Smart Retail Market Procurement Intelligence, Best Practices, Engagement Model, Analysis Report

Market Values:

The global Smart Retail Market was valued at US$ 29.27 billion in 2022 and is projected to reach US$ 111.19 billion by 2029, with a CAGR of 21% throughout the forecast period.

Smart Retail Market Overview:

Smart retail refers to the integration of big data analytics and the internet of things (IoT) for retail purposes, aimed at enhancing customer shopping experiences. This market segment encompasses a range of technologies and solutions tailored to facilitate faster, more efficient, and more informed shopping experiences.

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Market Dynamics:

Smart retail offers cost-effective and profitable solutions for both consumers and retailers, driven by improved supply chain management and enhanced customer experiences. Factors such as contactless operations, social distancing measures, and the demand for alternative retail solutions are propelling the growth of the smart retail market.

The adoption of IoT technology in the retail industry is revolutionizing operations, enabling retailers to improve customer experiences and enhance loyalty through various applications such as energy management, anti-theft measures, in-store navigation, and customer loyalty programs.

However, challenges such as the lack of commercial resources to fund advanced business platforms and the need for increased regulation in the industry to drive digitization and improve competitiveness are hindering market growth. Additionally, the lack of user knowledge and awareness regarding smart retail poses a challenge to widespread adoption.

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Regional Insights:

North America: Dominated the market in 2022, with a significant share attributed to the increasing adoption of smart retail solutions by supermarkets, hypermarkets, and department stores. The region is witnessing a surge in point-of-sale solutions, automated storage systems, smart cards, electronic shelf labels, and self-checkout systems.
Asia-Pacific: Expected to exhibit substantial growth through the forecast period, driven by the deployment of smart retail solutions in countries like Japan and China, including robots, purchasing guide robots, big data analytics, and intelligent dressing mirrors.

Segmentation

by Solution

Hardware
Software

According to Solution, with a 64% market share in 2022, the hardware category led the industry. In order to give customers a seamless in-store purchasing experience, augmented reality (AR) and virtual reality (VR) devices, point of sale (POS) systems, Bluetooth beacons, and radio frequency identification (RFID) systems are being used more and more. Throughout the forecast period, these factors are propelling the market's expansion.

Over the course of the projection period, the software segment is anticipated to increase at a CAGR of 26.3%. In order to enhance consumer loyalty and the shopping experience, more and more merchants worldwide are implementing analytics software to comprehend the unique requirements and behaviors of end users. Over the course of the forecast period, these factors are anticipated to propel the expansion of the smart retail market.

by Distribution Channel

Visual Marketing
Smart payments
Smart label
Others

Distributed by Chanel With a 32% market share in 2022, the visual marketing category led the industry. In order to maintain client attention, retailers view attractive storefronts, digital signage, indoor displays, and cutting-edge lighting and visual marketing as essential components of smart retail solutions. Attracting millennials has benefited greatly from social media marketing. It enables merchants to concentrate on offering a seamless buying encounter with the least amount of disturbance to social media.

The market segment's expansion is being propelled by these factors.Over the course of the projection period, the Smart Payment Systems segment is anticipated to rise at a CAGR of 4%. efforts to promote digital payments and the expanding demand for better customer service. Cashless transactions have significantly expanded, which has raised the need for mobile payment apps, electronic payment systems, point-of-sale systems, and other payment systems. Over the course of the forecast period, these variables are anticipated to propel the segment's market growth.

by Application

Foot-traffic Monitoring
Inventory Management
Loyalty Management and Payment
Predictive Equipment Maintenance

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Key Players

1. IBM
2. Intel Corporation
3. Cisco Systems Inc.
4. NXP Semiconductors N.V.
5. Microsoft
6. Huawei Investment & Holding Co. Ltd
7. NVIDIA Corporation
8. Samsung Electronics
9. Google Inc.
10. PTC Inc.
11. Trigo
12. Standard Cognition
13. Caper Inc.
14. Zippin
15. Walmart Inc.
16. Alibaba Group Holding Limited
17. Amazon.com Inc.
18. Albert Heijn BV
19. LOTTE
20. Estimote Inc.
21. AWM SMART SHELF
22. Smartcart
23. Cozy Infosystems
24. Focal Systems Inc.

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Table of Content: Smart Retail Market

Part 01: Executive Summary

Part 02: Scope of the Smart Retail Market Report

Part 03: Global Smart Retail Market Landscape

Part 04: Global Smart Retail Market Sizing

Part 05: Global Smart Retail Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Key Offerings:

A detailed Market Overview
Market Share, Size & Forecast by Revenue
Market Dynamics - Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation - A detailed analysis of segments and sub-segments
Competitive Landscape - Top Key Vendors and Other Prominent Vendors

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