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Global Smart Retail Market by System (Smart Payment Systems, Digital Signage Solutions, Intelligent Vending Machines, Smart Labels, Augmented Reality Solutions, Virtual Reality Solutions, POS Solutions, Smart Carts, Robotics, and Analytics), by Application (Foot-traffic Monitoring, Inventory Management, Predictive Equipment Maintenance, Smart Fitting Rooms, Brand Protection, and Loyalty Management and Payments), by Retail Offering (Fast-moving Consumer Goods, Apparel and Accessories, and Hardlines & Leisure Goods), and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)- Global Forecast to 2030.
Global Smart Retail Market Overview:
The global smart retail market generated and is estimated to reach USD 227.84 billion by 2030, registering a CAGR of 29.99% during the forecast period of 2022-2030, and its size was valued at USD 38.08 billion in 2022. Smart retail uses the Internet and Internet of Things technologies to perceive consumption habits, predict consumption trends, guide manufacturing, and provide consumers with diversified and personalized products and services. The development of smart retail lies in three major aspects. One is to embrace the technology of the times, innovate the retail format, and change the distribution channels; the second is to shift from B2C to C2B to realize big data traction retail; the third is to use socialized customer service to achieve personalized service and precision marketing. With the development of artificial intelligence, big data, cloud computing, the Internet of Things(IoT), and other technologies, the retail industry has staged a revolution focusing on smart retail.Global Smart Retail Market Insights
The rising adoption of robotics and automation in the retail and changing customer experience will foster the growth of the smart retail market. Furthermore, the growth and integration of technologies such as augmented virtual reality, IoT, and artificial intelligence will positively impact the global smart retail market share. Additionally, the growing demand for advanced retail technologies to recapture lost market share, attract more consumers into the store, and improve customer retention is estimated to propel the growth of the smart retail industry. Technological advancements in the retail industry, such as RFID tags and data analytics to improve inventory management and sensors to monitor goods on the move, will stimulate the market share. Further, the upsurge in demand for predictive equipment maintenance in the smart retail market to help predict the equipment’s condition and accordingly schedule the next maintenance services will boost the market growth. The rising adoption of IoT and AI, smart retail industries for streamlining operations and better customer experience are anticipated to enhance the smart retail demand. IoT-based smart retail led to a significant transformation in operations of the retail sector, such as providing customers with the experience of shopping with no checkout lines or cashiers. Growth DriverThe growing use of robots and automation to offer shopping convenience to customers
Artificial intelligence bridges the gap between virtual and physical sales for merchants. In the retail industry, major brands are gradually applying artificial intelligence to reduce costs, increase efficiency, achieve operational flexibility, and increase decision-making speed. The artificial intelligence algorithm can predict the products that should be added to the retailer’s inventory by analyzing the product categories of competitive brands and comparing these products with customer demographics and shopping history. Additionally, artificial intelligence software simplifies the sales channel and sets up an automated sales assistant to increase service revenue through business. Due to artificial intelligence, digital mirrors can scan the code on the clothes in the fitting room and directly contact the floor staff for help. Growing adoption of big data analytics, machine learning, blockchain, and artificial intelligence technologies by retailers The retail industry has a unique opportunity to benefit from the intersection of artificial intelligence, machine learning, and big data. In this industry, it is necessary to