The global smart retail market size is expected to reach USD 227.29 billion by 2030 and grow at a CAGR of 29.1% from 2023 to 2030, according to the recent reports of Grand View Research, Inc.The growth is attributed to the increasing adoption of the latest technologies, such as Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), and the Internet of Things (IoT), to enhance the in-store shopping experience, increasing investments in the retail industry, and growing preference for cashless transactions. Moreover, retailers are increasingly adopting analytical solutions to ensure a competitive edge over their competitors by improving business operations and better understanding their customers. The growing adoption of analytics, which can potentially augment profitability across physical and online stores, is anticipated to drive the growth of the market over the forecast period. The potential use of robots for in-store customer service is also expected to contribute to the market's growth.
The COVID-19 outbreak has significantly affected conventional retail, travel, and manufacturing businesses. However, it has opened new opportunities for healthcare, food delivery, e-commerce, smart retail, and online gaming. On the other hand, the supply chains are in jeopardy and product shortages are becoming evident due to the lockdowns imposed in various parts of the world. As consumers begin to lose trust, companies are finding new ways to cater to the changing customer expectations. Demand for smart retail is experiencing growth owing to lockdowns and social distancing rules by government bodies. Businesses that were earlier using offline retailing are now turning to digital operations. Though the majority of business sectors globally have experienced the negative effects of the pandemic; technologies such as smart retail can bring businesses back on track as it provides better safety and easy purchase for consumers.
The retail industry in North America and Europe is mature and highly competitive while Asia Pacific, Latin America, and the Middle East and Africa have been particularly decisive in driving the growth of the market. Economic growth and growing investments by retailers and international brands have changed the overall retail landscape. The rising customer spending, which accounts for more than two-thirds of the GDP, is especially encouraging for retailers. Additionally, the growing penetration rate of disruptive technologies, such as IoT, AI, VR, and AR, is also playing a niche role in reshaping the retail industry.
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The software segment is anticipated to observe a CAGR of 30.7% during the forecast period. The market for this category is anticipated to develop with the growing adoption of software solutions among supermarkets, convenience stores, hypermarkets, and warehouse stores
The smart payment system segment is anticipated to observe a CAGR of 30.1% during the forecast period. The growing adoption of digital payments and preference among consumers for real-time payment systems is anticipated to boost the demand for the market
Asia Pacific region is expected to grow with the fastest CAGR of 30.7% from 2023 to 2030, owing to the growing digitalization in emerging economies such as India and Australia. The region is also home to many retailers increasingly adopting digital payment solutions to enhance their customer services
Grand View Research has segmented the global smart retail market based on solution, application, and region:
Smart Retail Solution Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Retail Application Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Payment System
Others (Robotics, Analytics)
Smart Retail Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East and Africa
The key players in the Smart Retail Market include
Cisco Systems, Inc.
Honeywell International Inc.
Huawei Technologies Co., Ltd.
Ingenico, Fiserv, Inc.
LG Display Co., Ltd.
PAX Global Technology Limited
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