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 Connected Retail Global Market Report 2024, the connected retail market is expected to show significant growth in the forecast period.

 

The connected retail market has seen tremendous growth in recent years, driven by advances in technology and evolving consumer expectations. This blog explores the market’s recent expansion, future growth potential, and the key trends shaping its trajectory.

Market Growth Overview

Recent Growth

• 2023 Market Size: $36.41 billion
• 2024 Projection: $44.07 billion
• CAGR (2023-2024): 21.0%

Key Drivers:

• Rise of E-commerce: Significant increase in online shopping.
• Enhanced Customer Experience: Focus on providing seamless shopping experiences.
• Demand for Personalization: Consumers’ growing preference for personalized products and services.
• Social Media Influence: Social platforms driving purchase decisions.
• Supply Chain Optimization: Improved logistics and inventory management.
• Emergence of Smart Stores: Integration of technology for smarter retail environments.

Future Growth

• 2028 Projection: $88.17 billion
• CAGR (2024-2028): 18.9%

 

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

 

Key Drivers:

• Contactless Shopping: Growing preference for touch-free transactions.
• Voice Commerce Adoption: Increasing use of voice-activated devices for shopping.
• Sustainability Concerns: Emphasis on eco-friendly products and practices.
• Cross-Channel Integration: Seamless shopping across multiple channels.
• Smart Mirrors and Fitting Rooms: Advanced tech in physical stores for enhanced shopping.

Key Market Trends

Internet of Things (IoT) Integration

• Connecting various devices to improve the shopping experience.

Mobile Commerce and Payments

• Increasing use of mobile devices for shopping and transactions.

Data Analytics and Artificial Intelligence (AI)

• Leveraging data and AI for better customer insights and personalized marketing.

Smart Shelves and RFID Technology

• Real-time inventory tracking and management.

Subscription-Based Models

• Growth of subscription services for regular product deliveries.

Demand from the Food and Beverage Industry

Increasing Demand

• Industry Impact: Food and beverage sector boosting market growth.
• Customer Engagement: Improved interaction and consistent brand experience.
• Example: In 2022, UK food and drink exports increased by 31% from the previous year.
• Industry Revenue: The food and beverages industry accounted for $3.52 billion in turnover, representing 33% of total Scottish manufacturing.

Key Companies:

• Microsoft Corporation
• Zebra Technologies Corporation
• NXP Semiconductors N.V.
• Softweb Solutions Inc.
• Honeywell International Inc.
• Sonata Software Limited
• iVend Retail
• Avanade Inc.
• Fujitsu Limited
• Verizon Enterprise Solutions
• Amazon Inc.
• ARM Holdings PLC.
• Atmel Corporation
• Tata Consultancy Services Limited
• DXC Technology Company

Technological Advancements Enriching the Market

Focus on Innovation

• Example: Instacart’s “connected stores” launched in September 2022, integrating online and in-store experiences.
• Personalization: Enhanced customer personalization through technology integration.

Strategic Acquisitions

• Example: Omnicom Media Group’s acquisition of Outpromo and Global Shopper in July 2023, strengthening e-commerce and retail media presence in Brazil.

Market Segmentation

By Component

• Hardware
• Software
• Services

By Technology

• ZigBee
• NFC (Near Field Communication)
• Bluetooth Low Energy
• Wi-Fi
• Other Technologies

By Application

• Electronics and Appliances
• Home and Personal Care
• Food and Beverage
• Apparel
• Sporting Goods and Toys
• Other Applications

Regional Insights

Largest Market

• 2023: North America

Fastest-Growing Region

• Forecast Period: Asia-Pacific

Conclusion

The connected retail market is experiencing rapid growth, driven by technological advancements and evolving consumer demands. With trends such as IoT integration, mobile commerce, and AI-driven analytics, the market is poised for significant expansion. The food and beverage industry’s increasing demand and strategic acquisitions by key players further underscore the market’s potential. As the retail landscape continues to evolve, connected retail will play a crucial role in shaping the future of shopping experiences worldwide.

 

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

https://www.thebusinessresearchcompany.com/sample_request?id=10236&type=smp

 

The Connected Retail Global Market Report 2024  provides an in-depth analysis on the connected retail market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the connected 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 –

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