Westford, USA, Aug. 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that global Smart Retail Market will attain a value of USD 299.74 Billion by 2031, with a CAGR of 29% over the forecast period (2024-2031). The smart retail market mixes traditional purchasing processes with modern technologies. It incorporates cutting-edge technology into the retail business, including Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT), to improve customer shopping experiences, streamline inventory management, and improve store operations. The global smart retail market is growing rapidly due to the integration of new technologies that are continuously hitting the retail industry. The growing demand for a better consumer experience drives the use of IoT, AI, and Radio-Frequency Identification technologies. These smart technologies are, therefore, rapidly being implemented by retailers in attempts to achieve operational efficiency and provide personalized and immersive shopping experiences that would hence influence consumer behavior and preferences.
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Browse in-depth TOC on the " Smart Retail Market "
- Pages - 223
- Tables - 62
- Figures – 75
Smart Retail Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $39.09 Billion |
| Estimated Value by 2031 | $299.74 Billion |
| Growth Rate | Poised to grow at a CAGR of 29% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Smart retail trend |
| Key Market Opportunities | Augmented Reality Revolution |
| Key Market Drivers | Rise in demand for better consumer experience |
Hardware Segment Dominated the Smart Retail Market, Attributed to Rise in the Usage of AR and VR devices
The hardware segment dominated the market, owing mostly to the increasing popularity of Augmented Reality (AR) and Virtual Reality (VR) devices, point of sale (POS) systems, Bluetooth beacons, and Radio-frequency identification (RFID) systems. These technologies drives the segment, and retailers are empowered to provide a continuous in-store shopping experience.
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Rise of Smart Payment Systems Revolutionizing Transactions and Expected to be the Fastest-Growing Segment
The smart payment system is the fastest-growing segment in the market. Smart payment systems are rapidly rising with an increasing move toward digital transactions and the large-scale adoption of cashless payment modes. They offer convenience, security, and smoothness in transactions to customers and merchants alike, applying a variety of technologies such as mobile wallets, contactless payments, and biometric identification. On one hand, the ever-increasing speed and convenience demands in the payment experience, and on the other, increasing needs of security measures, are driving smart payment systems in the smart retail industry.
North America Remains at the Forefront of Smart Retail Solutions
North America holds a large market share since the region advocates advanced technological infrastructure and wider customer acceptance of smart retail solutions, without mentioning the fact that it hosts some of the biggest retailers. The region has led from the front in terms of technological advances with an additional focus on improving consumer experiences and optimizing retail operations. Large R&D investments, extensive retail networks, and a technologically literate population make North America one of the most important markets for smart retail technologies and implementations.
Smart Retail Market Insights
Drivers
- Advancements in Technology
- Rise of E-Commerce
- Improved Customer Engagement
Restraints
- High Initial Costs
- Regulatory and Compliance Issues
- Integration Challenges
Key Players Operating Within the Smart Retail Market
The following are the Top Smart Retail Companies
- IBM Corporation
- Fiserv, Inc.
- NCR Corporation
- Verifone Systems
- Toshiba Corporation
- Oracle Corporation
- Shopify Inc.
- NVIDIA Corporation
- Ingenico
- Google LLC
Key Questions Covered in the Smart Retail Market
- What are the factors hampering market growth?
- Which segments are covered within the Smart Retail market?
- What are the opportunities present in the market?
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This report provides the following insights:
- Analysis of key drivers (advancements in technology and Rise in E-Commerce), restraints (high implementation costs), opportunities (integration of AR), and challenges (regulatory and compliance issues) influencing the growth of the smart retail market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart retail market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart retail market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
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Customer Experience Management Market
Customer Journey Analytics Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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Skyquest Technology
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