Meticulous Research®, a prominent global market research firm, recently released a comprehensive 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’.



According to the study, the smart retail market is expected to expand at a compound annual growth rate (CAGR) of 22.4% from 2023 to 2030, reaching an estimated value of $91.36 billion by the end of the forecast period. The rapid growth of this market can be attributed to increasing consumer demand for personalized experiences and efficient retail operations. The rise in the number of smart stores and the adoption of disruptive technologies, such as artificial intelligence and IoT, are key drivers of this trend. However, challenges such as the reluctance of unorganized retail sectors to embrace advanced technologies may limit growth.



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The report provides an in-depth analysis of the smart retail market, examining it through various lenses, including offering, technology, application, and end user. Furthermore, the competitive landscape is evaluated across different regions and countries.



In terms of offerings, the market is divided into hardware, software & analytics, and services. The hardware segment held the largest market share in 2022, driven by growing demand for IoT-based solutions and the increasing need for secure remote management systems. The ability of hardware to support automatic reordering of low-stock items further bolstered its prominence. On the other hand, the software & analytics segment is projected to witness the highest growth during the forecast period. This surge is linked to the rising adoption of analytics tools as digitization transforms the retail industry.



From a technological standpoint, the market is categorized into IoT, big data analytics, AI, robotics, cloud computing, and others. The IoT segment dominated the market in 2022, largely due to the increasing need for tracking product movements, monitoring locations, and ensuring timely deliveries. However, the AI segment is expected to experience the fastest growth, fueled by rising internet penetration, the proliferation of smart devices, and government efforts to support digitization.



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In terms of application, the market is segmented into customer experience management, supply chain management, store operations, inventory management, and smart payment systems, among others. Store operations accounted for the largest market share in 2022, owing to increased trade volumes and the growing need to control costs and minimize risks. However, the customer experience management segment is poised for the fastest growth as businesses increasingly prioritize understanding consumer behavior and implementing AI, machine learning, and business process automation to personalize customer interactions.

By end user, the market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. Hypermarkets led the market in 2022, driven by the adoption of smart devices like beacons and sensors, which enhance operational efficiency. However, department stores are expected to grow the fastest during the forecast period, owing to their ability to provide a wide range of products and services, all under one roof.



Geographically, the Asia-Pacific region dominated the global smart retail market in 2022, with countries like China and India leading the charge. The region's growth is supported by rising e-commerce activity, increasing disposable income, and the widespread adoption of social media. Government initiatives that encourage foreign investments and promote the use of advanced technologies are expected to drive further expansion in the 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.).

 

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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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