Global Smart Retail Market To Grow At A CAGR of $72.9B By 2028

17-Jun-2022 | Zion Market Research

The global smart retail market was valued at nearly USD 21.9 billion in 2021 and is projected to grow to around USD 72.9 billion by 2028, with a compound annual growth rate (CAGR) of approximately 22.8 percent over the forecast period.

Smart retail is the accommodation of technology in retailing to enhance the consumer experience by providing them with better, faster, safer, and exclusive shopping options. Smart retailing focuses not just on the end purchase but the overall journey of the buyer to provide a personalized buying experience making the buyer come back often. Smart retailing technique assists in generating customer feedback which helps the retailers to incorporate positive changes into their business and meet desired customer expectations.

The global smart retail market is growing because of its salient features like transparency in data throughout the supply chain, decentralization where little to no manual interference is required and the processes are automated, along with optimization of resources.

Covid-19 impacted the steady growth of the global market considerably owing to worldwide transport restriction and delay in the arrival of raw material or delivery of end products. However, this propelled the retailers to adopt smart technology in their otherwise traditional stores to break the supply barriers and develop smarter delivery modes.

Some of the giants like Amazon have introduced AI in their retailing process. AI-enabled smart retailers are able to up their recommendation engine game by analyzing past consumer purchases, buying trends, product lifetime, and social media activity. The incorporation of advanced technology in the retailing process is expected to assist the global small retail market expansion in the future. This is coupled with the development of mobile applications for almost all small-scale or large-scale retailers. Mobile applications make retailing more accessible and have a better reach than traditional retailing methods. The easy accessibility of smart retail outlets is anticipated to aid the global market growth during the projection period. Almost every buyer has had a better experience when shopping from smart retailers because of the personalized experience and better customer service. This generates more and frequent consumer traffic to retailers who have incorporated technology into their selling methods. There is a changing consumer preference for using online modes of payments aided by the development of cash-free transaction methods like Google Pay, Paytm, credit, and debit cards. This is expected to create more demand for technology-assisted retail experience and push the global market forward.

The high maintenance expenses for modern high-end computer systems may restrain the global market growth. The advancement in technology is likely to boost the global market whereas high initial investments pose a major challenge to the expansion of the global market in emerging countries.

The global smart retail market is segregated based on retail offering, application, system, and region. The retail offering segment consists of hardlines & leisure goods, fast-moving consumer goods, apparel & accessories, and others. Based on the application, the global market is divided into loyalty management & payment, inventory management, foot-traffic monitoring, smart fitting rooms, brand protection, and predictive equipment maintenance. The system segment is segregated based on intelligent vending machines, smart payment systems, smart labels, digital signage solutions, analytics, robotics, smart carts, POS solutions, virtual reality solutions, and augmented reality solutions.

North America is expected to generate the highest revenue in the global smart retail market owing to the advanced infrastructure, robust technological development, and presence of multiple international large-scale retailers like Walmart, Lourdes, The Kroger Co, and other departmental stores. The regional market growth is expected to be propelled by the high per capita spending capability and the presence of a large high-income population in the region.

Europe is expected to register a significant CAGR during the forecast period mainly because of the merger and acquisition of key retailers like Auchan & OMV Petrom, or Kesko & Suomen Lähikauppa. Europe houses the most high-end luxury brands like Louis Vuitton, Gucci, and Dior, to name a few. Their presence is a major contributor to the regional market growth.

Asia-Pacific is expected to generate considerable revenue owing to increasing consumer databases and the emergence of small-scale and large-scale retailers in countries like India, China, and South Korea.

Some of the leading players that are operating in the global smart retail market include Microsoft, NXP Semiconductors N.V., Cisco Systems, Inc., Intel Corporation, IBM, Amazon.com, Inc., Google Inc., Honeywell, NVIDIA Corporation, and PTC, Inc.

Recent Developments

  • In March 2021, Johnson Controls' Sensormatic Solutions teams up with Intel to digitally transform retail and enhance the consumer experience. Customers may make well-informed business decisions as a result of the collaboration, which leads to desirable results

Browse the full Smart Retail Market By System (Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, POS Solutions, Smart Carts, Robotics, And Analytics), By Application (Foot-Traffic Monitoring, Inventory Management, Loyalty Management & Payment, Predictive Equipment Maintenance, Brand Protection, And Smart Fitting Rooms), By Retail Offering (Fast-Moving Consumer Goods, Hardlines & Leisure Goods, Apparel & Accessories, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/smart-retail-market

Global smart retail market is segmented as follows:

By System

  • Digital Signage Solutions
  • Smart Labels
  • Smart Payment Systems
  • Intelligent Vending Machines
  • Augmented Reality Solutions
  • Virtual Reality Solutions
  • POS Solutions
  • Smart Carts
  • Robotics
  • Analytics

By Application

  • Foot-traffic Monitoring
  • Inventory Management
  • Loyalty Management and Payment
  • Predictive Equipment Maintenance
  • Brand Protection
  • Smart Fitting Rooms

By Retail Offering

  • Apparel and Accessories
  • Fast-moving Consumer Goods
  • Hardlines and Leisure Goods
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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