Smart Retail Global Market Report 2024

Description

“Smart Retail Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on smart retail market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for smart retail? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart retail market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By System: Digital Signage Solutions; Smart Labels; Smart Payment Systems; Intelligent Vending Machines; Augmented Reality Solutions; Virtual Reality Solutions; Other Systems
2) By Technology: Visual Recognition; Blockchain; Artificial Intelligence; Mobiles
3) By Application: Foot-Traffic Monitoring; Inventory Management; Loyalty Management and Payment; Predictive Equipment Maintenance; Brand Protection; Other Applications
Companies Mentioned: Honeywell International Inc.; Huawei Technologies Co. Ltd.; LG Display Co. Ltd.; Intel Corporation; Samsung Electronics Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Smart retail involves the application of intelligent technologies in commerce to enhance the purchase experience for consumers and businesses, providing a better, faster, safer, and more convenient shopping experience through digital enhancements to traditional retail.

The primary systems in smart retail include digital signage solutions, smart labels, smart payment systems, intelligent vending machines, augmented reality solutions, virtual reality solutions, and others. Digital signage utilizes digital screens to display information, advertisements, or other content, serving purposes such as wayfinding, communications, marketing, and outdoor advertising. Various technologies, including visual recognition, blockchain, artificial intelligence, and mobile applications, are employed in foot-traffic monitoring, inventory management, loyalty programs, payment processing, predictive equipment maintenance, brand protection, and other applications within smart retail environments.

The smart retail market research report is one of a series of new reports from The Business Research Company that provides smart retail market statistics, including smart retail industry global market size, regional shares, competitors with a smart retail market share, detailed smart retail market segments, market trends and opportunities, and any further data you may need to thrive in the smart retail industry. This smart retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart retail market size has grown exponentially in recent years. It will grow from $44. 09 billion in 2023 to $55. 44 billion in 2024 at a compound annual growth rate (CAGR) of 25. 7%. The growth observed in the historical period can be attributed to factors such as consumer demand, the utilization of data analytics, and the prevalence of mobile connectivity.

The smart retail market size is expected to see exponential growth in the next few years. It will grow to $143. 36 billion in 2028 at a compound annual growth rate (CAGR) of 26. 8%. The anticipated growth in the forecast period can be attributed to the implementation of 5G technology, the adoption of contactless solutions, and the emphasis on sustainability initiatives. Major trends expected in the forecast period include the incorporation of augmented reality (AR) and virtual reality (VR), advancements in technology, the expanded use of the Internet of Things (IoT), localization and personalization in retail experiences, the application of blockchain for supply chain transparency, and the continued evolution of multi-channel retailing.

The growth of the smart retail market is anticipated to be propelled by the increasing utilization of robots and automation. Automation involves deploying autonomous physical devices, computer programs, and other technologies to perform tasks traditionally carried out by humans. Robotics entails designing, developing, and deploying machines for task execution. By automating processes related to alerts and real-time monitoring of client opinions, robots and automation enhance collaboration between R&D, manufacturing, and marketing departments. The convenience offered by robots and automation in shopping significantly boosts the demand for the smart retail market. As per a report from the International Federation of Robotics in October 2022, there was a 31% year-on-year increase, with 517,385 industrial robots in use globally. Hence, the escalating use of robots and automation is a driving force behind the smart retail market's growth.

The increasing adoption of artificial intelligence (AI) is expected to drive the smart retail market's growth. Artificial intelligence, a field of computer science focused on creating intelligent machines capable of human-like tasks, optimizes inventory management and enhances customer experiences through personalized recommendations and efficient supply chain operations. According to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide utilized artificial intelligence (AI) in 2022, marking a 4% increase from 2021. Thus, the rising adoption of AI is a significant factor propelling the smart retail market's growth.

A prominent trend gaining traction in the smart retail market is technological advancement. Key players in the market are concentrating on developing new technological solutions to reinforce their market position. For instance, in June 2021, Amazon Inc., a leading American multinational e-commerce company, introduced Just Walk Out technology for its Amazon Fresh grocery store. This technology offers customers the option to choose between Just Walk Out shopping and standard checkout lines, providing a seamless and convenient shopping experience. Customers utilizing Just Walk Out shopping can enter the store using a connected credit or debit card, scan a QR code with the Amazon app, or use Amazon One to scan their palm.

