Global Connected Retail Analysis Report 2024: Robust Growth Projected with Increased IoT Adoption

Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Connected Retail Global Market Report 2024" report has been added to's offering.

Connected retail market is witnessing significant advancements, with projections showing a surge from $36.41 billion in 2023 to an estimated $44.07 billion in 2024. This marks a remarkable compound annual growth rate (CAGR) of 21.0%. The subsequent years are likely to maintain this upward trajectory, as the market is further expected to increase to $88.17 billion by 2028, growing at a CAGR of 18.9%.

The report highlights the bullish forecast and explores the transformative technologies driving growth within the global connected retail market.

An in-depth evaluation of the report elucidates several key factors that contribute to the sector's expansion:

  • The adoption of contactless shopping experiences and voice commerce.
  • Companies focusing on sustainable practices and cross-channel integration.
  • The embracement of new in-store technologies such as smart mirrors and fitting rooms.
  • Rising trends of mobile commerce, smart shelf and RFID technology use, and subscription-based models.

The robust growth in the connected retail market is anticipated to drive innovations in retail applications, geared towards enhancing personalization, optimizing supply chains, and making use of data analytics and artificial intelligence (AI). The report further delves into the role of blockchain technology in ensuring security and traceability along supply chains.

Notable global connected retail market developments from leading companies include the unveiling of 'connected stores' by Instacart, which harmonizes online and in-store shopping paradigms. Moreover, this sector's landscape is being reshaped by strategic acquisitions such as Omnicom Media Group's procurement of Outpromo and Global Shopper to bolster its foothold in Brazil's e-commerce and retail media domains.

The report's geographical insights reveal that North America dominantly led the connected retail market in 2023. However, the Asia-Pacific region is forecasted to experience the fastest growth, promising new opportunities and advancements.

The report meticulously covers the variety of components that form the connected retail infrastructure, including critical hardware, software solutions like Point-of-Sale (POS) systems, and essential services. Technologies such as Zigbee, NFC, Bluetooth Low Energy, and Wi-Fi are highlighted for their integral role in refining the retail experience across various sectors.

The exhaustive connected retail market research report provides crucial statistics, analysis of market size, shares, and segmentation, including current trends and future market opportunities. It is designed for stakeholders seeking a profound understanding of the industry's trajectory and the dynamics of consumer-retailer interaction in the digital age.

In summary, the connected retail market research report presents a panoramic view of the sector's burgeoning progress, technological milestones, and strategic market activities, contributing to an insight-driven approach for businesses and investors within the global connected retail ecosystem.

A selection of companies mentioned in this report includes

  • Microsoft Corporation
  • Zebra Technologies Corporation
  • Intel Corporation
  • PTC Inc.
  • SAP SE
  • Cisco Systems Inc.
  • International Business Machines Corporation
  • Google LLC
  • NXP Semiconductors N.V.
  • Softweb Solutions Inc.
  • Honeywell International Inc.
  • Sonata Software Limited
  • iVend Retail
  • Avanade Inc.
  • Fujitsu Limited
  • Verizon Enterprise Solutions
  • Amazon Inc.
  • ARM Holdings PLC.
  • Atmel Corporation
  • Belatrix Software Private Limited
  • Samsung Electronics Co. Ltd.
  • Toshiba Corporation
  • Siemens AG
  • Wipro Limited
  • Accenture plc
  • Capgemini SE
  • Infosys Limited
  • NEC Corporation
  • Tata Consultancy Services Limited
  • DXC Technology Company

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