Smart Retail Market by Offering (Hardware, software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography - Global Forecast to 2030

Smart Retail Market by Offering (Hardware, software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography - Global Forecast to 2030

The research report titled, ‘Smart Retail Market by Offering (Hardware, Software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography—Global Forecasts to 2030’’, provides in-depth analysis of the smart retail market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global smart retail market is expected to reach $91.36 billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023–2030.

The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market. The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.

Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for IoT deployments for various applications in the retail industry, the increasing number of smart stores, and the growing investment in technology by retailers. However, the software & analytics segment is projected to register the highest CAGR during the forecasted period. The enormous increase in the availability of customer data and the growing need for more accurate predictions of the future state of the business, coupled with increasing awareness of the importance of analytics solutions in the retail industry, are expected to drive the growth of this segment.

Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of Internet of Things sensors and hardware are the key factors driving the large market share of this segment. However, the AI segment is projected to register the highest CAGR during the forecast period. The growth in the segment is driven by factors such as perpetually growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization.

Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market. However, the customer experience management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.

Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarket segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risk, decrease costs, and increase revenue. However, the department store segment is projected to register the highest CAGR during the forecast period.

Based on geography, the smart retail market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the global smart retail market, followed by North America, Europe, Latin America, and the Middle East & Africa. The large share of this region is mainly attributed to the indispensable requirement of retailers to digitalize their traditional business operations, the presence of major analytics players, and the rapid adoption of mobile devices and cloud technology. Furthermore, the rapidly increasing e-commerce industry is expected to help the region continue its dominance in the coming years.

The key players operating in the global smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).

Key questions answered in the report-

Which are the high-growth market segments based on offering, technology, application, and end user?
What was the historical market for smart retail?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, and opportunities in the smart retail market?
Who are the major players, and what shares do they hold in the smart retail market?
How is the competitive landscape in the smart retail market?
What are the recent developments in the smart retail market?
What are the different strategies adopted by the major players in the smart retail market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global smart retail market, and how do they compete with the other players?

Scope of the report:

Smart Retail Market by Offering

Hardware
RFID Tags & Labels
Scanner/Readers
Mobile Computers
Point of Sale (POS) Terminals
Intelligent Vending Machines
Digital Signage
Others
Software & Analytics
Business Intelligence
Sales Forecasting
Demand Forecasting
Others
Services
Integration & Deployment Services
Consulting Services
Support & Maintenance Services

Smart Retail Market, by Technology

IoT
Big Data Analytics
AI
Robotics
Cloud Computing
Others

Smart Retail Market, by Application

Customer Experience Management
Supply Chain Management
Store Operations
Inventory Management Systems
Smart Payment Systems
Others

Smart Retail Market, by End User

Supermarkets
Hypermarkets
Specialty Stores
Department Stores
Other End-users

Smart Retail Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Denmark
Netherlands
Sweden
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Australia & New Zealand
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

Smart Retail Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2022-2030
Page Count	300
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Offering, Market by Technology, Market by Application, Market by End User, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.)

FAQs About the Report

What is the value of revenue generated from the sale of the smart retail solutions across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The smart retail market is projected to reach USD 91.36 billion by 2030 from an estimated USD 22.13 billion in 2023, at a CAGR of 22.4% from 2023-2030.

Which offering segment showcases high growth opportunities for the smart retail market players?

In 2023, the hardware segment is estimated to account for the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for IoT deployments for various applications in the retail industry, the increasing number of smart stores, and the growing investment in technology by retailers.

Which technology segment of the market are projected to create more traction in the smart retail market?

In 2023, the IoT segment is estimated to account for the largest share of the global smart retail market. The growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of Internet of Things sensors and hardware are the key factors driving the large market share of this segment.

Which application segments of the market are projected to create more traction in the smart retail market?

In 2023, the store operations segment is estimated to account for the largest share of the global smart retail market. However, the customer experience management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations

Which end user segments of the market are projected to create more traction in the smart retail market?

In 2023, the hypermarket segment is estimated to account for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risk, decrease costs, and increase revenue.

What are the key factors driving the growth of the smart retail market? What are major opportunities for existing market players and new entrants in the market?

The growth of this market is driven by the growing significance of enhancing customer experiences and retail operations and the increasing number of smart stores. Additionally, rising cases of shoplifting and rising adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the players operating in this market.

Who are the major players operating in the global smart retail market?

Some of the key players operating in the global smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.)

Which regions/countries are expected to witness significant demand for smart retail in the coming years?

Asia-Pacific dominates the global smart retail market and is also expected to grow at the highest growth rate over the coming years.