.8 End User Analysis       
 3.9 Emerging Markets       
 3.10 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Smart Retail Market, By Solution      
 5.1 Introduction       
 5.2 Hardware       
 5.3 Software        
 5.4 Services        
          
6 Global Smart Retail Market, By Technology     
 6.1 Introduction       
 6.2 Internet of Things (IoT)      
 6.3 Augmented Reality (AR) and Virtual Reality (VR)    
 6.4 Big Data and Analytics      
 6.5 Machine Learning       
 6.6 Blockchain       
 6.7 Robotics and Automation      
 6.8 Mobile Technologies & Cloud Computing    
 6.9 Other Technologies       
          
7 Global Smart Retail Market, By Application     
 7.1 Introduction       
 7.2 Inventory Management      
 7.3 Customer Experience      
 7.4 Checkout and Payment      
 7.5 Supply Chain Management      
 7.6 Security and Loss Prevention      
 7.7 In-Store Navigation       
 7.8 Marketing and Advertising      
 7.9 Customer Analytics       
 7.10 Other Applications       
          
8 Global Smart Retail Market, By End User      
 8.1 Introduction       
 8.2 Brick-and-Mortar Retailers      
  8.2.1 Supermarkets and Hypermarkets    
  8.2.2 Department Stores      
  8.2.3 Convenience Stores      
 8.3 E-commerce Companies      
  8.3.1 Online Retailers      
  8.3.2 Omnichannel Retailers     
 8.4 Shopping Malls       
 8.5 Consumer Goods Manufacturers     
  8.5.1 Brand Stores      
  8.5.2 Pop-up Stores      
 8.6 Food & Beverage Retailers      
 8.7 Entertainment and Hospitality      
 8.8 Other End Users       
          
9 Global Smart Retail Market, By Geography     
 9.1 Introduction       
 9.2 North America       
  9.2.1 US       
  9.2.2 Canada       
  9.2.3 Mexico       
 9.3 Europe        
  9.3.1 Germany       
  9.3.2 UK       
  9.3.3 Italy       
  9.3.4 France       
  9.3.5 Spain       
  9.3.6 Rest of Europe      
 9.4 Asia Pacific       
  9.4.1 Japan       
  9.4.2 China       
  9.4.3 India       
  9.4.4 Australia       
  9.4.5 New Zealand      
  9.4.6 South Korea      
  9.4.7 Rest of Asia Pacific      
 9.5 South America       
  9.5.1 Argentina      
  9.5.2 Brazil       
  9.5.3 Chile       
  9.5.4 Rest of South America     
 9.6 Middle East & Africa      
  9.6.1 Saudi Arabia      
  9.6.2 UAE       
  9.6.3 Qatar       
  9.6.4 South Africa      
  9.6.5 Rest of Middle East & Africa     
          
10 Key Developments        
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 10.2 Acquisitions & Mergers      
 10.3 New Product Launch      
 10.4 Expansions       
 10.5 Other Key Strategies      
          
11 Company Profiling        
 11.1 Adroit Worldwide Media Inc.      
 11.2 Amazon.com, Inc.       
 11.3 Cisco Systems, Inc.       
 11.4 Google LLC       
 11.5 Honeywell International Inc.      
 11.6 Huawei Technologies Co., Ltd.      
 11.7 IBM Corporation       
 11.8 Ingenico, Fiserv, Inc.      
 11.9 Intel Corporation       
 11.10 LG Display Co., Ltd.       
 11.11 NCR Corporation       
 11.12 NVIDIA Corporation       
 11.13 NXP Semiconductors      
 11.14 PAX Global Technology Limited     
 11.15 PTC        
 11.16 Samsung Electronics      
 11.17 Verifone Systems       
 11.18 Zippin        
          
List of Tables         
1 Global Smart Retail Market Outlook, By Region (2022-2030) ($MN)   
2 Global Smart Retail Market Outlook, By Solution (2022-2030) ($MN)   
3 Global Smart Retail Market Outlook, By Hardware (2022-2030) ($MN)   
4 Global Smart Retail Market Outlook, By Software (2022-2030) ($MN)   
5 Global Smart Retail Market Outlook, By Services (2022-2030) ($MN)   
6 Global Smart Retail Market Outlook, By Technology (2022-2030) ($MN)   
7 Global Smart Retail Market Outlook, By Internet of Things (IoT) (2022-2030) ($MN)  
8 Global Smart Retail Market Outlook, By Augmented Reality (AR) and Virtual Reality (VR) (2022-2030) ($MN)
9 Global Smart Retail Market Outlook, By Big Data and Analytics (2022-2030) ($MN)  
10 Global Smart Retail Market Outlook, By Machine Learning (2022-2030) ($MN)  
11 Global Smart Retail Market Outlook, By Blockchain (2022-2030) ($MN)   
12 Global Smart Retail Market Outlook, By Robotics and Automation (2022-2030) ($MN) 
13 Global Smart Retail Market Outlook, By Mobile Technologies & Cloud Computing (2022-2030) ($MN)
14 Global Smart Retail Market Outlook, By Other Technologies (2022-2030) ($MN)  
15 Global Smart Retail Market Outlook, By Application (2022-2030) ($MN)   
16 Global Smart Retail Market Outlook, By Inventory Management (2022-2030) ($MN)  
17 Global Smart Retail Market Outlook, By Customer Experience (2022-2030) ($MN)  
18 Global Smart Retail Market Outlook, By Checkout and Payment (2022-2030) ($MN)  
19 Global Smart Retail Market Outlook, By Supply Chain Management (2022-2030) ($MN) 
20 Global Smart Retail Market Outlook, By Security and Loss Prevention (2022-2030) ($MN) 
21 Global Smart Retail Market Outlook, By In-Store Navigation (2022-2030) ($MN)  
22 Global Smart Retail Market Outlook, By Marketing and Advertising (2022-2030) ($MN) 
23 Global Smart Retail Market Outlook, By Customer Analytics (2022-2030) ($MN)  
24 Global Smart Retail Market Outlook, By Other Applications (2022-2030) ($MN)  
25 Global Smart Retail Market Outlook, By End User (2022-2030) ($MN)   
26 Global Smart Retail Market Outlook, By Brick-and-Mortar Retailers (2022-2030) ($MN) 
27 Global Smart Retail Market Outlook, By Supermarkets and Hypermarkets (2022-2030) ($MN) 
28 Global Smart Retail Market Outlook, By Department Stores (2022-2030) ($MN)  
29 Global Smart Retail Market Outlook, By Convenience Stores (2022-2030) ($MN)  
30 Global Smart Retail Market Outlook, By E-commerce Companies (2022-2030) ($MN) 
31 Global Smart Retail Market Outlook, By Online Retailers (2022-2030) ($MN)  
32 Global Smart Retail Market Outlook, By Omnichannel Retailers (2022-2030) ($MN)  
33 Global Smart Retail Market Outlook, By Shopping Malls (2022-2030) ($MN)  
34 Global Smart Retail Market Outlook, By Consumer Goods Manufacturers (2022-2030) ($MN) 
35 Global Smart Retail Market Outlook, By Brand Stores (2022-2030) ($MN)   
36 Global Smart Retail Market Outlook, By Pop-up Stores (2022-2030) ($MN)  
37 Global Smart Retail Market Outlook, By Food & Beverage Retailers (2022-2030) ($MN) 
38 Global Smart Retail Market Outlook, By Entertainment and Hospitality (2022-2030) ($MN) 
39 Global Smart Retail Market Outlook, By Other End Users (2022-2030) ($MN)  
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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