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.).
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
Table of Contents
1. Introduction1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.3.1. Currency
1.3.2. Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-Up Approach
2.3.3. Top-Down Approach
2.3.4. Growth Forecast
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Technology
3.4. Market Analysis, by Application
3.5. Market Analysis, by End User
3.6. Market Analysis, by Geography
3.7. Competitive Analysis
4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Global Smart Retail Market: Impact Analysis of Market Drivers (2023-2030)
4.2.1.2. Increasing Number of Smart Stores
4.2.2. Global Smart Retail Market: Impact Analysis of Market Restraints (2023-2030)
4.2.2.1. Lack of Technology Adoption in the Unorganized Retail Sector
4.2.3. Global Smart Retail Market: Impact Analysis of Market Opportunities (2023-2030)
4.2.3.1. Rising Cases of Shoplifting
4.2.3.2. Increasing Adoption of Disruptive Technologies to Forecast Future Market Trends
4.2.4. Global Smart Retail Market: Impact Analysis of Market Challenges (2023-2030)
4.2.4.1. Legal Concerns & Data Privacy Issues
4.2.5. Global Smart Retail Market: Impact Analysis of Market Trends (2023-2030)
4.2.5.1. Growing Adoption of Cloud Services in the Retail Sector
4.2.5.2. Advent of Computer Vision in the Retail Sector
4.3. Case Studies
4.3.1. Case Study A
4.3.2. Case Study B
4.3.3. Case Study C
4.3.4. Case Study D
5. The Impact of Covid-19 on the Global Smart Retail Market
6. Global Smart Retail Market, by Offering
6.1. Introduction
6.2. Hardware
6.2.1. Scanners/Readers
6.2.2. RFID Tags & Labels
6.2.3. Point-of-Sale (POS) Terminals
6.2.4. Intelligent Vending Machines
6.2.5. Digital Signage
6.2.6. Mobile Computers
6.2.7. Other Hardware
6.3. Software & Analytics
6.3.1. Business Intelligence
6.3.2. Sales Forecasting
6.3.3. Demand Forecasting
6.3.4. Other Software & Analytics
6.4. Service
6.4.1. Integration & Deployment Services
6.4.2. Support & Maintenance Services
6.4.3. Consulting Services
7. Global Smart Retail Market, by Technology
7.1. Introduction
7.2. IoT
7.3. Big Data Analytics
7.4. AI
7.5. Robotics
7.6. Cloud Computing
7.7. Other Technologies
8. Global Smart Retail Market, by Application
8.1. Introduction
8.2. Store Operations
8.3. Inventory Management
8.4. Customer Experience Management
8.5. Supply Chain Management
8.6. Smart Payments
8.7. Other Applications
9. Global Smart Retail Market, by End User
9.1. Introduction
9.2. Hypermarkets
9.3. Supermarkets
9.4. Department Stores
9.5. Specialty Stores
9.6. Other End Users
10. Smart Retail Market, by Geography
10.1. Introduction
10.2. Asia-Pacific
10.2.1. China
10.2.2. Japan
10.2.3. India
10.2.4. South Korea
10.2.5. Singapore
10.2.6. Australia & New Zealand
10.2.7. Rest of Asia-Pacific
10.3. North America
10.3.1. U.S.
10.3.2. Canada
10.4. Europe
10.4.1. Germany
10.4.2. U.K.
10.4.3. France
10.4.4. Italy
10.4.5. Spain
10.4.6. Sweden
10.4.7. Denmark
10.4.8. Netherlands
10.4.9. Rest of Europe
10.5. Latin America
10.5.1. Mexico
10.5.2. Brazil
10.5.3. Rest of Latin America
10.6. Middle East & Africa
10.6.1. UAE
10.6.2. Israel
10.6.3. Rest of Middle East & Africa
11. Competitive Landscape
11.1. Introduction
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.3.1. Industry Leaders
11.3.2. Market Differentiators
11.3.3. Vanguards
11.3.4. Emerging Companies
11.4. Vendor Market Positioning
11.5. Market Ranking by Key Players
12. Company Profiles
12.1. Intel Corporation
12.1.1. Business Overview
12.1.2. Financial Overview
12.1.3. Product Portfolio
12.1.4. Strategic Developments
12.2. Amazon.com, Inc.
12.2.1. Business Overview
12.2.2. Financial Overview
12.2.3. Product Portfolio
12.2.4. Strategic Developments
12.3. NCR Corporation
12.3.1. Business Overview
12.3.2. Financial Overview
12.3.3. Product Portfolio
12.3.4. Strategic Developments
12.4. PTC Inc.
12.4.1. Business Overview
12.4.2. Financial Overview
12.4.3. Product Portfolio
12.4.4. Strategic Developments
12.5. NVIDIA Corporation
12.5.1. Business Overview
12.5.2. Financial Overview
12.5.3. Product Portfolio
12.5.4. Strategic Developments
12.6. IBM Corporation
12.6.1. Business Overview
12.6.2. Financial Overview
12.6.3. Product Portfolio
12.6.4. Strategic Developments
12.7. Microsoft Corporation
12.7.1. Business Overview
12.7.2. Financial Overview
12.7.3. Product Portfolio
12.7.4. Strategic Developments
12.8. Huawei Technologies Co., Ltd.
12.8.1. Business Overview
12.8.2. Financial Overview
12.8.3. Product Portfolio
12.8.4. Strategic Developments
12.9. Google LLC (A Subsidiary of Alphabet inc.)
12.9.1. Business Overview
12.9.2. Financial Overview
12.9.3. Product Portfolio
12.9.4. Strategic Developments
12.10. Ingenico
12.10.1. Business Overview
12.10.2. Financial Overview
12.10.3. Product Portfolio
12.10.4. Strategic Developments
12.11. Verifone, Inc.
12.11.1. Business Overview
12.11.2. Product Portfolio
12.11.3. Strategic Developments
12.12. NXP Semiconductors N.V.
12.12.1. Business Overview
12.12.2. Financial Overview
12.12.3. Product Portfolio
12.13. Trigo Vision Ltd.
12.13.1. Business Overview
12.13.2. Product Portfolio
12.13.3. Strategic Developments
12.14. Honeywell International Inc.
12.14.1. Business Overview
12.14.2. Financial Overview
12.14.3. Product Portfolio
12.14.4. Strategic Developments
12.15. Fiserv, Inc.
12.15.1. Business Overview
12.15.2. Financial Overview
12.15.3. Product Portfolio
12.15.4. Strategic Developments
12.16. Samsung Electronics Co., Ltd.
12.16.1. Business Overview
12.16.2. Financial Overview
12.16.3. Product Portfolio
12.16.4. Strategic Developments
12.17. Caper (A Subsidiary of Instacart)
12.17.1. Business Overview
12.17.2. Product Portfolio
12.18. Zippin
12.18.1. Business Overview
12.18.2. Product Portfolio
12.18.3. Strategic Developments
12.19. PAX Global Technology Ltd.
12.19.1. Business Overview
12.19.2. Financial Overview
12.19.3. Product Portfolio
12.19.4. Strategic Developments
13. Appendix
13.1. Questionnaire
13.2. Available Customization
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.)
- Zippin (U.S.).
