5 Key Takeaways From The Smart Retail Market Report 2024

February 20, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Smart Retail Global Market Report 2024, the smart retail market is expected to show significant growth in the forecast period.

A Booming Market Landscape

The smart retail market has witnessed exponential growth in recent years, marked by significant milestones:

Market size surged from $44.09 billion in 2023 to $55.44 billion in 2024.
Compound Annual Growth Rate (CAGR) stands at an impressive 25.7%.
Forecast projects a remarkable leap to $143.36 billion by 2028, boasting a 26.8% CAGR.

Driving Forces Behind the Growth

Robots And Automation Drive Smart Retail Market Growth The adoption of robots and automation reshapes the smart retail landscape:

Automation streamlines processes across R&D, manufacturing, and marketing departments.
Increased collaboration and real-time monitoring enhance customer experience.
The International Federation of Robotics reports a significant surge in industrial robot usage, indicating growing demand.
Key players driving innovation include Honeywell International Inc., Huawei Technologies Co. Ltd., and Amazon.com Inc.

Technological Advancements Fueling Innovation

Technological breakthroughs serve as catalysts for innovation in the smart retail sector:

Amazon Inc. introduces Just Walk Out technology, revolutionizing the grocery shopping experience.
Instacart’s acquisition of Caper AI expands its retailer enablement platform, bridging in-store and online shopping experiences.
Advancements focus on enhancing customer convenience and operational efficiency.

Segmentation and Regional Insights

The smart retail market is segmented based on system, technology, and application:

System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications

North America emerged as the largest region in 2023, with Asia-Pacific poised for rapid growth in the forecast period.

Embracing Future Trends

Augmented Reality (AR) and Virtual Reality (VR): Transforming the shopping experience with immersive technologies.
Expanded Use of Internet of Things (IoT): Enhancing connectivity and data-driven decision-making.
Localization and Personalization: Tailoring experiences to individual preferences and behaviors.
Blockchain for Supply Chain Transparency: Ensuring traceability and authenticity of products.
Multi-Channel Retailing: Seamlessly integrating online and offline shopping channels.

View More On The Smart Retail Market Report 2024 – https://www.thebusinessresearchcompany.com/report/smart-retail-global-market-report

Request A Sample Of The Global Smart Retail Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=7836&type=smp

The Smart Retail Global Market Report 2024 provides an in-depth analysis on the smart retail market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the smart retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Retail Global Market Report 2024

Retail Sourcing And Procurement Global Market Report 2024

Retail Ready Packaging Global Market Report 2024

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