Smart Retail Global Market Report 2024

Smart retail involves the application of intelligent technologies in commerce to enhance the purchase experience for consumers and businesses, providing a better, faster, safer, and more convenient shopping experience through digital enhancements to traditional retail.

The primary systems in smart retail include digital signage solutions, smart labels, smart payment systems, intelligent vending machines, augmented reality solutions, virtual reality solutions, and others. Digital signage utilizes digital screens to display information, advertisements, or other content, serving purposes such as wayfinding, communications, marketing, and outdoor advertising. Various technologies, including visual recognition, blockchain, artificial intelligence, and mobile applications, are employed in foot-traffic monitoring, inventory management, loyalty programs, payment processing, predictive equipment maintenance, brand protection, and other applications within smart retail environments.

The smart retail market research report is one of a series of new reports that provides smart retail market statistics, including smart retail industry global market size, regional shares, competitors with a smart retail market share, detailed smart retail market segments, market trends and opportunities, and any further data you may need to thrive in the smart retail industry. This smart retail 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 retail market size has grown exponentially in recent years. It will grow from $44.09 billion in 2023 to $55.44 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth observed in the historical period can be attributed to factors such as consumer demand, the utilization of data analytics, and the prevalence of mobile connectivity.

The smart retail market size is expected to see exponential growth in the next few years. It will grow to $143.36 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The anticipated growth in the forecast period can be attributed to the implementation of 5G technology, the adoption of contactless solutions, and the emphasis on sustainability initiatives. Major trends expected in the forecast period include the incorporation of augmented reality (AR) and virtual reality (VR), advancements in technology, the expanded use of the Internet of Things (IoT), localization and personalization in retail experiences, the application of blockchain for supply chain transparency, and the continued evolution of multi-channel retailing.

The growth of the smart retail market is anticipated to be propelled by the increasing utilization of robots and automation. Automation involves deploying autonomous physical devices, computer programs, and other technologies to perform tasks traditionally carried out by humans. Robotics entails designing, developing, and deploying machines for task execution. By automating processes related to alerts and real-time monitoring of client opinions, robots and automation enhance collaboration between R&D, manufacturing, and marketing departments. The convenience offered by robots and automation in shopping significantly boosts the demand for the smart retail market. As per a report from the International Federation of Robotics in October 2022, there was a 31% year-on-year increase, with 517,385 industrial robots in use globally. Hence, the escalating use of robots and automation is a driving force behind the smart retail market's growth.

The increasing adoption of artificial intelligence (AI) is expected to drive the smart retail market's growth. Artificial intelligence, a field of computer science focused on creating intelligent machines capable of human-like tasks, optimizes inventory management and enhances customer experiences through personalized recommendations and efficient supply chain operations. According to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide utilized artificial intelligence (AI) in 2022, marking a 4% increase from 2021. Thus, the rising adoption of AI is a significant factor propelling the smart retail market's growth.

A prominent trend gaining traction in the smart retail market is technological advancement. Key players in the market are concentrating on developing new technological solutions to reinforce their market position. For instance, in June 2021, Amazon Inc., a leading American multinational e-commerce company, introduced Just Walk Out technology for its Amazon Fresh grocery store. This technology offers customers the option to choose between Just Walk Out shopping and standard checkout lines, providing a seamless and convenient shopping experience. Customers utilizing Just Walk Out shopping can enter the store using a connected credit or debit card, scan a QR code with the Amazon app, or use Amazon One to scan their palm.

Major companies in the smart retail market are intensifying their focus on introducing innovative retail solutions to gain a competitive advantage. Innovative retail solutions involve creative and technology-driven approaches that enhance the shopping experience, optimize operations, and drive customer engagement and satisfaction. For example, in September 2023, LTIMindtree, an India-based information technology company, launched AdSpark and Smart Service Operations solutions tailored for the retail industry. AdSpark, powered by LTIMindtree and Salesforce, provides self-service capabilities across various channels, including digital, social, in-store, out-of-facility (OOF), and print. Smart Service Operations focuses on delivering self-service capabilities and support across channels like digital, social, and in-store.

In October 2021, Instacart, a US-based online grocery platform, acquired Caper AI to enhance its retailer enablement platform. This acquisition supports retailers in integrating in-store and online shopping experiences, ensuring seamless operations regardless of the customer's chosen shopping method. Caper AI is a US-based software technology company specializing in AI-based applications for retailers and general merchandising store formats.

Major companies operating in the in the smart retail market report are Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics Co. Ltd., Verifone Inc., International Business Machines Corporation (IBM), Cisco Systems Inc., Ingenico Group S. A., Amazon. com Inc., NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, Bossa Nova Robotics Inc., Robert Bosch GmbH, Microsoft Corporation, NVIDIA Corporation, NXP Semiconductors NV, Trigo Vision Ltd., PTC Inc., Prismview LLC, NEC Display Solutions Ltd., Elo Touch Solutions Inc., E Ink Holdings Inc., Diebold Nixdorf Inc., ComQi Inc., Bluebird Inc., Advantech Co. Ltd., 3M Company

North America was the largest region in the smart retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart retail market share during the forecast period. The regions covered in the smart retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart retail market includes revenues earned by entities by data management, business consulting, data analytics, internet of things (IoT), and cloud. The smart retail market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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