Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Shopping Cart Market by Technology (Bar Codes, RFIDs, ZigBee), Mode of Sales (Direct, Distributor), Application - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Smart Shopping Cart Market grew from USD 1.76 billion in 2023 to USD 2.24 billion in 2024. It is expected to continue growing at a CAGR of 27.59%, reaching USD 9.74 billion by 2030.
These smart shopping carts are equipped with technologies such as product scanners and touchscreen, enabling customers to easily checkout and connecting them to the platform's shopping list recommendations and promotional offers. Using smart carts makes shopping more comfortable for consumers and enhances their shopping experience.
The smart cart solution deployments in stores aid in bringing more footfalls for retailers and increases sales. However, the high cost of smart carts is one of the hurdles retailers face in deploying them at their stores. Startups in the smart shopping cart are growing worldwide with the favorable ecosystem and offering improved smart shopping cart functionality with new technology integration.
Regional Insights
In the Americas region, the smart shopping cart market is highly evolving with the rising adoption of smart carts by supermarkets, hypermarkets, and other retail stores, along with the emergence of startups developing innovative smart shopping carts.
In addition, countries including China, Indonesia, Japan, Singapore, South Korea, and India have large-scale retail sectors with a large consumer base creating the potential for the penetration of the smart shopping cart in the Asia Pacific region. Retailers in European countries are increasingly investing in smart shopping carts to enhance the retail sector's customer appeal and purchasing patterns.
Recent Developments
Qualcomm Invests in Smart Shopping Cart Start-Up
A smart shopping cart is a cart that uses various sensors and algorithms to track and analyze customer behavior throughout their shopping experience. These carts enable retailers to study customer behavior and preferences, as well as track items customers have placed in their baskets. They can even be used to detect when an item has been removed from a basket without being scanned, which can help reduce shoplifting. In addition, these carts also provide retailers with valuable insights regarding customer demographic data, such as the age and gender of shoppers. Qualcomm recently invested in Caper, a company that has developed a "smart cart" for the retail industry.
The smart cart integrates Caper's proprietary hardware with Qualcomm's advanced wireless capabilities so that retailers can gain real-time analytics about their customers' buying behaviors. This partnership between Qualcomm and Caper will allow retailers to gain valuable insights into their customers' buying habits while also providing them with the tools they need to improve their operations within the store. The benefits of smart shopping carts are numerous. For example, they enable retailers to provide more personalized experiences for customers by understanding their preferences and tailoring promotions accordingly.
Additionally, since these carts are equipped with sensors, they can alert staff when an item needs restocking or other maintenance is required around the store. Finally, by providing insight into customer behavior in real-time, these carts enable stores to make smarter decisions about marketing strategies based on actual data instead of guesswork.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 197 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $2.24 Billion |
| Forecasted Market Value (USD) by 2030 | $9.74 Billion |
| Compound Annual Growth Rate | 27.5% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Transforming Retail Shopping Experience, Mass Merchandising, and Other Retail Applications by Deploying Self-Service Assistant
- Increasing Demand for In-Store Advertising And Communications Systems in Cart Display Devices
Market Restraints
- High Cost of Smart Carts and Reluctance of Adoption Among Retailers
Market Opportunities
- IoT, ML, and AI Integration in the Development of Smart Shopping Carts
- Runtime Offers/Promotions and Multi-Payment Modes
Market Challenges
- Patent Envisions and Privacy & Security Concerns
Market Segmentation Analysis
- Technology: Rising inclination toward barcode technology for easy information scanning
- Application: Widening use of smart shopping carts in shopping malls for cohesive shopping
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- AiFi Inc.
- Caper Inc.
- Cart Technologies, LLC
- Cust2mate Ltd.
- Focal Systems Inc.
- Fujitsu Limited
- Grabango Co.
- IMAGR Limited
- International Business Machines Corporation
- Microsoft Corporation
- Mitsui & Co., Ltd.
- Pentland Firth Software GmbH
- Retail AI, Inc.
- SAP SE
- SK Telecom Co., Ltd.
- Smart Cart (Pty) Ltd.
- Standard Cognition, Corp.
- Tracxpoint, Inc.
- V-Mark Enterprise Limited
- Veeve Inc.
- Walmart Inc.
- Wanzl India Pvt Ltd.
- ZooZ by PayU Company
Market Segmentation & Coverage
Technology
- Bar Codes
- RFIDs
- ZigBee
Mode of Sales
- Direct
- Distributor
Application
- Shopping Malls
- Supermarket
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/ka8wfn
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