The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increasing use of robots and automation are expected to drive innovation in smart retail manufacturing, thus driving the market during the forecast period.

The global smart retail market is expected to grow from $34.73 billion in 2022 to $43.73 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. The smart retail market size is expected to grow to $108.37 billion in 2027 at a CAGR of 25.5%.

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Global Smart Retail Market Segments Include:

• By System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
• By Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
• By Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global smart retail market in 2021.

Major Market Players in the smart retail market include Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics, Verifone Systems, IBM Corporation.

Technological advancement is a key trend gaining popularity in the smart retail market. Major companies operating in the smart retail market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Amazon Inc., an American multinational e-commerce company, launched just Walk out technology for Amazon Fresh grocery store. Customers are given the option to use Just Walk Out shopping or the standard checkout lines at the store’s entry gates. Customers who choose Just Walk Out shopping have three options for entering the store, they can input a credit or debit card connected to their Amazon account, scan a QR code with their Amazon app, or use Amazon One to scan their palm. Once inside, visitors can shop as they normally would. When they remove an item from the shelf, it is immediately added to their virtual cart, and when they return it, it is taken out. When finished shopping, customers who use the Just Walk Out service simply scan or re-insert their admittance method to exit.

The Smart Retail Global Market Report 2023  provides a smart retail market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart retail market forecast analyzes smart retail market size, smart retail market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Smart retail refers to the use of intelligent technologies in commerce to offer consumers a better, faster, safer, and more convenient purchase experience. It applies new technologies to digitally enhance traditional shopping for customers and businesses.

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