Vancouver, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Smart Retail Market size reached USD 23.40 Billion in 2021 and is expected to register a revenue CAGR of 22.9% during the forecast period to the latest analysis by Emergen Research. The increasing adoption of modern technological advancements is a major driving factor behind the revenue growth of the global market. Besides, the multiple features and benefits offered by smart retail solutions are expected to create several opportunities for major market players. Traditional, printed price tags are difficult to keep up with and don't promote the image of a technologically savvy company. Furthermore, printing, mailing, and putting in-store pricing cards is a time-consuming and error-prone operation.
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Smart retail technology, such as dynamic digital pricing, eliminates the burden of printed price tags while making it much easier to maintain pricing consistency across online and in-store channels. Smart retail technology, such as content synchronization, helps carriers capture the attention of purpose-driven consumers by delivering engaging video content across all devices. Blank screens provide no value to the customer experience, and generic Original Equipment Manufacturer (OEM) information is less than ideal and causes visual clutter in stores. Customers can interact with in-store gadgets during synchronized take-over moments, which can speed the route to purchase for purpose-driven customers shopping for something specific. Smart retail technology's behavior-based analytics can be extremely useful for resource management and cost control. Digital price tags save money by eliminating the hard costs of printed labels and streamlining a low-value process, allowing salespeople to focus on more important tasks. In-store ads that aren't working can be promptly spotted and adjusted to improve their efficacy. Carriers can also concentrate on successful initiatives and scale them across their whole footprint to optimize impact.
However, the high maintenance expenditure of advanced computer systems and gadgets is a major factor that is expected to hamper revenue growth of the market to a certain extent. Modern computing systems and software solutions are mostly complex pieces of technology that need to be updated and maintained on a regular basis. This maintenance work can be costly, laborious, and time-consuming, so it should be planned ahead of time. Maintaining cutting-edge, custom-made software is much more expensive since it necessitates a dedicated support team that is available at all times. Furthermore, appropriate documentation is required for effective software maintenance so that developers do not have to trawl through thousands of lines of code in numerous modules to discover and solve problems.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 23.40 Billion |
| CAGR (2022–2030) | 22.9% |
| Revenue forecast to 2032 | USD 220.30 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019-2020 |
| Forecast period | 2022-2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Solution, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA |
| Key companies profiled | Walmart Inc., Cisco Systems, Huawei Technologies Co. Ltd., Intel Corporation, Samsung Electronics, NVIDIA Corporation. Alibaba Group Holding Limited, Amazon.com, Inc., IBM Corporation, and Google LLC |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The smart retail market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective strategies in the market. Some major players included in the market report are:
- Walmart Inc.
- Cisco Systems
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Samsung Electronics
- NVIDIA Corporation
- Alibaba Group Holding Limited
- Amazon.com, Inc.
- IBM Corporation
- Google LLC
Strategic Development
- On 12 January 2020, ARENA15, an immersive retail and entertainment complex, cooperated with Intel Corporation. ARENA15 intends to improve client purchasing experiences by utilizing Intel's technology and solutions.
- On 25 November 2019, Mars Wrigley, a company that manufactures chocolates, chewing gums, mints, and fruity confections, partnered with Standard Cognition to provide them with automated checkout solutions
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Some Key Highlights From the Report
- The hardware segment is expected to register a steady growth throughout the forecast period due to the widespread adoption of the Internet of Things (IoT) to accumulate data through several access points and enhanced communication through Bluetooth beacons
- The robotics segment is expected to register considerable growth. The use of autonomous robots mainly trollies and delivery racks in retail stores are gaining popularity due to their speed, productivity, and ease of use.
- The market in North America is expected to register considerable growth due to the increasing adoption of Artificial Intelligence (AI) and Virtual Reality (VR) to enhance the efficiency of distribution channels and communication networks
- On 16 March 2021, Sensormatic Solutions, a division of Johnson Controls, has teamed together with Intel to digitally change retail and improve the customer experience. As a result of the partnership, customers may make well-informed business decisions, resulting in good outcomes.
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Emergen Research has segmented the Smart Retail market on the basis of solution, application, and region:
- Solution Outlook (Revenue, USD Billion; 2019–2030)
-
- Hardware
- Software
-
- Application Outlook (Revenue, USD Billion; 2019–2030)
-
- Visual Marketing
- Smart Label
- Smart Payment System
- Robotics
- Others
-
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors. For more information, visit
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