Farmington, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Global Smart Retail Market Size Was Valued At US$ 24.2 Bn. In 2022, And It Is Expected To Reach US$ 111.19 Bn By 2030, At A CAGR Of 21.0% In The Forecast Period. The growing use of technologies like Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT) to improve the shopping experience for customers, make it easier to keep track of inventory, and make store operations better is one trend that is helping the market grow. AR is changing the retail business in particular because it lets brands interact with customers through their phones. When AR is used in marketing, it helps build relationships with customers, makes the customer experience better, and drives sales. For example, shoe company Airwalk uses augmented reality (AR) and geolocation to create a virtual pop-up shop to promote the relaunch of Airwalk Jim. A big rise in the number of retail stores in many places is also driving up the demand for new technologies.
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Recent Developments:
- In January 2020, Intel Corporation worked with ARENA15, an immersive shopping and entertainment complex. ARENA15 wants to make it easier for customers to buy things by using Intel's technology and solutions.
- In November 2019, Mars Wrigley, a company that makes chocolates, chewing gum, mints, and fruity candies, teamed up with Standard Cognition to give them automated checkout solutions.
Segment Overview
Solution Insights
In 2020, hardware was the most important part of the market and made up more than 65% of global revenue. Based on the type of solution, the market is divided into hardware and software. More and more Augmented Reality (AR) and Virtual Reality (VR) devices, point of sale (POS) systems, Bluetooth beacons, and Radio-frequency identification (RFID) systems are being used to give customers a smooth in-store shopping experience. This is helping the growth of the segment.
Application Insights
In 2020, the most important part of the market was visual marketing, which made up more than 25% of the world's revenue. Based on how it is used, the market is split into visual marketing, smart labels, smart payment systems, intelligent systems, and others (Robotics, analytics). Retailers are also looking at attractive storefronts, digital signage, interior displays, and modern lighting as important parts of a smart retail solution to keep customers interested. Getting the attention of millennials has also been helped a lot by social media marketing. It has let stores focus on making shopping as easy as possible, with little help from social media. So, in 2020, visual marketing made up the majority of the market. Also, as e-commerce has grown, brick-and-mortar stores have found a lot of new ways to make money. On e-commerce websites, these types of stores use pictures and videos of their products and services to attract customers and get more attention.
Regional Outlook:
In terms of revenue, North America had the biggest share of the world market in 2021. The smart retail industry is growing because there is a growing demand for high-quality and expensive products across the region, and consumer tastes are shifting toward products that are easier to use and better made. Also, there are more retrieval systems, POS solutions, automatic storage, and self-checkout systems because there are so many department stores, hypermarkets or supermarkets, and other types of retail stores. North America is one of the first places to use the newest solutions on the market, so these things help the market there grow.
Also, in the near future, Asia-Pacific is expected to have the highest CAGR in the world market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 21.0% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 111.19 Billion |
| By Solution | Hardware, Software, Others |
| By Application | Visual Marketing, Smart Label, Smart Payment System, Intelligent System, Others |
| By Companies | Intel Corp., International Business Machines Corp., Samsung Electronics Service Co.Ltd., Microsoft Corp., SoftBank Group Corp., Ingenico Group., VeriFone Inc., NCR Corp. |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers:
One of the drinks that people around the world drink the most is Smart Retail. The Smart Retail market is big in North America. Nearly 71% of people in the US use Smart Retail every day. In Europe, the Smart Retail market is growing because single-serve and specialty Smart Retail methods are becoming more popular. The number of Smart Retail bags exported around the world rose from 10.83 million in February 2019 to 11.11 million in February 2020, according to the International Smart Retail Organization (ICO). In one year, this is a gain of 2.6%. According to the latest data from the International Smart Retail Organization (ICO), Europe was the place where people bought the most. Asia-Pacific and North America are two other important places where Smart Retail is used the most.
Restraint:
One of the things that is traded the most around the world is Smart Retail. Smart Retail is being used more and more in both countries that do well and countries that don't. But it's hard to deal with the fact that there isn't enough Smart Retail on the market to meet the growing demand. Smart Retail's productivity is also affected by changes in the weather, which makes price changes bigger. Smart Retail rust or "la roya" is a disease of plants that is caused by a fungus that attacks the leaf and kills the branch and the Smart Retail cherry. This disease tends to spread when the temperature goes up. So, it's hard for the market to get enough Smart Retail beans because of plant diseases, pests, and flaws. Prices go up because there is a difference between what people want and what is available.
Opportunity:
Smart Retail is a market that is growing quickly. Most of this growth is due to changes in technology, competition, and new ways of marketing, especially in places where there is a lot of competition. People all over the world are also becoming more worried about their health, which has led them to prefer organic foods. People have been more likely to buy organic Smart Retail, which is made without using any chemicals made by humans, like most pesticides, herbicides, and fertilisers. Organic Smart Retail is becoming more popular because it is good for your health and doesn't have any toxic residues from synthetic fertilisers, herbicides, pesticides, artificial flavours or colours, or preservatives. People also think that organic Smart Retail is good for the environment because no chemicals are used in its production, processing, or packaging.
Key Segments Covered:
Top Market Players:
Intel Corp., International Business Machines Corp., Samsung Electronics Service Co.Ltd., Microsoft Corp., SoftBank Group Corp., Ingenico Group., VeriFone Inc., NCR Corp., and others.
By Solution
- Hardware
- Software
By Application
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others (Robotics, analytics)
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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