Smart Retail Market Size, Share & Industry Trends Analysis Report By Application (Visual Marketing, Intelligent System, Smart Payment System, Smart Label), By Solution (Hardware, and Software), By Regional Outlook and Forecast, 2023 - 2030

The Global Smart Retail Market size is expected to reach $201.6 billion by 2030, rising at a market growth of 27.8% CAGR during the forecast period.

Smart Payment System’s utilization is growing globally due to the rising demand for digital payment solutions after the consumer behavioral change caused by the pandemic and the digitization of retail outlets. Hence, Smart Payment System would generate approximately 1/4thshare of the market by 2030. The popularity of digital payments has soared in both volume and value, while the usage of paper-based payment methods, such as demand drafts, and checks, has drastically decreased. For example, in 2021, 76% of persons worldwide had accounts with a bank, another financial institution, or a mobile money provider, up from 68% in 2017 and 51% in 2011, according to World Bank statistics. Globally, two-thirds of individuals currently send or receive digital payments, with emerging countries accounting for an increasing proportion from 35% in 2014 to 57% in 2021.



The major strategies followed by the market participants are Acquisitions as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In May, 2023, IBM Corporation took over Polar Security to strengthen its AI and hybrid cloud capabilities. Additionally, In March, 2021, Amazon.com, Inc. acquired Perpule, a retail startup based in Bengaluru, India. The acquisition provides Amazon with POS solutions developed by Perpule, thereby allowing it to serve its Indian customers in a better way.

The Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the The Cardinal Matrix; Google LLC is the forerunner in the Market. Companies such as Cisco Systems, Inc, Intel Corporation, Honeywell International, Inc. are some of the key innovators in the Market. In July, 2021, Cisco Systems, Inc took over Socio Labs, Inc that complements Cisco's Webex event management portfolio and would allow the company to serve its event organizer customers in a better way.

Market Growth Factors

Increasing adoption of IoT technology

Smart retail may have scope to develop due to the advancements in digital and internet technology, which also assist merchants in positioning their items, streamlining their operations, and structuring their value chains. The market is expanding quickly because of the growing use of Internet of Things (IoT) technology for various purposes, including worker skill modification, automated smart retail, and linked retail services. In the next years, these elements are projected to help the market expand.

The growing number of smart stores

The retail sector is experiencing transformation as a result of the arrival of intelligent technologies like artificial intelligence, machine learning, and the Internet of Things (IoT). These innovations allow for smooth, immersive experiences and rapid access to tailored options. Smart shops utilize mechanical components to enhance the customer experience, including self-identification of customers, product data, product selection, in-store navigation, and self-checkout. The expansion of the smart retail business is aided by such advances as well as the increased customer desire for immersive in-store shopping experiences.

Market Restraining Factors

Increasing High-End Device Maintenance Costs

Smart retail technology has a high return on investment since it takes money to make money for a relatively long period. As a result, retailers with limited resources for migration are taking longer to deploy complete smart solutions, which is expected to restrain the development of the market for smart retail devices. Also, disorganized stores may think installing an electronic shelf label (ESL) system costs too much. When a smart retail business grows, more shelves must be installed, and each one needs its own ESL tag. As a result, each electrical shelf's installation prices are rising. This limits merchants' ability to deploy the system, delaying sales of smart retail devices. These decreased sales of smart retail equipment will ultimately hamper the expansion of the smart retail business.

Solution Outlook

Based on solution, the market is divided into hardware and software. In 2022, the software segment garnered a significant revenue share in the market. One of the key reasons driving the market growth is the expanding usage of analytics software by retailers across the globe to comprehend unique end-user requirements and behavior, thereby enhancing consumer engagement and the shopping experience. Significant prospects for analytics in smart commerce are expected to result from this.

Application Outlook

By application, the market is segmented into visual marketing, smart payment systems, intelligent systems, smart labels, and others. In 2022, the visual marketing segment witnessed the largest revenue share in the market. One of the key criteria for a smart retail solution to attract consumers is visual marketing via eye-catching storefronts, interior displays, digital signage, and modern lighting. Retailers can now concentrate on offering a seamless purchasing experience with no interruption from social media. These elements together are to blame for this expansion of the market.

Regional Outlook

Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. Throughout the projected period, this region is predicted to dominate the market regarding revenue contribution. The U.S. economy is being restructured as digital technology is increasingly used in all application areas. The post-pandemic effect has touched the retail sector, which has accelerated the digital transformation of enterprises.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Cisco Systems, Inc, Google LLC (Alphabet Inc.), Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, NCR Corporation, NVIDIA Corporation, Intel Corporation, and NXP Semiconductors N.V.

