Smart Retail Market: Expected to Reach USD 105.27 Billion by 2029 with a 20.36% CAGR

According to a Report by Exactitude Consultancy, top companies covered include: IBM, Intel Corporation, Cisco Systems Inc., Microsoft

LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire.com/ -- 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐦𝐚𝐫𝐭 𝐫𝐞𝐭𝐚𝐢𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 𝟏𝟗.𝟖𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐, 𝐚𝐧𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 𝐔𝐒𝐃 𝟏𝟎𝟓.𝟐𝟕 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟗, 𝐰𝐢𝐭𝐡 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟎.𝟑𝟔% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟐𝟗.

The market for smart retail around the globe is growing rapidly primarily due to what can be referred to as the continuous advancement of new technologies in the sphere of retail. Some of these factors include; the ever increasing consumer expectations for improved customer satisfaction, which may be through IoT, AI and RFID. Ongoing innovative smart technologies consequently act to influence consumer behavior and preferences by helping retailers to improve operation flexibility and to offer more satisfying shopping experiences. It also has its own share of challenges that involves high costs to start the implementation process, issues that are related to the aspect of data privacy, and the need for highly qualified workforce. This is compounded by the fact that most of the smart technologies were developed independently to solve specific problems and therefore are not easily compatible.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐲𝐨𝐮𝐫 𝐟𝐫𝐞𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐫𝐞𝐩𝐨𝐫𝐭 𝐭𝐨𝐝𝐚𝐲@:

https://exactitudeconsultancy.com/reports/15224/smart-retail-market/#request-a-sample

𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐅𝐚𝐜𝐭𝐨𝐫𝐬

𝐓𝐡𝐞𝐫𝐞 𝐢𝐬 𝐚 𝐬𝐭𝐞𝐚𝐝𝐢𝐥𝐲 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐧𝐝 𝐜𝐨𝐧𝐬𝐭𝐚𝐧𝐭 𝐮𝐬𝐚𝐠𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐨𝐓 𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲.

There may also be room for smart retail to expand because of such developments in digital and internet technologies that also enable the merchants to merchandise their wares, manage their businesses, and organize the value chains. This market is growing swiftly because of the increasing application of IoT technology in objectives like modifying the skills of workers, smart retail, smart retail and connected retail services. In the next years, the elements of the market are expected to contribute to this market growth.

𝐀𝐧 𝐞𝐯𝐞𝐫-𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐩𝐨𝐢𝐧𝐭 𝐨𝐟 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐬𝐦𝐚𝐫𝐭 𝐬𝐭𝐨𝐫𝐞𝐬

Retail being the frontline in the consumer world is undergoing change due to the integration of advanced technologies such as artificial intelligence, machine learning and IoT. They also foster elegant flow that ensures that any immersion process, as well as the search for right and relevant options on an individual basis is as fast as needed. The application of mechanical parts in smart shops involves recognition of the customers, data belonging to the products, selection of products, navigation within the shops and even the check out processes. Such developments also help in the growth of the smart retail business together with the growing demand for in-store experiences.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

In this section, we assess the competitive landscape of the Smart Retail Market, focusing on key players.

IBM, Intel Corporation, Cisco Systems Inc., Microsoft, Huawei Investment & Holding Co. Ltd, Samsung Electronics, Google Inc., Trigo, Standard Cognition Walmart Inc., Alibaba Group Holding Limited, Amazon.com Inc., Smartcart.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

EW York and ecommerce compan, Instacart in 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟒 further deepened their cooperation to enable more grocers in the AWG to adopt ecommerce solutions and smart carts known as Caper Carts.

Rewe Ready was to be opened in 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒 at a shop of the REWE Group located at the EnBW Hypernetz EV Charging Hub in Lichtenau, Chemnitz Germany. It will offer consumer the blend of the computer vision cameras with sensor fusion which makes the shopping more unique and smooth. The company will also provide time to market advantage, as well as the solutions will be easy to implement; thus, smart fridges will be on plug and play devices.

In 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒, omnichannel PayTech specialist Secure Retail said it will acquire UK-based payments acceptance software company Smart Technology Solutions (STS).

