The global smart retail market size is expected to reach USD 127.28 billion by 2028. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR 27.4% from 2021 – 2028. Rapid advancements in smart retail solutions such as advanced sales analytics, POS including wireless mobile devices, and better customer interaction with the integration of cloud computing are projected to drive significant market growth. Increasing usage of technology and the internet, rising adoption of smartphones, and the growing necessity for better service offerings are other factors expected to augment the market progress during the forecast period. The growing adoption of the Internet of Things (IoT) for numerous applications such as smart retail automation and connected retail services is fueling market growth
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Key Highlights of Smart Retail Market
- Based on the solution, the hardware segment is accounted for a higher revenue share and is anticipated to register significant growth during the forecast period. A rise in implementation of Radio-frequency identification (RFID) systems, Virtual Reality (VR) Bluetooth beacon, and point of sale (POS) systems are driving this segment’s growth.
- In terms of application, the visual marketing segment emerge as the fastest-growing segment and is projected to lead the market over the forecast period. As a primary demand for the smart retail solution, vendors are engaging customers with state-of-the-art lighting, digital signage, interior displays, and storefronts.
- Marvell, a leading American company has announced the industry’s first commercial switch platforms with the dent to help retailers and enterprises build smart retail and enterprise edge infrastructure faster. Retailers can transform physical stores into smart retail linked environments that serve customers thanks to new Marvell technologies developed in conjunction with the Dent ecosystem and the Linux Foundation.
- Axiomtek, a global manufacturer of high-performance industrial computers has announced a partnership with Quividi, the premier audience and campaign intelligence platform for DOOH and digital signage. Retailers and brands can now test, monitor, monetize, and optimize contextualized content on in-store screens.
For instance, In June 2021, Qualcomm declared the company’s seven new chips designs for supporting new IoT devices across the retail sector. Furthermore, escalating number of stores in the emerging markets for offering more convince to the end-users and increasing strategic development by the vendors propel the retail industry growth.
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North America is expected to hold the leading position in the global smart retail market over the forecast period because the region is technologically advanced and early adopters of the latest technologies available in the industry. The market in the Asia Pacific is expected to grow significantly over the forecast period, on account of increased deployment of smart retail solutions such as reception robots, shopping guide robots, virtual mirrors, and big data analytics in leading economies such as China and Japan, as well as major advancements in ICT infrastructure in the region.
The changing dynamics of the retail sector are a result of customer spending giving incentives, as well as the growing economy and major investments by global brands. Top businesses in the smart retail sector use new product launches, partnerships, and collaborations as key strategies to boost their revenue generation. To strengthen their market positions, smart retail product makers and service providers are focusing on product/service innovation. Market participants such as : Amazon.com, Inc., AWM SMART SHELF, Bossa Nova Robotics, Broadcom Corporation, Cisco Systems, Estimote, Inc, Fiserv, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Ingenico, Intel Corporation, LG Display Co., Ltd., NCR Corporation, PAR Technology Corporation, PAX Global Technology Limited, Pricer, PTC, Robert Bosch GmbH, Samsung Electronics, SoftBank Robotics, Standard Cognition, Corp., Verifone Systems, Zippin
- Supply Side: Software Solutions Provider
- Demand Side: Retailers
- Regulatory Side: Food and Drug Administration
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Polaris Market Research has segmented the smart retail market report on the basis of solution, application, and region:
Smart Retail, Solution Outlook (Revenue – USD Billion, 2016 – 2028)
Smart Retail, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others (Robotics, analytics)
Smart Retail, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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