Meticulous Research®, a key player in global market research, has published its latest report, titled, ‘Smart Retail Market by Offering (Hardware, Software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores), and Geography – Global Forecast to 2030’.
The smart retail market is forecasted to grow at a remarkable CAGR of 22.4% from 2023 to 2030, reaching $91.36 billion by 2030. Factors such as the increasing importance of enhancing customer experience and streamlining retail operations, combined with the growing number of smart stores, are major contributors to this growth. The adoption of disruptive technologies and the need to counter rising instances of shoplifting further fuel the market’s expansion. Nonetheless, the unorganized retail sector’s hesitancy to embrace technological advancements poses a challenge to the market’s full potential.
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The report segments the market into offerings, technology, applications, and end users, while also evaluating the competitive landscape across various regions and countries.
In 2022, the hardware segment commanded the largest share of the smart retail market, driven by the rising implementation of IoT for various applications, such as remote management and re-ordering low-stock items. Despite hardware’s dominance, the software & analytics segment is expected to grow at the fastest rate during the forecast period due to the increasing integration of analytics in retail for enhancing digitization efforts.
From a technological perspective, the IoT segment held the largest share of the market in 2022, supported by retailers’ growing need for tracking, monitoring, and predicting product delivery. However, AI is projected to exhibit the highest CAGR due to the surge in internet usage and the proliferation of smart devices, alongside government-backed digitization initiatives.
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Applications in the smart retail market range from customer experience management to supply chain management and inventory control. The store operations segment led the market in 2022, driven by the need to handle larger trade volumes efficiently and reduce operational risks. Conversely, customer experience management is set to experience the fastest growth as retailers strive to better understand consumer behavior and utilize advanced technologies like AI and machine learning to improve personalized services.
In the end user category, hypermarkets held the largest market share in 2022, as they adopted smart devices such as beacons and sensors to optimize store efficiency. However, department stores are poised to grow at the fastest rate, offering consumers added convenience and services alongside a wide product range.
Regionally, Asia-Pacific captured the largest market share in 2022, buoyed by growing e-commerce sectors in China and India, rising disposable incomes, and greater social media adoption. Government policies supporting high-tech retail solutions and foreign investment will continue to drive the market in this region.
Key Players:
The key players operating in the smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).
Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/smart-retail-market-5428
Key questions answered in the report-
- Which are the high-growth market segments based on offering, technology, application, and end user?
- What was the historical market for smart retail?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the smart retail market?
- Who are the major players, and what shares do they hold in the smart retail market?
- How is the competitive landscape in the smart retail market?
- What are the recent developments in the smart retail market?
- What are the different strategies adopted by the major players in the smart retail market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global smart retail market, and how do they compete with the other players?
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