The Global Smart Retail Market size is expected to reach $201.6 billion by 2030, rising at a market growth of 27.8% CAGR during the forecast period
Reportlinker.com has announced the availability of a new report titled "Global Smart Retail Market Size, Share & Industry Trends Analysis Report By Application, By Solution, By Regional Outlook and Forecast, 2023 - 2030." The report predicts that Smart Payment System will hold a quarter of the market share by 2030. The use of digital payments has become increasingly popular, while traditional paper-based methods like demand drafts and checks have seen a significant decline. A World Bank study showed that in 2021, 76% of people worldwide had accounts with banks, financial institutions, or mobile money providers, compared to 68% in 2017 and 51% in 2011. Additionally, two-thirds of individuals globally currently use digital payments, with developing countries accounting for a growing portion, increasing from 35% in 2014 to 57% in 2021.
Market players are implementing acquisitions as their primary approach to adapt to the evolving needs of customers. For example, in May 2023, IBM Corporation acquired Polar Security to enhance its abilities in AI and hybrid cloud. Furthermore, in March 2021, Amazon.com, Inc. purchased Perpule, a retail startup located in Bengaluru, India. This acquisition equips Amazon with Perpule's point-of-sale solutions, enabling improved services for its Indian clientele.
According to the assessment shown in the KBV Cardinal matrix, Google LLC is leading the way in the Market. Cisco Systems, Inc, Intel Corporation, Honeywell International, Inc. are among the main pioneers in the Market. In July 2021, Cisco Systems, Inc acquired Socio Labs, Inc, which enhances Cisco's Webex event management offerings and enables the company to better serve its event organizer clients.
The growing acceptance of IoT technology
The progress in digital and internet technology paves the way for the potential growth of smart retail. This also aids merchants in presenting their products, improving their operations, and organizing their value chains. The market is swiftly expanding due to the increased utilization of Internet of Things (IoT) technology for a multitude of functions, such as enhancing worker skills, incorporating automated smart retail, and connecting retail services. These factors are anticipated to contribute to the market's expansion in the upcoming years.
The increasing quantity of intelligent shops
The retail industry is going through a significant change due to the emergence of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT). These cutting-edge innovations are enabling seamless and engaging experiences while also providing quick access to personalized choices. Intelligent stores utilize mechanical elements to improve customer satisfaction, including features like customer recognition, product information, product selection, in-store guidance, and self-service payment. The rise of smart retail is being driven by these advancements, as well as the growing demand from customers for immersive and enjoyable in-store shopping experiences.
Rising expenses of upkeeping luxury gadgets
Smart retail technology offers a great return on investment as it requires a significant initial investment for extended periods of time. Consequently, retailers with limited resources are taking longer to implement comprehensive smart solutions, which will hinder the growth of the smart retail market. Additionally, disorganized stores may deem the installation of an electronic shelf label (ESL) system as overly expensive. As a smart retail business expands, more shelves need to be installed, with each one requiring its own ESL tag. This causes the installation costs for each electronic shelf to increase, restricting the ability of merchants to implement the system and delaying the sales of smart retail devices. Ultimately, this decrease in smart retail equipment sales will impede the expansion of the smart retail industry.
The market is categorized into two main parts: hardware and software. In 2022, the software section made a large portion of the market's revenue. A major factor contributing to the market's growth is the increasing adoption of analytics software by retailers worldwide. This enables them to understand the specific needs and behavior of their customers, leading to improved customer engagement and shopping experience. This presents promising opportunities for analytics in the field of smart commerce.
In terms of usage, the industry is divided into visual advertising, advanced payment systems, advanced technologies, intelligent tags, and other categories. In 2022, the visual advertising category captured the majority of the market's earnings. A significant factor for a successful smart retail solution to draw in customers is the utilization of appealing store fronts, captivating interior displays, digital signs, and contemporary lighting. Retailers are now able to focus on providing a smooth shopping experience without distractions from social media. These factors combined are responsible for the growth of the market.
In terms of geographical divisions, the market is examined in North America, Europe, Asia Pacific, and LAMEA. The North America region emerged as the top revenue generator in 2022 and is expected to maintain its dominance in the market throughout the forecast period. The utilization of digital technology in various sectors has led to a restructuring of the US economy. Additionally, the retail industry has experienced a significant boost in digital transformation due to the impact of the post-pandemic situation.
The market research report provides an examination of important individuals and organizations involved in the market. Prominent companies featured in the report comprise Amazon.com, Inc., Cisco Systems, Inc, Google LLC (Alphabet Inc.), Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, NCR Corporation, NVIDIA Corporation, Intel Corporation, and NXP Semiconductors N.V.