Strategies Deployed in the Market

Partnerships, Collaborations and Agreements:

• May-2023: Google Cloud, a platform offered by Google LLC, signed a partnership with Tata Consultancy Services, a multinational company based in India, to develop and provide solutions for business solutions. The partnership allows the two companies to serve their joint customers in a better way by providing them with a comprehensive site of generative AI solutions.
• May-2023: NVIDIA Corporation partnered with ServiceNow, a software company based in the US, to provide workflow automation capabilities. The partnership would allow NVIDIA to serve its IT customers in a better way by providing them with generative AI solutions.
• Mar-2022: NCR Corporation came into partnership with Stratacache, a digital signage solutions provider. The partnership allows NCR to serve its customers in a better way by providing them with solutions for restaurant management.
• Jun-2021: Amazon Web Services, Inc., a subsidiary of Amazon.com, Inc., expanded its partnership with Salesforce, an American software company, to develop solutions for digital transformation. The partnership allows Amazon to serve its customers in a better way by providing them with solutions that would facilitate developing applications for business transformations.

Product Launches and Product Expansions:

• Nov-2022: Honeywell International, Inc. announced the launch of Honeywell Smart Pay, a software solution used by companies to accept contactless payments from any location. The smart pay features anti-tampering technology and a complex secure code that facilitates secure transactions.
• Nov-2022: IBM Corporation released IBM Business Analytics Enterprise, a collection of business intelligence services used for providing an entire view of data sources across the business. IBM Business Analytics Enterprise features IBM Analytics Content Hub used for planning and analytics and intelligent algorithms that help in providing role-based content for better decision-making.
• May-2022: Amazon.com, Inc. unveiled Smart Commerce, a new solution that would facilitate stores in providing in-store shopping experiences to their customers and making their storefronts. The features of the solution include digital inventory management, digitized billing, and Voice and Chat integrated shopping experience.
• Feb-2022: Cisco Systems, Inc released new solutions that would facilitate the digitization of operations. The new solutions include Wi-Fi 6E used for expanding gigabit performance, Cisco Private 5G, a 5G service used for service hybridization, and Catalyst 9000X Switches used for facilitating 100G/400G network access for work hybridization.
• Jan-2022: Cisco Systems, Inc introduced the Catalyst IE9300. The Catalyst IE9300 is an enterprise-grade switching solution used for providing network security. The features of the product include better-upscaled performance, endpoint identification, and zero trust security.

Acquisition and Mergers:

• May-2023: IBM Corporation took over Polar Security, a cloud security solutions provider. The acquisition strengthens IBM's AI and hybrid cloud capabilities.
• Jul-2022: IBM Corporation completed the acquisition of Databand.ai, a data observability solutions provider. This acquisition strengthens IBM's capabilities across AI and data and would allow the company to serve its customers in a better way.
• Jul-2021: Cisco Systems, Inc took over Socio Labs, Inc., an event platform based in the US. The acquisition complements Cisco's Webex event management portfolio and would allow the company to serve its event organizer customers in a better way.
• Jun-2021: Cisco Systems, Inc announced the acquisition of Sedona Systems, a vendor network solutions provider. The acquisition provides Cisco with solutions for developing optical capabilities that would strengthen Cisco's Cisco’s network automation Crosswork portfolio.
• Mar-2021: Amazon.com, Inc. acquired Perpule, a retail startup based in Bengaluru, India. The acquisition provides Amazon with POS solutions developed by Perpule, thereby allowing it to serve its Indian customers in a better way.
• Feb-2021: Cisco Systems, Inc announced the acquisition of IMImobile PLC, a communication solution provider. The acquisition facilitates Cisco in serving its customers in a better way by providing them with a comprehensive portfolio of Customer Experience as a Service (CXaaS) offerings. Furthermore, the acquisition expands Cisco's capabilities in customer interaction and journey analytics.
• Jan-2021: NCR Corporation acquired Freshop, an eCommerce solutions provider. The acquisition provides NCR with e-commerce solutions developed by Freshop and aids the company in growth in the e-commerce field.

Scope of the Study

By Application

• Visual Marketing
• Intelligent System
• Smart Payment System
• Smart Label
• Others

By Solution

• Hardware
• Software

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America

• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe

• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific

• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• Amazon.com, Inc.
• Cisco Systems, Inc
• Google LLC (Alphabet Inc.)
• Honeywell International, Inc.
• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
• IBM Corporation
• NCR Corporation
• NVIDIA Corporation
• Intel Corporation
• NXP Semiconductors N.V.

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