Smart retail refers to the integration of various technologies and data analytics to enhance the overall retail experience for both customers and retailers. It involves leveraging advancements in artificial intelligence (AI), Internet of Things (IoT) and other digital technologies to improve operational efficiency, understand consumer behavior and personalize the shopping experience.
The smart retail market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing advanced technologies and systems integrated into retail environments to enhance customer experience, streamline operations and improve overall efficiency.
The global smart retail market was valued at $13,667.5 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 26.0%.
Significant Adoption Of Robots And Automation
The significant adoption of robots and automation helped the growth of the smart retail market going forward. Robots and automation encompass technologies designed to autonomously or semi-autonomously perform tasks, often replacing or augmenting human labor in manufacturing, services and other sectors. Robots and automation are required for smart retail to streamline inventory management, enhance customer service through personalized experiences and optimize operational efficiency. For instance, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, 517,385 new industrial robots were installed globally in 2021. Asia accounted for 74% of these installations, led by China, where sales grew by a significant 51% to 268,195 units. Therefore, the significant adoption of robotics and automation drove the growth of the smart retail market in the forecast period.
Advancement In Retail With IoT-Integrated Solutions To Optimize Processes
Smart retail companies are focusing on Internet of Things (IoT)-integrated solutions to enable retailers to create personalized shopping experiences by tracking customer behavior in-store and online. IoT technology facilitates the creation of smart environments where devices can monitor, control and optimize processes, leading to improved efficiency, accuracy and economic benefit across the retail industry. For instance, in February 2024, Huawei Technologies Co. Ltd., a China-based manufacturing company, launched the Smart Retail Solution. Huawei's Smart Retail Solution is tailored for retail environments including campuses, stores and interconnected branches. It integrates advanced technologies like Wi-Fi (wireless fidelity), cloud computing, IoT and storage to enhance operational efficiency, cost reduction and the consumer experience. The solution comprises four specialized components including a smart store solution, an intelligent warehousing solution optimizing inventory management with IoT, an energy efficiency solution utilizing IoT sensors for smart energy management and a digital marketing solution providing comprehensive store management insights.
The global smart retail market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 20.95% of the total market in 2023.
Smart Retail Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart retail market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider smart retail market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by system, by technology and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the smart retail market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by system, by technology and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for smart retail providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By System: Visual Marketing; Smart Labels; Smart Payment Systems; Intelligent Vending Machines; Other Systems
- 2) By Technology: Internet Of Things (IoT); Mobile; Beacon; Artificial Intelligence And Machine Learning; Augmented Reality And Virtual Reality; Other Technologies
- 3) By Application: Foot-Traffic Monitoring; Inventory Management; Loyalty Management And Payment; Predictive Equipment Maintenance; Brand Protection; Other Applications
- Companies Mentioned: Walmart Inc.; Amazon.com Inc.; Alibaba Group Holding Limited; Google LLC; Samsung Electronics Co. Ltd.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- 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; smart retail indicators comparison.
- 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.