The Smart Retail Market is expected to reach $91.36 billion by 2030, at a CAGR of 22.4% during the forecast period of 2023–2030. The growth of this market is attributed to the growing significance of enhancing customer experiences and retail operations and the 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. However, legal concerns and data privacy issues challenge market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are the major trends in this market.
Here are the top 10 companies operating in the Smart Retail Market
Founded in 1968 and headquartered in California, U.S., Intel Corporation is the world’s largest semiconductor chip manufacturer by revenue and a developer of the x86 series of instruction sets, the instruction sets found in most personal computers (PCs). The company helps retailers achieve their transformation objectives and accelerate time to value (TTV) with optimized market-ready software tools and technology. With technology that meets the needs of new use cases, retailers gain IT architectures that scale, enabling quick solution delivery from their business to the edge for future-proof operations. The company operates in the market through six business segments: Client Computing Group, Data Centre Group, Internet of Things, Mobileye, Non-Volatile Memory Solution Group, and Programmable Solution Group.
AMAZON.COM, INC.
Founded in 1994 and headquartered in Washington. U.S., Amazon.com, Inc. is a technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. The company is an online retailer and marketplace. The company provides cloud computing service through AWS and live-streaming service through Twitch. The company provides innovative technology that offers retailers modernization and innovation journeys across all areas of the enterprise. Amazon helps retailers harness customer insights, drive self-service convenience, optimize equipment and inventory, and keep stores safe. The company operates in the market through three business segments: North America, International, and AWS.
NCR CORPORATION
Founded in 1884 and headquartered in Georgia, U.S., NCR Corporation is consulting and technology company providing several professional services and electronic products. NCR Smart Retail products help omni-channel retailers provide consistent shopping experiences across digital and physical touchpoints to meet customer demand. The company manufactures self-service kiosks, point-of-sale terminals, automated teller machines, cheque processing systems, and barcode scanners. The company’s smart retail solutions are designed to improve operational efficiency, selling productivity, customer satisfaction, and purchasing decisions. The company operates in the market through four business segments: Banking, Retail, Hospital, and Telecom and Technology.
PTC INC.
Founded in 1985 and headquartered in Massachusetts, U.S., PTC Inc. is a computer software & services company that provides products and services, including the Internet of Things (IoT), augmented reality (AR), and collaboration software. The company provides retail product lifecycle management solutions which accelerate digital transformation, digital design & development, full functional scope, and enterprise-scale & security. The company’s product life cycle management solution helps consumer goods and product companies plan, design, develop, and source products, enabling them to deliver innovative products. The company operates in the market through three segments: Support and Cloud service, License, and Professional services.
NVIDIA CORPORATION
Founded in 1993 and headquartered in California, U.S., Nvidia Corporation is a technology company that designs graphics processing units (GPUs) and application programming interfaces (APIs) for data science and high-performance computing as well as system-on-a-chips (SoCs) for mobile computing and automotive markets. The company provides solutions designed to gather and compute continuous streams of data at the network’s edge, delivering real-time notifications to store associates on shrinkage and insights into customer demographics and shopping preferences.
Nvidia provides AI-enabled intelligent stores to help retailers reduce shrinkage, eliminate stockout, and gain visibility into in-store customer behavior to optimize merchandising. The company operates in the market through two business segments: Graphics and Computing & Networking.
IBM CORPORATION
Founded in 1911 and headquartered in New York, U.S., IBM Corporation provides cloud computing, artificial intelligence, IoT, IT infrastructure, mobile, digital workplace, and cyber-security solutions. The company also provides a broad portfolio of middleware for collaboration, predictive analytics, software development, and systems management. The company mainly focuses on providing solutions for enhancing digital experiences, improving performance and data security, and enabling continuous operations. The company helps retailers innovate and transform stores, enhance retail store operations, deliver smarter retail customer experience at scale, offer omnichannel customer engagement, and enhance businesses with innovative customer experience strategies.
Founded in 1975 and headquartered in Washington, U.S., Microsoft Corporation is a technology corporation that provides computer software, consumer electronics, personal computers, and related services. The company delivers sustainable and operational excellence to optimize CPG retail operations and build an agile product life cycle. The company helps retailers accelerate innovation to build brand affinity and augment market shares in new ways using technology in retail and consumer goods.
Microsoft Azure IoT for retail delivers operational excellence, an intelligent supply chain, and more powerful business intelligence to enable organizations and people to deliver unforgettable customer experiences that drive affinity and create loyalty. The company operates in the market through three segments: Intelligent Cloud, Productivity and Business Process, and More Professional Computer.
HUAWEI TECHNOLOGIES CO., LTD.
Founded in 1987 and headquartered in Shenzhen, China, Huawei Technologies Co., Ltd. is an information and communication technology company that provides services and consumer electronics, including routers, mobile broadband modems, smartphones, tablets, wearables, PCs, and accessories. Huawei manufactures and sells telecommunication equipment, consumer electronics, and smart devices.
The company’s smart retail solutions provide secure, reliable wireless coverage for shopping malls and supermarkets and many value-added services, such as store navigation, reverse vehicle lookup, and precision marketing, to improve shopping experiences and operational efficiency. Huawei provides chain stores with integrated access gateways that implement unified access to many services and devices, such as POS terminals, Office Automation (OA), wireless coverage, voice, surveillance, advertisement screens, and ESLs in physical stores. The company operates in the market through three segments: Carrier Business, Consumer Business, and Enterprise Business.
GOOGLE LLC
Founded in 2015 and headquartered in California, U.S., Google LLC offers a wide range of products and platforms, such as search, maps, calendar, Gmail, Google Play, Android, google cloud, chrome, and YouTube. The company works with retailers to solve their most challenging problems. Its intelligent, data-driven offerings can help transform organizations’ store operations and digital experiences. The company helps retailers to reach shoppers with accurate product listings, business details and seamless checkout.
INGENICO
Founded in 1980 and headquartered in Suresnes, France, Ingenico is a services technology company that facilitates secure electronic transactions and is a manufacturer of point-of-sale (POS) payment terminals that include complete merchant payment SaaS and related services. The company offers simple and reliable payment solutions to financial institutions, retail chains, and SMEs. Ingenico provides smart payment solutions to empower commerce across all channels, in-store, online, and mobile.
The company provides SMBs with payment solutions to develop new services that used to be limited to large retailers. The company supports organizations’ daily business needs with devices that address new payment scenarios (contactless, click & collect) and comprehensive hardware maintenance packages. Ingenico Mobile Solutions provides retailers with a cost-effective way to enter the mobile payments market with their branded offerings. Retailer-branded mobile payments are a completely white-labeled, end-to-end solution comprised of everything a merchant needs to start accepting payments (reader, mobile app, merchant account and boarding, payment processing and support).
global smart retail market is expected to grow at a CAGR of 22.4% from 2022 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 the 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. However, legal concerns and data privacy issues challenge market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are the major trends in this market.
