Top Growth Trends in the Smart Retail Market: Key Insights and Opportunities for 2025-2034
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How Does the Projected Growth of the Smart Retail Market Compare Over the Forecast Period?
The scale of the smart retail market has seen exponential expansion in the past few years. The market size is forecasted to surge from $54.56 billion in 2024 to $67.73 billion in 2025, equating to a compound annual growth rate (CAGR) of 24.1%. This significant increase during the historical period can be linked to the demand from consumers, data analytics, and mobile connectivity.
Predictions indicate a significant surge in the smart retail market size in the coming years, ballooning to $162.71 billion by 2029 with a compound annual growth rate (CAGR) of 24.5%. This predicted growth during the forecast period can be accredited to several factors such as the implementation of 5G, the rise in contactless solutions, and initiatives for sustainability. During this forecast period, several trends are expected to emerge, including the use of augmented reality (AR) and virtual reality (VR), advances in technology, wider use of Internet of Things (IoT), increased emphasis on localization and personalization, the application of blockchain for a transparent supply chain, and multi-channel retailing.
What Key Drivers Are Accelerating the Growth of the smart retail Market During the Forecast Period?
Advancements in robotics and automation are anticipated to spur the growth of the smart retail market. Automation involves using autonomous devices, software, and other advanced technology to perform tasks traditionally done by humans. Robotics involves creating and employing machines to execute tasks. By automating processes related to alerts and real-time monitoring of customer perceptions, robots and automation enhance cooperation among R&D, manufacturing, and marketing divisions. Providing consumers with extraordinary shopping convenience, robots and automation stimulate demand in the smart retail market. For example, as per a report by the International Federation of Robotics in October 2022, there were 517,385 industrial robots being used globally in industries, representing a 31% annual increase. Therefore, the escalating use of robots and automation is fuelling the smart retail market’s growth.
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Who Are the Key Players Steering the Development of the Smart Retail Market?
Major companies operating in the smart retail market include:
• Honeywell International Inc._x000D_
• Huawei Technologies Co. Ltd._x000D_
• LG Display Co. Ltd._x000D_
• Intel Corporation_x000D_
• Samsung Electronics Co. Ltd._x000D_
How Are Consumer Trends Shaping the Current and Future Landscape of the Smart Retail Market?
The surge in technological developments is a primary trend that is gaining traction in the smart retail sector. The primary businesses active in this sector are concentrating on the creation of innovative technological solutions to secure their market position. For example, Singtel, a Singapore-based telecommunications firm, introduced Singapore’s first 5G-powered smart retail showcase in February 2023. This first-of-its-kind initiative uses 5G technology to improve the retail encounter for customers and businesses. This launch is part of Singapore’s strategy to revamp its retail industry through digitalization and cutting-edge technology, exhibiting the potentials of 5G in providing engaging and interactive shopping ventures.
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What Are the Major Segments of the Smart Retail Market and Their Role in Driving Growth?
The smart retail market covered in this report is segmented –
1) By System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
2) By Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
3) By Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications
Subsegments:
1) By Digital Signage Solutions: LED Displays, Interactive Kiosks, Video Walls, Digital Menu Boards
2) By Smart Labels: Electronic Shelf Labels (ESLs), RFID Labels, QR Code Labels
3) By Smart Payment Systems: Mobile Payment Solutions, Contactless Payment Systems, Point Of Sale (POS) Systems, Cryptocurrency Payment Solutions
4) By Intelligent Vending Machines: Smart Snack Vending Machines, Beverage Vending Machines, Inventory Management Systems For Vending
5) By Augmented Reality Solutions: AR Applications For Product Visualization, AR marketing Campaigns, Virtual Try-On Solutions
6) By Virtual Reality Solutions: VR Shopping Experiences, Virtual Store Tours, Immersive Brand Experiences
7) By Other Systems: Customer Analytics Platforms, Inventory Management Systems, Supply Chain Management Solutions
Which Geographical Regions Are Shaping the Smart Retail Market Growth?
North America was the largest region in the smart retail market in 2024.Asia-Pacific is expected to be the fastest-growing region in the smart retail market share during the forecast period. The regions covered in the smart retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Are the Defining Aspects of the Smart Retail Market Landscape?
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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