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 @:

https://exactitudeconsultancy.com/reports/15224/smart-retail-market/

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

Smart Retail Market can be divided into hardware and software solution for the system which is necessary for the development of smart retail technologies. Some of the hardware options include sensors, RFID tags, smart shelves and beacons-which are already implemented to improve experience and operations in the store environment. The software sector includes analytical tools, cloud services, and artificial intelligence tools that apply to store management and consumers’ relations as well as to sales promotion. Over the years 2020 to 2029 the proportion in hardware segment is expected to remain consistent due to increasing spendings on the infrastructure by the retailers. However, the software segment is expected to proliferate at a faster rate, owing to the growing demand for higher levels of analytics, betterment in data management, and real-time customer information, which forms the major driving factor for the market during this period.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐑𝐞𝐭𝐚𝐢𝐥 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠

The value added by the players in the Smart Retail Market is segmented by offering, where apparel and accessories, fast-moving consumer goods (FMCG), hardlines and leisure goods, and others cater to the segment in the retail. A major growth is expected in the apparel and accessories category due to smart mirror, virtual fitting rooms and personal shopping experience, which appeals to new technological users. FMCG segment will remain the market leader as most of the products have a short shelf life and the usage of the self-checkout kiosks and smart shelves for inventory management will also rise. Televisions and home appliances, as well as leisure products such as home electronics and improvement goods will also get catches from smart retail technology with customer contact and operational efficiencies. The ‘Others’ segment covering broad range of products such as beauty and personal care items is forecasted to have a growth as various retailers across all sectors adopt smart solutions due to changing consumer requirements.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Based on the application, the Smart Retail Market has been categorized into visual marketing, smart label, smart payment system, robotics, and others. As a result of the increase in demand for attractive and appealing advertisements and commercials, visual merchandising such as digital signages and digital interfaces are expected to rise in the future. RFID and NFC are the most popular smart labels for constantly monitoring inventories and guaranteeing products’ availability for improving supply chain operations. Greater efficiency and security in these payments are fundamental drivers in Smart payment systems will therefore increase due to the increased adoption of contactless payments and digital wallets. The segments such as the robotics of self-serving service robots and automated checkouts are expected to be the major growth areas in retail store making operations and customer service better. The ‘Others’ segment encompasses quite a range of other bespoke applications like the smart fitting rooms and augmented reality which are steadily finding their place.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫

Sliced and diced basis is also based on the end consumer types which includes supermarkets and hypermarkets, specialists’ retailers, departmental stores, and others. Supermarkets and hyper markets are expected to dominate the market due to the availability of a wide product range and large base of customers who are likely to compel the organizations to seek for effective supply chain management and customer relationship management solutions. More and more specialty stores, which target specific categories of products, including electronics, apparels or health and beauty products, are integrating smart retail concepts and tools into their stores as response to high competition. Aomi believes that large format stores selling almost everything are likely to incorporate smart solutions to help determine the best store layout and carry out market segmentation. Another subcategory under ‘Other End Users,’ which comprises convenience stores, online retailers with physical stores, and pop-up stores, will also increase because such businesses integrally adopt smart retail technologies to improve efficiency and customer experience.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚

North America is expected to occupy a large portion of the overall share because of the well-developed technology framework, higher smart retail penetration, and major stakeholders in the region’s retail industry. The region has been quite vibrant in the development of technology that would improve on the customer touch points and retail environment. North America’s market is characterized by strong commitment to R&D, broad retail infrastructure, and a technologically literate customer base, and is all for that a central region for further advancement in smart retail strategies and practices.

𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜

Different factors have led to the increase of smart retail in Asia Pacific as explained next. The region has a big number of consumers, higher per capita income, and growing urbanization that has resulted in more consumers demanding better shopping environments. Furthermore, all the four countries – China, Japan, South Korea, and India – are representing the most innovation and digital trends in the retail business. Factors such as observed expanded e-commerce market and a higher distribution of smartphone and internet connection are therefore credited for smart retail solution in Asia Pacific. Due to constant advancements and investment across the region, this Asia Pacific smart retail market is predicted to grow significantly in the next few years.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

In this section, we provide a breakdown of the Smart Retail Market into segments based on different criteria, including the type of analysis, industry verticals, and geographic regions.

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

Hardware

Software

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐑𝐞𝐭𝐚𝐢𝐥 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠

Apparel And Accessories

Fast-Moving Consumer Goods

Hardlines And Leisure Goods

Others

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Visual Marketing

Smart Label

Smart Payment System

Robotics

Others

𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫

Supermarkets

Hypermarkets

Specialty Stores

Department Stores

Other End Users

𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐒𝐦𝐚𝐫𝐭 𝐑𝐞𝐭𝐚𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:

What is the present Smart Retail market size in terms of revenue and volume, and how much growth is expected during the forecast period?

Which are the key developments that are anticipated to stimulate Smart Retail market trends?

Which factors will trigger product demand and how much product consumption is estimated?

What are the upcoming business opportunities and restraints?

Which region will dominate the global Smart Retail market share?

