Smart Retail Market: Expected to Reach USD 105.27 Billion by 2029 with a 20.36% CAGR
According to a Report by Exactitude Consultancy, top companies covered include: IBM, Intel Corporation, Cisco Systems Inc., Microsoft
LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire.com/ -- ๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฌ๐ฆ๐๐ซ๐ญ ๐ซ๐๐ญ๐๐ข๐ฅ1 ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ ๐๐๐ ๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐, ๐๐ง๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก ๐๐๐ ๐๐๐.๐๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ฐ๐ข๐ญ๐ก ๐ ๐๐๐๐ ๐จ๐ ๐๐.๐๐% ๐๐ซ๐จ๐ฆ ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.
The market for smart retail around the globe is growing rapidly primarily due to what can be referred to as the continuous advancement of new technologies in the sphere of retail. Some of these factors include; the ever increasing consumer expectations for improved customer satisfaction, which may be through IoT, AI and RFID. Ongoing innovative smart technologies consequently act to influence consumer behavior and preferences by helping retailers to improve operation flexibility and to offer more satisfying shopping experiences. It also has its own share of challenges that involves high costs to start the implementation process, issues that are related to the aspect of data privacy, and the need for highly qualified workforce. This is compounded by the fact that most of the smart technologies were developed independently to solve specific problems and therefore are not easily compatible.
๐๐๐๐๐ฌ๐ฌ ๐ฒ๐จ๐ฎ๐ซ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ฌ๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ญ๐จ๐๐๐ฒ@:
https://exactitudeconsultancy.com/reports/15224/smart-retail-market/#request-a-sample
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ ๐๐๐ญ๐จ๐ซ๐ฌ
๐๐ก๐๐ซ๐ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐๐๐๐ข๐ฅ๐ฒ ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ง๐ ๐๐จ๐ง๐ฌ๐ญ๐๐ง๐ญ ๐ฎ๐ฌ๐๐ ๐ ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ ๐ญ๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ.
There may also be room for smart retail to expand because of such developments in digital and internet technologies that also enable the merchants to merchandise their wares, manage their businesses, and organize the value chains. This market is growing swiftly because of the increasing application of IoT technology in objectives like modifying the skills of workers, smart retail, smart retail and connected retail services. In the next years, the elements of the market are expected to contribute to this market growth.
๐๐ง ๐๐ฏ๐๐ซ-๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐ฉ๐จ๐ข๐ง๐ญ ๐จ๐ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ ๐ซ๐๐ ๐๐ซ๐๐ข๐ง๐ ๐ฌ๐ฆ๐๐ซ๐ญ ๐ฌ๐ญ๐จ๐ซ๐๐ฌ
Retail being the frontline in the consumer world is undergoing change due to the integration of advanced technologies such as artificial intelligence, machine learning and IoT. They also foster elegant flow that ensures that any immersion process, as well as the search for right and relevant options on an individual basis is as fast as needed. The application of mechanical parts in smart shops involves recognition of the customers, data belonging to the products, selection of products, navigation within the shops and even the check out processes. Such developments also help in the growth of the smart retail business together with the growing demand for in-store experiences.
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
In this section, we assess the competitive landscape of the Smart Retail Market, focusing on key players.
IBM, Intel Corporation, Cisco Systems Inc., Microsoft, Huawei Investment & Holding Co. Ltd, Samsung Electronics, Google Inc., Trigo, Standard Cognition Walmart Inc., Alibaba Group Holding Limited, Amazon.com Inc., Smartcart.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐๐๐๐ง๐ญ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ:
EW York and ecommerce compan, Instacart in ๐๐๐ซ๐๐ก ๐๐๐๐ further deepened their cooperation to enable more grocers in the AWG to adopt ecommerce solutions and smart carts known as Caper Carts.
Rewe Ready was to be opened in ๐ ๐๐๐ซ๐ฎ๐๐ซ๐ฒ ๐๐๐๐ at a shop of the REWE Group located at the EnBW Hypernetz EV Charging Hub in Lichtenau, Chemnitz Germany. It will offer consumer the blend of the computer vision cameras with sensor fusion which makes the shopping more unique and smooth. The company will also provide time to market advantage, as well as the solutions will be easy to implement; thus, smart fridges will be on plug and play devices.
In ๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐๐๐๐, omnichannel PayTech specialist Secure Retail said it will acquire UK-based payments acceptance software company Smart Technology Solutions (STS).
๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ @:
https://exactitudeconsultancy.com/reports/15224/smart-retail-market/
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
Smart Retail Market can be divided into hardware and software solution for the system which is necessary for the development of smart retail technologies. Some of the hardware options include sensors, RFID tags, smart shelves and beacons-which are already implemented to improve experience and operations in the store environment. The software sector includes analytical tools, cloud services, and artificial intelligence tools that apply to store management and consumersโ relations as well as to sales promotion. Over the years 2020 to 2029 the proportion in hardware segment is expected to remain consistent due to increasing spendings on the infrastructure by the retailers. However, the software segment is expected to proliferate at a faster rate, owing to the growing demand for higher levels of analytics, betterment in data management, and real-time customer information, which forms the major driving factor for the market during this period.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐๐๐ซ๐ข๐ง๐
The value added by the players in the Smart Retail Market is segmented by offering, where apparel and accessories, fast-moving consumer goods (FMCG), hardlines and leisure goods, and others cater to the segment in the retail. A major growth is expected in the apparel and accessories category due to smart mirror, virtual fitting rooms and personal shopping experience, which appeals to new technological users. FMCG segment will remain the market leader as most of the products have a short shelf life and the usage of the self-checkout kiosks and smart shelves for inventory management will also rise. Televisions and home appliances, as well as leisure products such as home electronics and improvement goods will also get catches from smart retail technology with customer contact and operational efficiencies. The โOthersโ segment covering broad range of products such as beauty and personal care items is forecasted to have a growth as various retailers across all sectors adopt smart solutions due to changing consumer requirements.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
Based on the application, the Smart Retail Market has been categorized into visual marketing, smart label, smart payment system, robotics, and others. As a result of the increase in demand for attractive and appealing advertisements and commercials, visual merchandising such as digital signages and digital interfaces are expected to rise in the future. RFID and NFC are the most popular smart labels for constantly monitoring inventories and guaranteeing productsโ availability for improving supply chain operations. Greater efficiency and security in these payments are fundamental drivers in Smart payment systems will therefore increase due to the increased adoption of contactless payments and digital wallets. The segments such as the robotics of self-serving service robots and automated checkouts are expected to be the major growth areas in retail store making operations and customer service better. The โOthersโ segment encompasses quite a range of other bespoke applications like the smart fitting rooms and augmented reality which are steadily finding their place.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐ง๐ ๐๐ฌ๐๐ซ
Sliced and diced basis is also based on the end consumer types which includes supermarkets and hypermarkets, specialistsโ retailers, departmental stores, and others. Supermarkets and hyper markets are expected to dominate the market due to the availability of a wide product range and large base of customers who are likely to compel the organizations to seek for effective supply chain management and customer relationship management solutions. More and more specialty stores, which target specific categories of products, including electronics, apparels or health and beauty products, are integrating smart retail concepts and tools into their stores as response to high competition. Aomi believes that large format stores selling almost everything are likely to incorporate smart solutions to help determine the best store layout and carry out market segmentation. Another subcategory under โOther End Users,โ which comprises convenience stores, online retailers with physical stores, and pop-up stores, will also increase because such businesses integrally adopt smart retail technologies to improve efficiency and customer experience.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐
North America is expected to occupy a large portion of the overall share because of the well-developed technology framework, higher smart retail penetration, and major stakeholders in the regionโs retail industry. The region has been quite vibrant in the development of technology that would improve on the customer touch points and retail environment. North Americaโs market is characterized by strong commitment to R&D, broad retail infrastructure, and a technologically literate customer base, and is all for that a central region for further advancement in smart retail strategies and practices.
๐๐ฌ๐ข๐ ๐๐๐๐ข๐๐ข๐
Different factors have led to the increase of smart retail in Asia Pacific as explained next. The region has a big number of consumers, higher per capita income, and growing urbanization that has resulted in more consumers demanding better shopping environments. Furthermore, all the four countries โ China, Japan, South Korea, and India โ are representing the most innovation and digital trends in the retail business. Factors such as observed expanded e-commerce market and a higher distribution of smartphone and internet connection are therefore credited for smart retail solution in Asia Pacific. Due to constant advancements and investment across the region, this Asia Pacific smart retail market is predicted to grow significantly in the next few years.
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
In this section, we provide a breakdown of the Smart Retail Market into segments based on different criteria, including the type of analysis, industry verticals, and geographic regions.
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
Hardware
Software
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐๐๐ซ๐ข๐ง๐
Apparel And Accessories
Fast-Moving Consumer Goods
Hardlines And Leisure Goods
Others
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
Visual Marketing
Smart Label
Smart Payment System
Robotics
Others
๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐ฒ ๐๐ง๐ ๐๐ฌ๐๐ซ
Supermarkets
Hypermarkets
Specialty Stores
Department Stores
Other End Users
๐๐๐ฒ ๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐๐ฆ๐๐ซ๐ญ ๐๐๐ญ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ:
What is the present Smart Retail market size in terms of revenue and volume, and how much growth is expected during the forecast period?
Which are the key developments that are anticipated to stimulate Smart Retail market trends?
Which factors will trigger product demand and how much product consumption is estimated?
