Smart Shopping Cart Global Market Report 2024

The smart shopping cart market size has grown exponentially in recent years. It will grow from $1.33 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. During the historic period, the growth can be ascribed to advancements in retail efficiency, increased consumer convenience, the adoption of contactless payments, implementation of enhanced security measures, and efforts towards achieving competitive differentiation.

The smart shopping cart market size is expected to see exponential growth in the next few years. It will grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. In the forecast period, growth can be linked to the integration of AI and machine learning, the emergence of autonomous stores, the impact of the global pandemic, a heightened focus on sustainability, and the expansion of e-commerce integration. Key trends anticipated in this period encompass technological advancements, the integration of data analytics, the development of autonomous stores, initiatives related to smart cities, and the incorporation of augmented reality (AR) features.

The anticipated expansion of the retail sector is expected to drive the growth of the smart shopping cart market. The retail sector, encompassing businesses directly selling goods or services to consumers, experiences growth influenced by factors such as evolving consumer behavior, increased online shopping, and challenging economic conditions. Smart shopping carts play a pivotal role in the retail sector by enhancing the shopping experience for customers, improving efficiency for retailers, and creating a more modern and customer-centric shopping environment. Notably, the National Retail Federation reported an increase in US annual retail sales from $4.94 trillion in 2022 to $5.23 trillion in 2023, with a projected expansion of 4% to 6% in 2023, reinforcing the significance of the growing retail sector in propelling the smart shopping cart market.

Major players in the smart shopping cart market are strategically focusing on technologically advanced products to offer a personalized in-store shopping experience. These innovative shopping carts are equipped with sensors such as cameras, weight scales, and barcode scanners, enabling them to identify items selected by customers and display corresponding prices on a screen. For instance, in May 2022, Albertsons Companies Inc. collaborated with Veeve Inc. to launch technologically enhanced shopping carts. These AI-powered carts allow customers to scan items directly in the cart, weigh produce, and monitor real-time total costs. Integration with loyalty accounts enhances access to promotions and savings, contributing to increased personalization. The goal is to streamline the checkout process while potentially recognizing and recommending products based on shopping habits.

In October 2021, Instacart Inc., a US-based retail company, completed the acquisition of Caper AI for $350 million. This strategic move positions Instacart to strengthen its retailer enablement platform, providing a comprehensive solution for both online and in-store commerce. The acquisition aligns Instacart with the evolving landscape of retail technology, particularly in the realms of cashier-less checkout and smart cart innovations. Caper AI, known for its AI-powered shopping cart, aims to simplify and digitize the shopping experience, contributing to Instacart's broader strategy in enhancing its technological capabilities and market competitiveness.

Major companies operating in the smart shopping cart market report are Walmart Inc., Amazon.com Inc., Microsoft, Mitsui And Co. Ltd., Panasonic, International Business Machines Corporation, Oracle Corporation, SAP SE, Fujitsu Limited, SK Telecom Co. Ltd., Check Point Software Technologies, Veeve Systems, Toshiba Global Commerce Solutions Inc., Carttronics LLC, Zippin Inc., Focal Systems Inc., Mashgin Inc., Nourish Technology, Inc., Imagr Ltd., Wheelys Café AB, Pentland Firth Software GmbH, Grabango Co., SuperSmart, Sensei Technologies Inc., Standard Cognition Corporation.

North America was the largest region in the smart shopping cart market in 2023. The regions covered in the smart shopping cart market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart shopping cart market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart shopping cart is a technologically enhanced version of the traditional shopping cart, aimed at improving and modernizing the shopping experience. These innovative carts integrate various technologies and features to enhance efficiency, convenience, and overall customer satisfaction throughout the shopping process. Smart shopping carts leverage technology to streamline tasks, provide real-time information, and create a more seamless and enjoyable shopping experience for consumers.

Smart shopping carts consist of key components such as wheels, handles, bags, frames, scanners, displays, and other essential elements. Wheels, both physical and digital, facilitate the cart's smooth navigation within a store. Technologies such as barcodes, radio-frequency identification (RFID), and Zigbee are integral to these wheels, and they are available for purchase through direct sales or distribution channels. These carts find applications in diverse settings, including supermarkets and shopping malls.

The smart shopping cart market research report is one of a series of new reports that provides smart shopping cart market statistics, including smart shopping cart industry global market size, regional shares, competitors with a smart shopping cart market share, detailed smart shopping cart market segments, market trends and opportunities, and any further data you may need to thrive in the smart shopping cart industry. This smart shopping cart market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart shopping cart market consists of revenues earned by entities providing services such as automated scanning, navigation assistance, seamless checkout, contactless payment options, and inventory management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart shopping cart market also includes sales of automated scanning systems, display screens, navigation and mapping systems, and integrated payment systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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