manage and track many products in various categories, track consumer shopping habits, and, most importantly, operate a brand that continues to attract repeat customers. They will enable consumers to repurchase more goods and help retailers anticipate demand and make supply decisions. Machine learning algorithms can more accurately describe the causes of errors, identify abnormalities such as missing data or communication errors, and find the precise location of each error in the supply chain. Location intelligence is reshaping the way retailers plan distribution routes. Because real-time data must be collected, adjusted, and decided based on current conditions, route planning is another key area that can benefit from data analysis. System Segmental Analysis Based on the system, the global Smart Retail market is classified into smart payment systems, digital signage solutions, intelligent vending machines, smart labels, augmented reality solutions, virtual reality solutions, POS solutions, smart carts, robotics, and analytics. The robotics segment captured the largest market share in 2019 and will witness significant growth in the forecast period. It is primarily attributed to the surge in usages of robotics in supermarkets, hypermarkets, and other retail stores to make the shopping experience easy for consumers. Smart payment systems will be the fastest-growing segment in the projected period due to retailers’ growing adoption of smart payment systems to offer their customers smooth and easy checkout. Application Segmental Analysis The application segregates the global smart retail market into foot traffic monitoring, inventory management, predictive equipment maintenance, smart fitting rooms, brand protection, loyalty management and payments. The foot-traffic monitoring segment accounted for a lucrative market share in 2021 and will likely dominate the global smart retail market by 2030. It is because foot-traffic monitoring helps retailers with the different aspects of stores, such as the effect of marketing efforts, and helps them plan growth strategies based on customers’ purchase history. The smart fitting rooms will capture a momentous CAGR in the forecast period. This is owing to smart-fitting rooms adopted by apparel and accessories retailers to reduce shopping time and customers’ displeasure. Retail Offerings Segmental Analysis Based on retail offerings, the global smart retail market categorized into fast-moving consumer goods, apparel and accessories, and hardlines & leisure goods. The fast-moving consumer goods segment estimated to lead the market by 2030 due to the growing population, and the surge in disposable income has led to the rise in demand for these goods.Region Segmental Analysis
By geography, the global smart retail market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to be expected to be the leading revenue contributor in the market throughout the forecast period. It is owing to the presence of a large number of supermarkets, hypermarkets, departmental stores, and other types of retail stores in these regions, which have implemented the smart retail solution such as POS solutions, automatic storage and retrieval systems, smart cards, electronic shelf labels, etc. The Asia Pacific will be the fastest-growing segment in the global smart retail market by 2030. It is the presence of numerous small and mid-scale retailers in the region and growing deployment of smart retail solutions, including shopping guide robots, reception robots, intelligent dressing mirrors, and big data analytics.Competitor Analysis
Companies such IBM, Intel Corporation, Cisco Systems, Inc., NXP Semiconductors NV, Microsoft, Huawei Investment & Holding Co., Ltd, NVIDIA Corporation, Samsung Electronics, Google Inc., PTC, Inc., Trigo, Standard Cognition, Caper Inc., Zippin, Walmart Inc., Alibaba Group Holding Limited, Amazon.com, Inc., and Albert Heijn BV (Ahold Delhaize) are the key players in the global smart retail market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global smart retail service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to smart retail
- Regulatory bodies
- Suppliers
- Retailers
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By System- Smart Payment Systems
- Digital Signage Solutions