What are the upcoming business opportunities and restraints?
Which region will dominate the global Smart Retail market share?
๐๐จ๐ฉ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
๐๐จ๐ฅ๐๐๐ซ๐ข๐ง๐ ๐๐จ๐จ๐ฅ๐ฌ & ๐๐๐๐๐ฌ๐ฌ๐จ๐ซ๐ข๐๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global Soldering Tools & Accessories market size is projected to grow from USD 380.64 million in 2023 to USD 500.9 million by 2030, exhibiting a CAGR of 4% during the forecast period.
https://exactitudeconsultancy.com/reports/35829/soldering-tools-accessories-market/
๐๐ฅ๐จ๐ฎ๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ ๐๐๐ซ๐ค๐๐ญ
The Cloud Security Market Is Expected To Grow At 17 % CAGR From 2024 to 2030. It Is Expected To Reach Above USD 87.82 Billion By 2030 From USD 21.69 Billion In 2020.
https://exactitudeconsultancy.com/reports/14535/cloud-security-market/
๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ ๐๐๐ฅ๐ฅ๐ง๐๐ฌ๐ฌ ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global corporate wellness solutions market is expected to grow at 9.00% CAGR from 2024 to 2030. It is expected to reach above 120.32 USD billion by 2029 from 57.09 USD billion in 2020.
https://exactitudeconsultancy.com/reports/7819/corporate-wellness-solutions-market/
๐๐๐๐ข๐จ ๐๐๐๐๐ฌ๐ฌ ๐๐๐ญ๐ฐ๐จ๐ซ๐ค ๐๐๐ซ๐ค๐๐ญ
The radio access network market is expected to grow at 8.44% CAGR from 2023 to 2029. It is expected to reach above USD 22.45 billion by 2029 from USD 11.74 billion in 2020.
https://exactitudeconsultancy.com/reports/19623/radio-access-network-market/
๐๐ฅ๐๐๐๐ข๐ง๐ ๐๐ฒ๐ฌ๐ญ๐๐ฆ๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global cladding systems market is expected to grow at a 5.6% CAGR from 2024 to 2030. It is expected to reach above USD 362 billion by 2030 from USD 221.28 billion in 2020.
https://exactitudeconsultancy.com/reports/5862/cladding-systems-market/
๐๐ซ๐ซ๐ข๐ ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐ซ๐จ๐ฅ๐ฅ๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global irrigation controllers market size was valued at USD 1.26 billion in 2020, and projected to reach USD 4.31 billion by 2029, with a CAGR of 14.64% from 2024 to 2030.
https://exactitudeconsultancy.com/reports/21496/irrigation-controllers-market/
๐๐จ๐ฅ๐ฒ๐๐๐ซ๐๐จ๐ง๐๐ญ๐ ๐๐ก๐๐๐ญ๐ฌ ๐๐๐ซ๐ค๐๐ญ
The global Polycarbonate Sheets Market is expected to grow at more than 5.1% CAGR from 2024 to 2030. It is expected to reach above USD 4.2 billion by 2030 from USD 1.25 billion in 2020.
https://exactitudeconsultancy.com/reports/2879/polycarbonate-sheets-market/
๐๐จ๐ง ๐๐ฆ๐ฉ๐ฅ๐๐ง๐ญ๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The global Ion Implanter market is anticipated to grow from USD 1 Billion in 2023 to USD 1.3 Billion by 2030, at a CAGR of 3 % during the forecast period.
https://exactitudeconsultancy.com/reports/34987/ion-implanter-market/
๐๐ฑ๐ฒ๐ ๐๐ง ๐๐๐ซ๐ซ๐ข๐๐ซ ๐ ๐ข๐ฅ๐ฆ๐ฌ ๐๐ง๐ ๐๐จ๐๐ญ๐ข๐ง๐ ๐ฌ ๐๐จ๐ซ ๐๐ซ๐ฒ ๐ ๐จ๐จ๐ ๐๐๐ซ๐ค๐๐ญ
Oxygen Barrier Films and Coatings for Dry Food market size was worth USD 1059.15 million in 2020 and will witness over 5.7% CAGR up to USD 1744.34 million in 2030.
๐๐จ๐จ๐ซ ๐๐ก๐จ๐ง๐ ๐๐๐ซ๐ค๐๐ญ
The global Doorphone market is anticipated to grow from USD 4.98 Billion in 2023 to USD 9.70 Billion by 2030, at a CAGR of 10 % during the forecast period.
https://exactitudeconsultancy.com/reports/37037/door-phone-market/
๐พ๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐บ๐๐๐๐ ๐น๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐:
https://exactitudeconsultancy.com/primary-research/
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๐จ๐๐๐๐ ๐ผ๐:
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1 https://exactitudeconsultancy.com/reports/15224/smart-retail-market/