Overview and Scope
Connected retail refers to the integration of various digital technologies and platforms to create a seamless and unified shopping experience for consumers across online and offline channels. It is used to seamlessly connect businesses with customers by using personalized marketing, fusing the analog and digital shopping experiences, enhancing the supply chain, offering a variety of payment options, and equipping staff with the resources they need to collaborate more effectively.
Sizing and Forecast
The connected retail market size has grown exponentially in recent years. It will grow from $36.41 billion in 2023 to $44.07 billion in 2024 at a compound annual growth rate (CAGR) of 21.0%. The growth in the historic period can be attributed to rise of e-commerce, enhanced customer experience, demand for personalization, social media influence, supply chain optimization, emergence of smart stores.
The connected retail market size is expected to see rapid growth in the next few years. It will grow to $88.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to contactless shopping , voice commerce adoption, sustainability concerns, cross-channel integration, smart mirrors and fitting rooms. Major trends in the forecast period include internet of things (iot) integration, mobile commerce and payments, data analytics and artificial intelligence (ai), smart shelves and rfid technology, subscription-based models.
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Segmentation & Regional Insights
The connected retail market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: ZigBee, NFC(Near Field Communication), Bluetooth Low Energy, Wi-Fi, Other Technologies
3) By Application: Electronics And Appliances, Home And Personal Care, Food And Beverage, Apparel, Sporting Goods And Toys, Other Applications
North America was the largest region in the connected retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global connected retail market during the forecast period. The regions covered in the connected retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the connected retail market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Connected retail helps food and beverages brands to improve customer engagement with, consistent brand experience satisfying customer preferences. For instance, in 2023, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the exports of food and drink increased by 31% in 2022 compared to 2021. Additionally, the food and beverages industry have a turnover of $3.52 billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the connected retail market.
Key Industry Players
Major companies operating in the connected retail market report are Microsoft Corporation, Zebra Technologies Corporation, Intel Corporation, PTC Inc., SAP SE, Cisco Systems Inc., International Business Machines Corporation, Google LLC, NXP Semiconductors N.V., Softweb Solutions Inc., Honeywell International Inc., Sonata Software Limited, iVend Retail, Avanade Inc., Fujitsu Limited, Verizon Enterprise Solutions, Amazon Inc., ARM Holdings PLC., Atmel Corporation, Belatrix Software Private Limited, Samsung Electronics Co. Ltd., Toshiba Corporation, Siemens AG, Wipro Limited, Accenture PLC, Capgemini SE, Infosys Limited, NEC Corporation, Tata Consultancy Services Limited, DXC Technology Company
The connected retail market report table of contents includes:
1. Executive Summary
2. Connected Retail Market Characteristics
3. Connected Retail Market Trends And Strategies
4. Connected Retail Market – Macro Economic Scenario
5. Global Connected Retail Market Size and Growth
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31. Global Connected Retail Market Competitive Benchmarking
32. Global Connected Retail Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Connected Retail Market
34. Connected Retail Market Future Outlook and Potential Analysis
35. Appendix
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