Redding, California, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Smart Retail Market by Offering (Hardware, Software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores), and Geography - Global Forecasts to 2030’, the smart retail market is expected to reach $91.36 billion by 2030, at a CAGR of 22.4% from 2023 to 2030.
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Smart retail is a hybridization between traditional shopping methods and modern technologies. It integrates various cutting-edge technologies, including Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT), in the retail industry to enhance consumers’ shopping experience, facilitate accurate inventory management, and improve store operations. It offers several benefits, such as increased efficiency, quality, and output sustainability.
The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market. The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.
Impact of COVID-19 on the Smart Retail Market
The COVID-19 pandemic severely impacted most countries around the globe. Governments imposed countrywide lockdowns to control the spread of the infection. The lockdown restrictions impacted manufacturing operations, with production facilities either completely shutting down or running at reduced capacities to ensure social distancing and employee safety. Most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The combat measures like complete lockdown and quarantine to fight against COVID-19 have a strong adverse impact on many industries globally, including the retail industry.
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Lockdowns and quarantines to counter COVID-19 restricted the companies' physical access to the existing resources. Department stores and specialty/boutique retailers experienced thousands of store closures and significant business disruption as consumers refrained from non-essential spending and made the sweeping shift to online shopping. Thus, companies are exploring new avenues to access their assets, customers, resources, and data. This triggered the adoption rate of smart retail solutions and services. The pandemic forced the retail industry to embrace technology. It has drawn every brand out of its comfort zone and forced them to adopt technology in its business structure in each department.
The smart retail market is segmented based on offering (hardware, software & analytics, and services), technology (IoT, big data analytics, AI, robotics, cloud computing, and others), application (customer experience management, supply chain management, store operations, inventory management systems, smart payment systems, and others) and end-user (supermarket, hypermarket, specialty stores, department stores, and others) and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large share of this segment is mainly attributed to the growing demand for IoT deployments for various applications, the rising need for secured remote management, and the automatic re-ordering of popular low-stock items. However, the software & analytics segment is expected to grow at the highest CAGR during the forecasted period. The growth of this segment is attributed to the expanding adoption of analytics tools in the retail industry due to growing digitization.
Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to retailers’ increasing need to monitor product movement, track location, and predict precise delivery timings. However, the AI segment is expected to register the highest CAGR during the forecast period due to perpetually growing internet users & smart devices and government initiatives towards digitization.
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Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market. However, the customer experience management segment is expected to register the highest CAGR during the forecast period due to the need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarkets segment accounted for the largest share of the global smart retail market. However, the department stores segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high level of services, greater convenience to customers by offering a variety of products under one roof, and the availability of additional services related to products in case of any fault or damage.
Based on geography, the smart retail market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, the Asia-Pacific segment accounted for the largest share of the global smart retail market. This regional segment's large share can be attributed to the rapidly growing retail and e-commerce industries across developing countries, such as India and China, growing disposable income among consumers, and increasing social media penetration. In addition, the government is supporting the surging economic growth by allowing foreign investments, encouraging organizations to inculcate high-tech solutions embedded with the latest technologies, and launching awareness programs regarding the benefits of data-driven techniques are anticipated to propel the demand for smart retail over the forecast period.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).
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Scope of the report:
Smart Retail Market, by Offering
- Hardware
- RFID Tags & Labels
- Scanner/Readers
- Mobile Computers
- Point of Sale (POS) Terminals
- Intelligent Vending Machines
- Digital Signage
- Others
- Software & Analytics
- Business Intelligence
- Sales Forecasting
- Demand Forecasting
- Others
- Services
- Integration & Deployment Services
- Consulting Services
- Support & Maintenance Services
Smart Retail Market, by Technology
- IoT
- Big Data Analytics
- AI
- Robotics
- Cloud Computing
- Others
Smart Retail Market, by Application
- Customer Experience Management
- Supply Chain Management
- Store Operations
- Inventory Management Systems
- Smart Payment Systems
- Others
Smart Retail Market, by End User
- Supermarkets
- Hypermarkets
- Specialty Stores
- Department Stores
- Other End-users
Smart Retail Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Denmark
- Netherlands
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
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