Overview and Scope
A smart shopping cart refers to a technologically enhanced shopping cart designed to improve and modernize the traditional shopping experience. These innovative carts incorporate various technologies and features to enhance efficiency, convenience, and overall customer satisfaction during the shopping process.
Sizing and Forecast
The smart shopping cart market size has grown exponentially in recent years. It will grow from $1.33 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The growth in the historic period can be attributed to retail efficiency improvement, consumer convenience, contactless payments, enhanced security measures, competitive differentiation.
The smart shopping cart market size is expected to see exponential growth in the next few years. It will grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to integration with AI and machine learning, rise of autonomous stores, global pandemic impact, sustainability focus, expansion of e-commerce integration. Major trends in the forecast period include technological advancements, data analytics integration, autonomous store development, smart cities initiatives, augmented reality (AR) features.
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Segmentation & Regional Insights
The smart shopping cart market covered in this report is segmented –
1) By Component: Wheels, Handles, Bags, Frames, Scanner, Display, Other Components
2) By Technology: Barcodes, Radio-Frequency Identification (RFID), Zigbee
3) By Mode Of Sales: Direct, Distributor
4) By Application: Supermarket, Shopping Malls, Other Applications
North America was the largest region in the smart shopping cart market in 2023. The regions covered in the smart shopping cart 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 retail sector is expected to propel the growth of the smart shopping cart market going forward. The retail sector refers to a segment of the economy where businesses sell goods or services directly to consumers. The rector sector growth is influenced by various factors, including changing consumer behavior, increased internet shopping, and challenging economic conditions. Smart shopping carts are primarily used in the retail sector to improve the shopping experience for customers, increase efficiency for retailers, and create a more modern, efficient, and customer-centric shopping environment. For instance, in March 2023, according to reports published by the National Retail Federation, a US-based retail trade association, US annual retail sales increased to $5.23 trillion in 2023 from $4.94 trillion in 2022, and it is anticipated that retail sales will expand between 4% and 6% in 2023. Therefore, the increasing retail sector is driving the growth of the smart shopping cart market.
Key Industry Players
Major companies operating in the smart shopping cart market are Walmart Inc., Amazon.com Inc., Microsoft , Mitsui And Co. Ltd., Panasonic, International Business Machines Corporation, Oracle Corporation, SAP SE, Fujitsu Limited, SK Telecom Co. Ltd., Check Point Software Technologies, Veeve Systems, Toshiba Global Commerce Solutions Inc., Carttronics LLC, Zippin Inc., Focal Systems Inc., Mashgin Inc., Nourish Technology, Inc., Imagr Ltd., Wheelys Café AB, Pentland Firth Software GmbH, Grabango Co., SuperSmart, Sensei Technologies Inc., Standard Cognition Corporation
The smart shopping cart market report table of contents includes:
1. Executive Summary
2. Smart Shopping Cart Market Characteristics
3. Smart Shopping Cart Market Trends And Strategies
4. Smart Shopping Cart Market – Macro Economic Scenario
5. Global Smart Shopping Cart Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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