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

𝐒𝐨𝐥𝐝𝐞𝐫𝐢𝐧𝐠 𝐓𝐨𝐨𝐥𝐬 & 𝐀𝐜𝐜𝐞𝐬𝐬𝐨𝐫𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global Soldering Tools & Accessories market size is projected to grow from USD 380.64 million in 2023 to USD 500.9 million by 2030, exhibiting a CAGR of 4% during the forecast period.

https://exactitudeconsultancy.com/reports/35829/soldering-tools-accessories-market/

𝐂𝐥𝐨𝐮𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭

The Cloud Security Market Is Expected To Grow At 17 % CAGR From 2024 to 2030. It Is Expected To Reach Above USD 87.82 Billion By 2030 From USD 21.69 Billion In 2020.

https://exactitudeconsultancy.com/reports/14535/cloud-security-market/

𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐖𝐞𝐥𝐥𝐧𝐞𝐬𝐬 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global corporate wellness solutions market is expected to grow at 9.00% CAGR from 2024 to 2030. It is expected to reach above 120.32 USD billion by 2029 from 57.09 USD billion in 2020.

https://exactitudeconsultancy.com/reports/7819/corporate-wellness-solutions-market/

𝐑𝐚𝐝𝐢𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐌𝐚𝐫𝐤𝐞𝐭

The radio access network market is expected to grow at 8.44% CAGR from 2023 to 2029. It is expected to reach above USD 22.45 billion by 2029 from USD 11.74 billion in 2020.

https://exactitudeconsultancy.com/reports/19623/radio-access-network-market/

𝐂𝐥𝐚𝐝𝐝𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global cladding systems market is expected to grow at a 5.6% CAGR from 2024 to 2030. It is expected to reach above USD 362 billion by 2030 from USD 221.28 billion in 2020.

https://exactitudeconsultancy.com/reports/5862/cladding-systems-market/

𝐈𝐫𝐫𝐢𝐠𝐚𝐭𝐢𝐨𝐧 𝐂𝐨𝐧𝐭𝐫𝐨𝐥𝐥𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global irrigation controllers market size was valued at USD 1.26 billion in 2020, and projected to reach USD 4.31 billion by 2029, with a CAGR of 14.64% from 2024 to 2030.

https://exactitudeconsultancy.com/reports/21496/irrigation-controllers-market/

𝐏𝐨𝐥𝐲𝐜𝐚𝐫𝐛𝐨𝐧𝐚𝐭𝐞 𝐒𝐡𝐞𝐞𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global Polycarbonate Sheets Market is expected to grow at more than 5.1% CAGR from 2024 to 2030. It is expected to reach above USD 4.2 billion by 2030 from USD 1.25 billion in 2020.

https://exactitudeconsultancy.com/reports/2879/polycarbonate-sheets-market/

𝐈𝐨𝐧 𝐈𝐦𝐩𝐥𝐚𝐧𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭

The global Ion Implanter market is anticipated to grow from USD 1 Billion in 2023 to USD 1.3 Billion by 2030, at a CAGR of 3 % during the forecast period.

https://exactitudeconsultancy.com/reports/34987/ion-implanter-market/

𝐎𝐱𝐲𝐠𝐞𝐧 𝐁𝐚𝐫𝐫𝐢𝐞𝐫 𝐅𝐢𝐥𝐦𝐬 𝐚𝐧𝐝 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐟𝐨𝐫 𝐃𝐫𝐲 𝐅𝐨𝐨𝐝 𝐌𝐚𝐫𝐤𝐞𝐭

Oxygen Barrier Films and Coatings for Dry Food market size was worth USD 1059.15 million in 2020 and will witness over 5.7% CAGR up to USD 1744.34 million in 2030.

https://exactitudeconsultancy.com/reports/2601/oxygen-barrier-films-and-coatings-for-dry-food-market/

𝐃𝐨𝐨𝐫 𝐏𝐡𝐨𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The global Doorphone market is anticipated to grow from USD 4.98 Billion in 2023 to USD 9.70 Billion by 2030, at a CAGR of 10 % during the forecast period.

https://exactitudeconsultancy.com/reports/37037/door-phone-market/

𝑾𝒆 𝒐𝒇𝒇𝒆𝒓 𝒄𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒂𝒕𝒊𝒐𝒏 𝒐𝒏 𝒕𝒉𝒆 𝑺𝒎𝒂𝒓𝒕 𝑹𝒆𝒕𝒂𝒊𝒍 𝒎𝒂𝒓𝒌𝒆𝒕 𝒓𝒆𝒑𝒐𝒓𝒕 𝒃𝒂𝒔𝒆𝒅 𝒐𝒏 𝒔𝒑𝒆𝒄𝒊𝒇𝒊𝒄 𝒄𝒍𝒊𝒆𝒏𝒕 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔:

https://exactitudeconsultancy.com/primary-research/

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