Smart Retail Market Set to Surge - Key Insights You Must Know

Smart Retail Market

The global Smart Retail market was valued at US$ 7383.7 million in 2023 and is anticipated to reach US$ 9679.1 million by 2030, witnessing a CAGR of 4.0% during the forecast period 2024-2030.

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Global Smart Retail Market Trends

Complex customer shopping patterns

Shopping should be easy, and enjoyable both in physical stores and online purchasing. The most common pain points endured by consumers are long queues, out-of-stock items, misleading or no product information, and lack of help. Locating a product becomes tough with no clear signs or assistance. The ecommerce industry is booming thanks to the evolution of digital convenience as search engines filter out information and provide personal results with immediate help through chatbots. However, retailers and brands that focus on customized solutions for customers' physical store visits create better conversion and sales. Smart store technologies are being adopted rapidly to solve the hassles related to buying. Consumers can scan the QR code of a particular product and make payment directly without the need for standing in a line. Frictionless contact payment solutions like identity services detect a person's palm and transact the payment automatically. Huge volumes of data are harvested to curate a personalized buying experience for every shopper. Moreover, voice technologies and a quick scan of the barcode of a product provide all the necessary information related to a particular stock like price, availability, description, sourcing, main ingredients, location, etc. People's queries are solved without the assistance of on-floor executives and they become confident in their buying decisions. This increases the chances of additional purchases. These factors will bolster the growth of the smart retail market during the forecast period.

Digitization

The rising penetration of smartphones, tablets, and the entry of newer technologies like AR/ VR has altered the buying behaviors of consumers significantly. Millennials and the Gen Z population are heavily influenced by the information provided by social media influencers or bloggers online. Retailers need to rethink their strategies and go beyond selling to cater to the needs of this tech-savvy population. Virtual reality can provide product testing and accurate virtual fittings that improve the in-store purchase experience. The exact product with its size, fittings, and shape can be tried out in a real-world simulated environment through smartphones. Consumers can use VR to visualize how a piece of furniture will fit into their homes without visiting the store. Such factors will drive the growth of the smart retail market in the subsequent years.

Digital technology

Covid 19 has accelerated the pace of technology adoption in the retail industry. The rapid competition between eCommerce and physical retail stores will continue moving forward. Delivery drones and robots are replacing manual workers in warehouses, factories, and brick and mortar stores. Drones deliver goods much faster than other modes of transportation as they do not encounter traffic or congestion problems. Remote inaccessible areas become easier to track and deliver. On the other hand, robots can do repetitive tasks much faster than their human counterparts such ad shelf cleaning, material handling, or answering routine customer queries. Inventory tracking becomes simpler through self-scanners and visual recognition software that allows artificial humans to send out alerts regarding stock availability or empty shelves. Furthermore big data and predictive analytics can store useful information regarding the customer and provide valuable insights into their buying trends, forecasting patterns, and identifying crucial KPIs. IoT sensors can display the relevant data on a single platform. Finally, AI-powered search engines can recommend products based on a user's past buying habits. These significant developments will drive the growth of the smart retail market in the forthcoming period.

Costly components and data privacy concerns

As consumer data is shared widely across all digital platforms concerns related to privacy and cybersecurity arise. Security ad fraudulent activities are common as hackers try to steal sensitive online information from these smart connected devices. The high-end computing systems have high maintenance costs. This will deter the growth prospects of the smart retail market in the future.

Smart Retail Market Share Analysis

Based on type, the software segment will grow the highest in the smart retail market share owing to the rapid use of analytics software for gaining information on complex buying journeys of consumers to better align the products and services as per the preferences of users.

Based on application, the segmentations include departmental stores, cinema complexes, stadiums, amusement parks, airports, and others.

North American market for Smart Retail is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030

Smart Retail Market by Type
• Hardware
• Software
• Service

Smart Retail Market by Application
• Departmental Stores
• Cinema Complexes
• Stadiums
• Amusement Parks
• Airports
• Other

Competitive Landscape
This segment focuses on the key players operating in the industry. It underlines all the current and future activities by the prominent manufacturers. By understanding various initiatives being taken up by different players, readers will gain the ability to settle on correct business choices. The authors of the report have provided accurate revenue figures of the companies for the period 2016-2021. The clients are sure to gain the upper hand once they get hold of this report. Key players studied in the research report include:

• Intel
• IBM
• NVIDIA
• Samsung
• Microsoft
• Google
• PTC
• Amazon
• Cisco System
• NXP Semiconductors
• Par Technology
• SoftBank
• Ingenico
• Verifone
• First Data
• NCR
• EVRY

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This release was published on openPR.