Smart Retail MarketTechnology-Driven Evolution of Shopping
Smart retail is an evolving concept that blends traditional shopping experiences with cutting-edge technologies, enhancing both customer engagement and operational efficiency. From Smart Payment Systems to Augmented Reality shopping experiences, these innovations are transforming the global retail landscape.
The adoption of smart payment systems is expected to capture a significant portion of the market share by 2030, propelled by the increasing use of digital payments worldwide. The shift towards online and cashless payments is driving the growth of smart retail, with two-thirds of global consumers already adopting digital payment methods.
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Estimated Growth Rate for Smart Retail Market
The Smart Retail Market is expected to experience remarkable growth, projected to reach USD 120.46 billion by 2030 from USD 29.84 billion in 2023, marking a CAGR of 22.06% during the forecast period.
Dynamics of the Smart Retail Market:
Growing Global Consumption of Smart Retail:
One of the most popular drinks in the world, Smart Retail, has a substantial market share in North America. In the United States, around 71% of people use Smart Retail daily. The increased popularity of single-serve and specialty Smart Retail techniques is propelling the growth of the Smart Retail market in Europe. The International Smart Retail Organization (ICO) reports that worldwide exports of Smart Retail bags grew 2.6% in just one year, from 10.83 million in February 2019 to 11.11 million in February 2020.
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Regional Insights: Growth Driven by Asia-Pacific, North America, and Europe
Asia-Pacific’s Surge in Smart Retail Adoption
The Asia-Pacific region, particularly China, Japan, South Korea, and India, is seeing rapid adoption of smart retail technologies, thanks to a large consumer base, rising disposable incomes, and growing urbanization. Countries like Vietnam, Thailand, and Singapore are also playing pivotal roles in the expansion of the market, as technological innovations continue to drive retail solutions in the region.
North America and Europe Continue to Lead the Way
North America is expected to remain the dominant region, holding a significant share of the smart retail market. The presence of major technology companies like IBM, Intel, and NVIDIA, as well as leading retailers such as Amazon and Walmart, drives innovation in the region.
Europe is witnessing steady growth, particularly in countries like the UK, Germany, and France, as they implement new retail technologies such as visual marketing, smart labels, and intelligent systems.
Key Developments: Mergers, Acquisitions, and Partnerships
Several recent mergers and acquisitions are shaping the smart retail market:
Google Cloud and Tata Consultancy Services (India) forged a strategic partnership to provide AI-driven solutions, boosting the efficiency of retail operations globally.
NVIDIA and ServiceNow (USA) entered a partnership in 2023 to enhance workflow automation using generative AI, improving the consumer experience in retail environments.
Samsung Electronics (South Korea) has made significant advancements in the Internet of Things (IoT) for smart retail, enabling seamless connectivity and enhancing consumer interactions in stores.
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Smart Retail Market Segmentation
by Solution
Hardware
Software
by Application
Visual Marketing
Smart Label
Smart Payment System
Intelligent System
Others (Robotics, Analytics)
With a nearly 35% market share in 2023, the visual marketing category leads the smart retail market by application. One of the main factors propelling the development of the smart retail market is visual marketing. The importance of visual elements in engaging and involving customers has increased with the rise of digital signage, interactive displays, and augmented reality. Retailers provide engaging and customized experiences by exhibiting goods, special offers, and brand messaging in an immersive way using visual marketing. This tactic enhances the entire customer experience and creates a lively in-store atmosphere. Additionally, graphic marketing promotes impulse buys, aids in decision-making, and makes product discovery more efficient. Smart merchants successfully draw in customers, strengthen brand loyalty, and eventually increase sales and revenue streams by strategically utilizing graphic aspects.
Smart Retail Market Key Players
North America Smart Retail Market Top Players:
1. IBM – United States
2. Intel Corporation – United States
3. Cisco Systems Inc. – United States
4. NVIDIA Corporation – United States
5. Google Inc. – United States
6. PTC Inc. – United States
7. Standard Cognition – United States
8. Caper Inc. – United States
9. Zippin – United States
10. Walmart Inc. – United States
11. Amazon.com Inc. – United States
12. Focal Systems Inc. – United States
13. Estimote Inc. – United States
14. AWM SMART SHELF – United States
15. Smartcart – United States
Europe Smart Retail Market Top Players:
16. NXP Semiconductors N.V. – Netherlands
17. Trigo – Israel
18. Albert Heijn BV – Netherlands
APAC Smart Retail Market Top Players:
19. Cozy Infosystems – India
20. LOTTE – South Korea
21. Huawei Investment & Holding Co. Ltd – China
22. Samsung Electronics – South Korea
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Key questions answered in the Smart Retail Market are:
- What is Smart Retail?
- What is the growth rate of the Smart Retail Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Retail Market?
- What segments are covered in the Smart Retail Market?
- Which are the factors expected to drive the Smart Retail Market growth?
- What is the CAGR at which the Smart Retail market will grow during the forecast period?
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- PESTLE Analysis
- PORTER’s analysis
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