Major companies in the smart retail market are intensifying their focus on introducing innovative retail solutions to gain a competitive advantage. Innovative retail solutions involve creative and technology-driven approaches that enhance the shopping experience, optimize operations, and drive customer engagement and satisfaction. For example, in September 2023, LTIMindtree, an India-based information technology company, launched AdSpark and Smart Service Operations solutions tailored for the retail industry. AdSpark, powered by LTIMindtree and Salesforce, provides self-service capabilities across various channels, including digital, social, in-store, out-of-facility (OOF), and print. Smart Service Operations focuses on delivering self-service capabilities and support across channels like digital, social, and in-store.

In October 2021, Instacart, a US-based online grocery platform, acquired Caper AI to enhance its retailer enablement platform. This acquisition supports retailers in integrating in-store and online shopping experiences, ensuring seamless operations regardless of the customer's chosen shopping method. Caper AI is a US-based software technology company specializing in AI-based applications for retailers and general merchandising store formats.

Major companies operating in the in the smart retail market report are Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics Co. Ltd., Verifone Inc., International Business Machines Corporation (IBM), Cisco Systems Inc., Ingenico Group S. A., Amazon. com Inc., NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, Bossa Nova Robotics Inc., Robert Bosch GmbH, Microsoft Corporation, NVIDIA Corporation, NXP Semiconductors NV, Trigo Vision Ltd., PTC Inc., Prismview LLC, NEC Display Solutions Ltd., Elo Touch Solutions Inc., E Ink Holdings Inc., Diebold Nixdorf Inc., ComQi Inc., Bluebird Inc., Advantech Co. Ltd., 3M Company

North America was the largest region in the smart retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart retail market share during the forecast period. The regions covered in the smart retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart retail market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart retail market includes revenues earned by entities by data management, business consulting, data analytics, internet of things (IoT), and cloud. The smart retail market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10596

1. Executive Summary

2. Smart Retail Market Characteristics

3. Smart Retail Market Trends And Strategies

4. Smart Retail Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Smart Retail Market Size and Growth

5.1. Global Smart Retail Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Smart Retail Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Smart Retail Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Smart Retail Market Segmentation

6.1. Global Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Digital Signage Solutions
Smart Labels
Smart Payment Systems
Intelligent Vending Machines
Augmented Reality Solutions
Virtual Reality Solutions
Other Systems
6.2. Global Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Visual Recognition
Blockchain
Artificial Intelligence
Mobiles
6.3. Global Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Foot-Traffic Monitoring
Inventory Management
Loyalty Management and Payment
Predictive Equipment Maintenance
Brand Protection
Other Applications

7. Smart Retail Market Regional And Country Analysis

7.1. Global Smart Retail Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Smart Retail Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Smart Retail Market

8.1. Asia-Pacific Smart Retail Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Smart Retail Market

9.1. China Smart Retail Market Overview
9.2. China Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Smart Retail Market

10.1. India Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Smart Retail Market

11.1. Japan Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Smart Retail Market

12.1. Australia Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Smart Retail Market

13.1. Indonesia Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Smart Retail Market

14.1. South Korea Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Smart Retail Market

15.1. Western Europe Smart Retail Market Overview
15.2. Western Europe Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Smart Retail Market

16.1. UK Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Smart Retail Market

17.1. Germany Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Smart Retail Market

18. 5. France Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Smart Retail Market

19. 9. Italy Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Smart Retail Market

20.13. Spain Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Smart Retail Market

21.1. Eastern Europe Smart Retail Market Overview
21.2. Eastern Europe Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Smart Retail Market

22.1. Russia Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Smart Retail Market

23.1. North America Smart Retail Market Overview
23.2. North America Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Smart Retail Market

24.1. USA Smart Retail Market Overview
24.2. USA Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Smart Retail Market

25.1. Canada Smart Retail Market Overview
25.2. Canada Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Smart Retail Market

26.1. South America Smart Retail Market Overview
26.2. South America Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Smart Retail Market

27.1. Brazil Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Smart Retail Market

28.1. Middle East Smart Retail Market Overview
28.2. Middle East Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Smart Retail Market

29.1. Africa Smart Retail Market Overview
29.2. Africa Smart Retail Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Smart Retail Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Smart Retail Market Competitive Landscape And Company Profiles

30.1. Smart Retail Market Competitive Landscape
30.2. Smart Retail Market Company Profiles
- 30.2.1. Honeywell International Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. Huawei Technologies Co. Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. LG Display Co. Ltd.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. Intel Corporation
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. Samsung Electronics Co. Ltd.
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Smart Retail Market Competitive Benchmarking

32. Global Smart Retail Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Retail Market

34. Smart Retail Market Future Outlook and Potential Analysis

34.1 Smart Retail Market In 2028 - Countries Offering Most New Opportunities
34.2 Smart Retail Market In 2028 - Segments Offering Most New Opportunities
34. 3 Smart Retail Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer