Smart Retail Market Poised for Explosive Growth, Driven by Increasing Adoption of Smart Technologies by Retailers

Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) --

Global Smart Retail Market value is estimated at US$ 23.3 billion in 2023 and is expected to grow at a significant CAGR of over 26.4% over the forecast period of 2023-2030, according to the latest market report by RationalStat

Market Definition, Market Scope, and Report Overview

The global smart retail market is anticipated to grow at a strong CAGR of around 26.4% during the forecast period of 2023-2030. Retailers are increasingly adopting advanced technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT) to improve the customer experience, optimize operations, and reduce costs.

Customers today expect personalized shopping experiences, and smart retail technologies can help retailers achieve this. For example, AI can be used to provide personalized recommendations to customers, while AR and VR can be used to create immersive shopping experiences. Moreover, the growing popularity of e-commerce is driving the demand for smart retail solutions. Retailers are using smart retail technologies to improve their online operations, such as by offering personalized recommendations, seamless payment processes, and real-time inventory information.

• According to a deep-dive market assessment by RationalStat, the global smart retail has been analyzed on the basis of market segments, including type, crop type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
• Market intelligence for the global smart retail covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
• In addition, the long-term sector and products/services 10-year outlook and its implications on the global smart retail. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Smart Retail Market: Segmental and Market Share Analysis

• On the basis of Based on component, the hardware segment dominates the global smart retail market. A wide range of hardware solutions are available in the smart retail market, such as smart shelves, smart cameras, and electronic point-of-sale (EPOS) systems.
• Based on application, the visual marketing segment dominates the global smart retail market. Visual content is playing an increasingly important role in the retail industry. Retailers are using visual content such as images, videos, and augmented reality to engage customers and promote their products.

Report Synopsis

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Competition Analysis and Market Structure

The smart retail market is growing rapidly as retailers adopt new technologies to improve operational efficiency, enhance customer experience, and increase sales. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in global smart retail include,

• In October 2023, Walmart announced that it would be deploying 15,000 robots to automate inventory and order fulfillment in its stores. The robots will be able to pick and pack items, load and unload shelves, and transport goods within stores. This investment is part of Walmart's broader strategy to invest in technology to improve operational efficiency and customer experience.
• Amazon opened its first cashierless Go store in India in October 2023.
• In October 2023, Microsoft and Kroger announced that they would be partnering to develop smart retail solutions that leverage Microsoft's cloud computing and artificial intelligence platform.
  • The goal of the partnership is to help Kroger improve its operational efficiency, enhance customer experience, and reduce costs.
• In October 2023, Alibaba opened its first unmanned convenience store in China.
• In July 2023, Reliance confirmed Milkbasket’s merger with JioMart.

Some of the prominent players and suppliers operating and contributing significantly to the global smart retail growth include NCR Corporation, PAX Global Technology Limited, Ingenico, Fiserv, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., LG Display Co., Ltd., Intel Corporation, and Samsung Electronics, among others.

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RationalStat has segmented the global smart retail market based on component, application, and region.

• Global Smart Retail Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component  
  • Hardware
  • Software
• Global Smart Retail Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
  • Visual Marketing
  • Smart Label
  • Smart Payment System
  • Intelligent System
  • Others
• Global Smart Retail Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
  • North America Smart Retail Market
    • US
    • Canada
  • Latin America Smart Retail Market
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe Smart Retail Market
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe Smart Retail Market
    • Russia
    • Poland
    • Hungary
    • Other CIS Countries
    • Rest of Eastern Europe
  • Asia Pacific Smart Retail Market
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN
      • Indonesia
      • Thailand
      • Philippines
      • Vietnam
      • Malaysia
      • Rest of ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa Smart Retail Market
    • GCC
      • Saudi Arabia (KSA)
      • United Arab Emirates (UAE)
      • Rest of the GCC
    • South Africa
    • Nigeria
    • Turkey
    • Rest of the Middle East & Africa

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Key Questions Answered in the Smart Retail Report:

• What will be the market value of the global smart retail by 2030?
• What is the market size of the global smart retail?
• What are the market drivers of the global smart retail?
• What are the key trends in the global smart retail?
• Which is the leading region in the global smart retail?
• What are the major companies operating in the global smart retail?
• What are the market shares by key segments in the global smart retail?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

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