The Asia Pacific smart retail market size is expected to reach USD 198.16 billion by 2034, according to a new study by Polaris Market Research. The report “Asia Pacific Smart Retail Market Size, Share, Trends, Industry Analysis Report: By Solutions (Software and Hardware), Application, and Country (India, China, Japan, Malaysia, South Korea, Indonesia, Australia, Vietnam, and Rest of Asia Pacific) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Smart retail refers to the use of advanced technologies such as IoT, AI, and data analytics to enhance customer experiences, streamline operations, and improve efficiency in the retail environment. Governments of Asia Pacific are actively encouraging the growth of smart retail by providing funding and incentives and creating policies to support innovation. For instance, in Singapore, the government’s “Smart Nation” initiative aims to boost the adoption of smart technologies in businesses, including retail. In China, the government has heavily invested in retail technology infrastructure to drive economic growth. These initiatives help retailers access resources and funding to implement new technologies, accelerating the adoption of smart retail solutions across the region and ensuring the growth of a tech-driven retail ecosystem, consequently driving the APAC smart retail market growth.
AI and machine learning have revolutionized retail by enabling personalized shopping experiences and more efficient operations. Retailers use AI to recommend products, predict consumer behavior, and optimize inventory management. AI-powered systems analyze buying patterns, suggest products to customers in real time, and streamline supply chain operations. Artificial intelligence applications in smart retail will grow as AI continues to evolve, driving the region's retail transformation, especially in technologically advanced markets such as Japan, South Korea, and China, thereby fueling the Asia Pacific smart retail market expansion.
APAC Smart Retail Market Report Highlights
By solution, the hardware segment dominated the Asia Pacific smart retail market share in 2024 as it helps retailers improve operational efficiency and enhance customer experiences.
The visual marketing segment, by application, is expected to witness the fastest growth during the forecast period due to its rising adoption of visual marketing tools to engage customers, enhance product presentations, and offer personalized shopping experiences.
In 2024, China dominated the Asia Pacific smart retail market revenue share, due to its strong technology infrastructure.
India is expected to record a significant market share during the forecast period, driven by its rapidly expanding digital infrastructure.
A few global key market players are IntelliVision; Probiz Technologies; InvenSense (TDK Corporation); Cisco Systems, Inc.; Honeywell International Inc.; Amazon.com, Inc. (Amazon); Bosch Global Software Technologies Private Limited; IBM; Cognizant; and Ingenico.
Polaris Market Research has segmented the APAC smart retail market report on the basis of solution, application, and region:
By Solution (Revenue – USD Billion, 2020–2034)
- Hardware
- Software
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Other
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
- 2. Executive Summary
- 2.1. Market Highlights
- 3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
- 4. Asia Pacific Smart Retail Market Insights
- 4.1. Asia Pacific Smart Retail Market – Market Snapshot
- 4.2. Asia Pacific Smart Retail Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Increasing Adoption of E-commerce and Omnichannel Retailing
- 4.2.1.2. Rising Urbanization and Shift to Smart Cities
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Lack of Skilled Workforce
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Asia Pacific Smart Retail Market Application Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
- 5. Asia Pacific Smart Retail Market, by Solution
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 5.3. Hardware
- 5.3.1. Asia Pacific Smart Retail Market, by Hardware, by Region, 2020-2034 (USD Billion)
- 5.4. Software
- 5.4.1. Asia Pacific Smart Retail Market, by Software, by Region, 2020-2034 (USD Billion)
- 6. Asia Pacific Smart Retail Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 6.3. Visual Marketing
- 6.3.1. Asia Pacific Smart Retail Market, by Visual Marketing, by Region, 2020-2034 (USD Billion)
- 6.4. Smart Label
- 6.4.1. Asia Pacific Smart Retail Market, by Smart Label, by Region, 2020-2034 (USD Billion)
- 6.5. Smart Payment System
- 6.5.1. Asia Pacific Smart Retail Market, by Smart Payment System, by Region, 2020-2034 (USD Billion)
- 6.6. Intelligent System
- 6.6.1. Asia Pacific Smart Retail Market, by Intelligent System, by Region, 2020-2034 (USD Billion)
- 6.7. Others
- 6.7.1. Asia Pacific Smart Retail Market, by Others, by Region, 2020-2034 (USD Billion)
- 7. Asia Pacific Smart Retail Market, by Geography
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Asia Pacific Smart Retail Market Assessment, By Geography, 2020-2034 (USD Billion)
- 7.2.2. Asia Pacific Smart Retail Market – China
- 7.2.2.1. China: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.2.2. China: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.3. Asia Pacific Smart Retail Market – India
- 7.2.3.1. India: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.3.2. India: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.4. Asia Pacific Smart Retail Market – Malaysia
- 7.2.4.1. Malaysia: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.4.2. Malaysia: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.5. Asia Pacific Smart Retail Market – Japan
- 7.2.5.1. Japan: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.5.2. Japan: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.6. Asia Pacific Smart Retail Market – Indonesia
- 7.2.6.1. Indonesia: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.6.2. Indonesia: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.7. Asia Pacific Smart Retail Market – South Korea
- 7.2.7.1. South Korea: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.7.2. South Korea: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.8. Asia Pacific Smart Retail Market – Australia
- 7.2.8.1. Australia: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.8.2. Australia: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 7.2.9. Asia Pacific Smart Retail Market – Rest of Asia Pacific
- 7.2.9.1. Rest of Asia Pacific: Asia Pacific Smart Retail Market, by Solution, 2020-2034 (USD Billion)
- 7.2.9.2. Rest of Asia Pacific: Asia Pacific Smart Retail Market, by Application, 2020-2034 (USD Billion)
- 8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
- 9. Company Profiles
- 9.1. Amazon.com, Inc.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Solution Benchmarking
- 9.1.4. Recent Development
- 9.2. Bosch Global Software Technologies Private Limited
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Solution Benchmarking
- 9.2.4. Recent Development
- 9.3. Cisco Systems, Inc..
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Solution Benchmarking
- 9.3.4. Recent Development
- 9.4. Cognizant
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Solution Benchmarking
- 9.4.4. Recent Development
- 9.5. Honeywell International Inc..
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Solution Benchmarking
- 9.5.4. Recent Development
- 9.6. IBM
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Solution Benchmarking
- 9.6.4. Recent Development
- 9.7. Ingenico.
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Solution Benchmarking
- 9.7.4. Recent Development
- 9.8. IntelliVision
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Solution Benchmarking
- 9.8.4. Recent Development
- 9.9. InvenSense (TDK Corporation).
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Solution Benchmarking
- 9.9.4. Recent Development
- 9.10. Probiz Technologies
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Solution Benchmarking
- 9.10.4. Recent Development
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