- Intelligent Vending Machines
- Smart Labels
- Augmented Reality Solutions
- Virtual Reality Solutions
- POS Solutions
- Smart Carts
- Robotics
- Analytics
- Foot-traffic Monitoring
- Inventory Management
- Predictive Equipment Maintenance
- Smart Fitting Rooms
- Brand Protection
- Loyalty Management and Payments
- Fast-moving Consumer Goods
- Apparel and Accessories
- Hardlines & Leisure Goods
- Others
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10.PESTEL Analysis
- Global Smart Retail Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By System
5.2.1.1. Smart Payment Systems
5.2.1.2. Digital Signage Solutions
5.2.1.3. Intelligent Vending Machines
5.2.1.4. Smart Labels
5.2.1.5. Augmented Reality Solutions
5.2.1.6. Virtual Reality Solutions
5.2.1.7. POS Solutions
5.2.1.8. Smart Carts
5.2.1.9. Robotics
5.2.1.10. Analytics
5.2.2. By Application
5.2.2.1. Foot-traffic Monitoring
5.2.2.2. Inventory Management
5.2.2.3. Predictive Equipment Maintenance
5.2.2.4. Smart Fitting Rooms
5.2.2.5. Brand Protection
5.2.2.6. Loyalty Management and Payments
5.2.2.7. Others
5.2.3. By Retail Offering
5.2.3.1. Fast-moving Consumer Goods
5.2.3.2. Apparel and Accessories
5.2.3.3. Hardlines & Leisure Goods
5.2.3.4. Others
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia Pacific
5.2.4.4. The Middle East & Africa
5.2.4.5. South America
- North America Smart Retail Market, 2017-2030
6.1. North America Smart Retail Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. North America Smart Retail Market Share & Forecast, 2017-2030
6.2.1. By System
6.2.1.1. Smart Payment Systems
6.2.1.2. Digital Signage Solutions
6.2.1.3. Intelligent Vending Machines
6.2.1.4. Smart Labels
6.2.1.5. Augmented Reality Solutions
6.2.1.6. Virtual Reality Solutions
6.2.1.7. POS Solutions
6.2.1.8. Smart Carts
6.2.1.9. Robotics
6.2.1.10. Analytics
6.2.2. By Application
6.2.2.1. Foot-traffic Monitoring
6.2.2.2. Inventory Management
6.2.2.3. Predictive Equipment Maintenance
6.2.2.4. Smart Fitting Rooms
6.2.2.5. Brand Protection
6.2.2.6. Loyalty Management and Payments
6.2.2.7. Others
6.2.3. By Retail Offering
6.2.3.1. Fast-moving Consumer Goods
6.2.3.2. Apparel and Accessories
6.2.3.3. Hardlines & Leisure Goods
6.2.3.4. Others
6.2.4. By Country
6.2.4.1. US
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. Price-Point Analysis, By Sensor
6.2.6. Manufacturer & Distribution List (Top 5)
6.2.7. Company Market Share (Top 3-5)
6.2.8. Economic Impact Study on North America Smart Retail Market
- Europe Smart Retail Market, 2017-2030
7.1. Europe Smart Retail Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Europe Smart Retail Market Share & Forecast, 2017-2030
7.2.1. By System
7.2.1.1. Smart Payment Systems
7.2.1.2. Digital Signage Solutions
7.2.1.3. Intelligent Vending Machines
7.2.1.4. Smart Labels
7.2.1.5. Augmented Reality Solutions
7.2.1.6. Virtual Reality Solutions
7.2.1.7. POS Solutions
7.2.1.8. Smart Carts
7.2.1.9. Robotics
7.2.1.10. Analytics
7.2.2. By Application
7.2.2.1. Foot-traffic Monitoring
7.2.2.2. Inventory Management
7.2.2.3. Predictive Equipment Maintenance
7.2.2.4. Smart Fitting Rooms
7.2.2.5. Brand Protection
7.2.2.6. Loyalty Management and Payments
7.2.2.7. Others
7.2.3. By Retail Offering
7.2.3.1. Fast-moving Consumer Goods
7.2.3.2. Apparel and Accessories
7.2.3.3. Hardlines & Leisure Goods
7.2.3.4. Others
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. Price-Point Analysis, By Sensor
7.2.6. Manufacturer & Distribution List (Top 5)
7.2.7. Company Market Share (Top 3-5)
7.2.8. Economic Impact Study on Europe Smart Retail Market
- Asia Pacific Smart Retail Market, 2017-2030
8.1. Asia Pacific Smart Retail Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Asia Pacific Smart Retail Market Share & Forecast, 2017-2030
8.2.1. By System
8.2.1.1. Smart Payment Systems
8.2.1.2. Digital Signage Solutions
8.2.1.3. Intelligent Vending Machines
8.2.1.4. Smart Labels
8.2.1.5. Augmented Reality Solutions
8.2.1.6. Virtual Reality Solutions
8.2.1.7. POS Solutions
8.2.1.8. Smart Carts
8.2.1.9. Robotics
8.2.1.10. Analytics
8.2.2. By Application
8.2.2.1. Foot-traffic Monitoring
8.2.2.2. Inventory Management
8.2.2.3. Predictive Equipment Maintenance
8.2.2.4. Smart Fitting Rooms
8.2.2.5. Brand Protection
8.2.2.6. Loyalty Management and Payments
8.2.2.7. Others
