Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Retail Market by Offering (Hardware, software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography - Global Forecast to 2030’.
According to this latest publication from Meticulous Research®, the smart retail market is projected to grow at a CAGR of 22.4% from 2023–2030 to reach $91.36 billion by 2030. The growth of this market is attributed to the growing significance of enhancing customer experiences and retail operations and increasing number of smart stores. In addition, rising cases of shoplifting and rising adoption of disruptive technologies to forecast future market trends are expected to offer significant opportunities for the growth of this market. However, the lack of technology adoption by the unorganized retail sector can restrain market growth of this market.
The smart retail market is segmented by offering, technology, application, and end user. The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large share of this segment is mainly attributed to the growing demand for IoT deployments for various applications, the rising need for secured remote management, and the automatic re-ordering of popular low-stock items. However, the software & analytics segment is expected to grow at the highest CAGR during the forecasted period. The growth of this segment is attributed to the expanding adoption of analytics tools in the retail industry due to growing digitization.
Based on technology, the smart retail market is segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to retailers’ increasing need to monitor product movement, track location, and predict precise delivery timings. However, the AI segment is expected to register the highest CAGR during the forecast period due to perpetually growing internet users & smart devices and government initiatives towards digitization.
Based on application, the smart retail market is segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to increasing trade volumes, the need to control trade-processing costs, and the need to minimize operational risks. However, the customer experience management segment is expected to register the highest CAGR during the forecast period due to the need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarkets segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risks, decrease costs, and increase revenue. However, the department stores segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high level of services, greater convenience to customers by offering a variety of products under one roof, and the availability of additional services related to products in case of any fault or damage.
Based on geography, the smart retail market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific segment accounted for the largest share of the global smart retail market. This regional segment's large share can be attributed to the rapidly growing retail and e-commerce industries across developing countries, such as India and China, growing disposable income among consumers, and increasing social media penetration. In addition, the government is supporting the surging economic growth by allowing foreign investments, encouraging organizations to inculcate high-tech solutions embedded with the latest technologies, and launching awareness programs regarding the benefits of data-driven techniques are anticipated to propel the demand for smart retail over the forecast period.
The key players operating in the smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).
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