New Tactics Utilized in the Smart Retail Industry
Teaming up, working together, and making deals:
In May 2023, Google Cloud, a platform provided by Google LLC, established a collaboration with Tata Consultancy Services, a multinational corporation headquartered in India, with the aim of creating and delivering business solutions. This partnership enables both companies to enhance customer experience by offering a wide range of innovative AI solutions.
In May 2023, NVIDIA Corporation joined forces with ServiceNow, a US-based software company, to offer enhanced workflow automation abilities. This collaboration enables NVIDIA to effectively cater to its IT clientele by delivering innovative AI solutions.
In March 2022, NCR Corporation formed a collaboration with Stratacache, a provider of digital signage solutions. This partnership enables NCR to enhance its customer service by offering innovative solutions for restaurant management.
In June 2021, Amazon Web Services, a company owned by Amazon.com, Inc., extended its collaboration with Salesforce, a software firm based in the United States. The aim of this partnership is to create innovative solutions for digital conversion. Through this alliance, Amazon aims to enhance customer satisfaction by offering tools that simplify the development of business-oriented applications.
Introduction of New Products and Expansion of Existing Product Lines.
In November 2022, Honeywell International, Inc. revealed the introduction of Honeywell Smart Pay, an innovative software solution employed by businesses for receiving contactless payments from any place. This intelligent payment system incorporates cutting-edge anti-tampering technology and a sophisticated secure code to ensure transactions are conducted securely.
In November 2022, IBM Corporation launched IBM Business Analytics Enterprise, a bundle of services for examining data sources within a company. IBM Business Analytics Enterprise includes IBM Analytics Content Hub for organizing and analyzing data, as well as smart algorithms that deliver tailored content to assist in making informed choices based on different roles.
In May 2022, Amazon.com introduced Smart Commerce, an innovative solution designed to enhance the in-store shopping experience for customers and upgrade store layouts. Smart Commerce includes various features such as digital inventory control, automated billing, and an integrated shopping experience through Voice and Chat.
In February 2022, Cisco Systems, Inc launched some fresh products that aim to help businesses in their digital transformation. These innovative solutions consist of Wi-Fi 6E, which boosts high-speed internet performance, Cisco Private 5G, a 5G service that enables hybridized services, and Catalyst 9000X Switches, which facilitate ultra-fast network access for hybrid work environments.
January 2022: Cisco Systems, Inc unveiled the Catalyst IE9300. This cutting-edge switching solution is designed for protecting network security at the enterprise level. The product boasts superior performance, the ability to identify endpoints, and state-of-the-art zero trust security measures.
In May 2023, IBM Corporation acquired Polar Security, a company that offers solutions for protecting data stored in the cloud. This purchase enhances IBM's abilities in artificial intelligence and the combination of different types of clouds.
In July 2022, IBM Corporation finalized the purchase of Databand.ai, a provider of solutions for monitoring and analyzing data. This business acquisition enhances IBM's potential in artificial intelligence and data, enabling them to deliver improved services to their customers.
July 2021 marked the acquisition of Socio Labs, Inc., an event platform situated in the United States, by Cisco Systems, Inc. This move enhances Cisco's Webex event management collection and enables the company to provide an improved service to its event organizer clientele.
In June 2021, Cisco Systems, Inc revealed its plans to purchase Sedona Systems, a company that offers network solutions to vendors. This acquisition will give Cisco the opportunity to enhance its network automation Crosswork portfolio by integrating Sedona Systems' optical capabilities.
March 2021 saw the official takeover of Perpule, a retail startup headquartered in Bengaluru, India, by the esteemed Amazon.com, Inc. This strategic move by Amazon enables it to tap into the cutting-edge point-of-sale (POS) systems created by Perpule, enhancing its ability to cater to the needs of its valued Indian clientele with even greater efficiency.
In February 2021, Cisco Systems, Inc revealed that it has acquired IMImobile PLC, a company that offers communication solutions. This purchase will allow Cisco to enhance its services to customers by offering a wide range of Customer Experience as a Service (CXaaS) options. Additionally, the acquisition will help Cisco improve its abilities in customer interaction and journey analytics.
January 2021: NCR Corporation has purchased Freshop, a provider of eCommerce solutions. This acquisition gives NCR access to Freshop's developed e-commerce solutions and helps the company expand in the realm of online shopping.
Study Objectives
Segmentation of the Market Addressed in the Report:
• Intelligent Payment System • Clever Payment System • Astute Payment System • Ingenious Payment System • Resourceful Payment System
The remaining part of North America
other parts of Europe
Other countries in the Asia Pacific region
The remaining countries in the LAMEA region
Cisco Systems, Incorporated
Honeywell International, Incorporated.
Huawei Technologies Co., Ltd. (also known as Huawei Investment & Holding Co., Ltd.)
• NXP Semiconductors N.V., a multinational semiconductor manufacturer,
• Largest amount of market tables and figures
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