8.2.3. By Retail Offering
8.2.3.1. Fast-moving Consumer Goods
8.2.3.2. Apparel and Accessories
8.2.3.3. Hardlines & Leisure Goods
8.2.3.4. Others
8.2.4. By Country
8.2.4.1. China
8.2.4.2. India
8.2.4.3. Japan
8.2.4.4. Australia
8.2.4.5. Rest of Asia pacific
8.2.5. Price-Point Analysis, By Sensor
8.2.6. Manufacturer & Distribution List (Top 5)
8.2.7. Company Market Share (Top 3-5)
8.2.8. Economic Impact Study on Asia-Pacific Smart Retail Market
- The Middle East & Africa Smart Retail Market, 2017-2030
9.1. The Middle East & Africa Smart Retail Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. The Middle East & Africa Smart Retail Market Share & Forecast, 2017-2030
9.2.1. By System
9.2.1.1. Smart Payment Systems
9.2.1.2. Digital Signage Solutions
9.2.1.3. Intelligent Vending Machines
9.2.1.4. Smart Labels
9.2.1.5. Augmented Reality Solutions
9.2.1.6. Virtual Reality Solutions
9.2.1.7. POS Solutions
9.2.1.8. Smart Carts
9.2.1.9. Robotics
9.2.1.10. Analytics
9.2.2. By Application
9.2.2.1. Foot-traffic Monitoring
9.2.2.2. Inventory Management
9.2.2.3. Predictive Equipment Maintenance
9.2.2.4. Smart Fitting Rooms
9.2.2.5. Brand Protection
9.2.2.6. Loyalty Management and Payments
9.2.2.7. Others
9.2.3. By Retail Offering
9.2.3.1. Fast-moving Consumer Goods
9.2.3.2. Apparel and Accessories
9.2.3.3. Hardlines & Leisure Goods
9.2.3.4. Others
9.2.4. By Country
9.2.4.1. Saudi Arabia
9.2.4.2. UAE
9.2.4.3. South Africa
9.2.4.4. Rest of The Middle East & Africa
9.2.5. Price-Point Analysis, By Sensor
9.2.6. Manufacturer & Distribution List (Top 5)
9.2.7. Company Market Share (Top 3-5)
9.2.8. Economic Impact Study on The Middle East & Africa Smart Retail Market
- South America Smart Retail Market, 2017-2030
10.1. South America Smart Retail Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. South America Smart Retail Market Share & Forecast, 2017-2030
10.2.1. By System
10.2.1.1. Smart Payment Systems
10.2.1.2. Digital Signage Solutions
10.2.1.3. Intelligent Vending Machines
10.2.1.4. Smart Labels
10.2.1.5. Augmented Reality Solutions
10.2.1.6. Virtual Reality Solutions
10.2.1.7. POS Solutions
10.2.1.8. Smart Carts
10.2.1.9. Robotics
10.2.1.10. Analytics
10.2.2. By Application
10.2.2.1. Foot-traffic Monitoring
10.2.2.2. Inventory Management
10.2.2.3. Predictive Equipment Maintenance
10.2.2.4. Smart Fitting Rooms
10.2.2.5. Brand Protection
10.2.2.6. Loyalty Management and Payments
10.2.2.7. Others
10.2.3. By Retail Offering
10.2.3.1. Fast-moving Consumer Goods
10.2.3.2. Apparel and Accessories
10.2.3.3. Hardlines & Leisure Goods
10.2.3.4. Others
10.2.4. By Country
10.2.4.1. Brazil
10.2.4.2. Argentina
10.2.4.3. Rest of South America
10.2.5. Price-Point Analysis, By Sensor
10.2.6. Manufacturer & Distribution List (Top 5)
10.2.7. Company Market Share (Top 3-5)
10.2.8. Economic Impact Study on South America Smart Retail Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. IBM
11.7.2. Intel Corporation
11.7.3. Cisco Systems, Inc.
11.7.4. NXP Semiconductors N.V.
11.7.5. Microsoft
11.7.6. Huawei Investment & Holding Co., Ltd
11.7.7. NVIDIA Corporation
11.7.8. Samsung Electronics
11.7.9. Google Inc.
11.7.10. PTC, Inc.
11.7.11. Trigo, Standard Cognition
11.7.12. Caper Inc.
11.7.13. Zippin, Walmart Inc.
11.7.14. Alibaba Group Holding Limited
11.7.15. com, Inc.,
11.7.16. Albert Heijn BV (Ahold Delhaize)
11.7.17. Other Prominent Players
Frequently Asked Questions (FAQ)
The global smart retail market generated size was estimated at USD 38.08 billion in 2022 and is anticipated to generate USD 227.84 billion by 2030, registering a CAGR of 29.99% during the forecast period of 2022-2030.
Companies such IBM, Intel Corporation, Cisco Systems, Inc., NXP Semiconductors NV, Microsoft, Huawei Investment & Holding Co., Ltd, NVIDIA Corporation, Samsung Electronics, Google Inc., PTC, Inc., Trigo, Standard Cognition, Caper Inc., Zippin, Walmart Inc., Alibaba Group Holding Limited, Amazon.com, Inc., and Albert Heijn BV (Ahold Delhaize) are the key players in the global smart retail market.
The Asia Pacific will be the fastest-growing segment in the global smart retail market by 2030.
Technological advancements in the retail industry, such as RFID tags and data analytics to improve inventory management and sensors to monitor goods on the move, will stimulate the market share.
