Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Consumer Goods & Services business-consulting firm, has published a market intelligence and competitive landscape report on the “Smart Retail Market”. The total market opportunity for the Smart Retail Market was USD 24.2 Bn in 2021 and is expected to grow at 21 percent CAGR over the forecast period to reach USD 111.19 Bn by 2029.
| Market Size in 2021 | USD 24.2 Bn |
| Market Size in 2029 | USD 111.19 Bn |
| CAGR | 21 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 260 |
| No. of Tables | 125 |
| No. of Charts and Figures | 117 |
| Segment Covered | Solution, Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Smart Retail Market Scope and Research Methodology
The report offers a comprehensive analysis of the Smart Retail Market. The report include the smart retail market’s drivers, restraints, challenges, opportunities and their impact on the market. The report covers the current trends prevailing in the Smart Retail Market along with estimations about future trends to help understand investors identify investment and opportunities in the Smart Retail Market. The Smart Retail Market report provides an overview of the Smart Retail for stakeholders, investors, market players and followers and new entrants for developing investment strategies and marketing strategies.
The report covers all the aspects of the industry with a dedicated analysis of key players that include market leaders, followers, and new entrants. The Smart Retail Market was analysed by region, revenue, financial status, portfolio, technological advancement, social, social medial presence, and mergers and acquisitions. SWOT analysis was conducted to provide the strengths and weaknesses of the Smart Retail Market and PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Smart Retail Market. Thus the report provides a detailed overview of the Smart Retail Market.
Smart Retail Market Overview
The smart retail refers to the fusion of conventional shopping methods with new smart technologies. By this, the customer can benefit from a more tailored, quicker and smarter experience. It helps retailers keep up with the growing demands of customers given massive promotions and social media marketing by various brands. With the increase of advanced technologies, the number of smart retail is expected to witness growth over the forecast period.
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Increasing Number of Smart Stores is expected to influence the Smart Retail Market growth
A major factor driving the Smart Retail Market growth is the cost-effectiveness offered by it, leading to the increased profitability and enhanced supply chain management. Social media marketing has contributed heavily in attracting the millennial. It has enabled retailers to focus on providing a smooth shopping experience with minimal interference from social media. Such stores are utilizing visual marketing for their products and offerings in the form of product snapshots and videos to engage customers and gain customer attraction on e-commerce websites. Such development by retailers is expected to drive the Smart Retail Market growth over the forecast period.
Rise in the use of digital payment modes such as debit cards, credit cards, prepaid cards, electronic wallets and other digital platforms are expected to witness significant growth of Smart Retail Market over the forecast period.
Digitization in Smart Retail Market is expected to influence the growth of market over the forecast period.
Digitalization benefits retailers in the form of new customers and reduced operational costs, among other benefits. Advances in technology, the advent of innovative sensors, improved connectivity, and availability of seamless communication solutions are expected to help online retail stores in contributing significantly to the growth of the market over the forecast period.
North America region is expected to be the fastest growing Smart Retail Market over the forecast period
North America dominated the market in 2021 holding 36 percent of the market share. The increasing number of supermarkets, department stores, other types of retailers offers point of sale solution, smart cards and self-checkout systems. These factors are driving the growth of the North American Smart Retail Market. European market is also growing at a significant rate with the increase in the chain of supermarkets and hypermarkets.
Asia Pacific have most lucrative opportunities for the growth of the Smart Retail Market. Factors such as increasing investments in smart city development in China & India, large customer base and increasing trend of digitalization are expected to influence the Smart Retail Market growth.
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Smart Retail Market Segmentation
Based on Solution, Hardware segment is expected to dominate the Smart Retail Market growth over the forecast period
The hardware segment held the market share of 64 percent in 2021. With the increasing use of augmented reality (AR) and virtual reality (VR) devices, point of sale (POS) systems, Bluetooth beacons, and radio frequency identification (RFID) systems to provide customers with a seamless shopping experience in the store.
Based on Distribution Channel, Visual Marketing is expected to dominate the Smart Retail Market growth over the forecast period
The visual marketing segment held the market share of 32 percent in 2021. Retailers also consider beautiful storefronts, digital signage, indoor displays, and state-of-the-art lighting visual marketing to be one of the key requirements for smart retail solutions to keep customers interested.
By Solution
- Hardware
- Software
By Distribution Channel
- Visual Marketing
- Smart payments
- Smart label
- Others
Smart Retail Market Key Players include:
- IBM
- Intel Corporation
- Cisco Systems Inc.
- NXP Semiconductors N.V.
- Microsoft
- Huawei Investment & Holding Co. Ltd
- NVIDIA Corporation
- Samsung Electronics
- Google Inc.
- PTC Inc.
- Trigo
- Standard Cognition
- Caper Inc.
- Zippin
- Walmart Inc.
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Albert Heijn BV
- LOTTE
- Estimote Inc.
- AWM SMART SHELF
- Smartcart
- Cozy Infosystems
- Focal Systems Inc.
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Key questions answered in the Smart Retail Market are:
- What is Smart Retail?
- What was the Smart Retail Market size in 2021?
- What is the forecast period of Smart Retail Market?
- What will be the Smart Retail Market size by 2029?
- What is the growth rate of the Smart Retail Market?
- Which factors are expected to influence the Smart Retail Market growth?
- What factors are expected to hamper the Smart Retail Market growth?
- Which segment dominated the Smart Retail Market growth?
- What is the demand pattern for the Smart Retail Market?
- Which region held the largest share in the Smart Retail Market?
- Who are the key players in the Smart Retail Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Solution, Distribution Channel
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
