Global Smart Retail System Market - WishTree Insight

Global Smart Retail System Market by Application (Intelligent System, Visual Marketing, Smart Label), Solution (Software and Hardware), and Regions (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Smart Retail System market size was valued at USD 19.7 billion in 2022 and is expected to surpass USD XX billion by 2032, expanding at a CAGR of 28.5 % during the forecast period, 2022–2032. The market's growth is attributed to the growing incorporation of technologies such as virtual reality, artificial intelligence, the internet of things, augmented reality, and others that enhance consumers' shopping experience, improve store operations, and facilitate accurate inventory management.

INTRODUCTION

A smart retail system is a type of technology that utilizes various forms of advanced technology such as artificial intelligence, the internet of things (IoT), and data analytics to enhance the customer shopping experience and improve store operations. This includes things such as Smart shelves that track inventory and automatically reorder items when stock is low, Virtual reality and augmented reality experiences to help customers make purchasing decisions, Personalized recommendations, and promotions using data from customer profiles, In-store navigation and product search using AI-powered chatbots or voice assistants, Automated checkout using self-checkout kiosks or mobile payments The goal of a smart retail system is to make the shopping experience more efficient and convenient for customers, while also helping retailers improve their bottom line by reducing costs and increasing sales.

Market Trends, Drivers, Restraints, and Opportunities

• The adoption of augmented reality in marketing helps in building consumer relationships, enhancing the customer experience that is driving the market growth.
• A significant increase in the number of retail stores worldwide is expected to spur the market.
• The improved supply chain management has made smart retail systems cost-effective and thus propelling the market.

Scope of the Report

Market Segment Insights

The visual marketing segment is projected to register a considerable CAGR

Based on application, the smart retail system market is divided into intelligent systems, visual marketing, and smart label. The visual marketing segment is expected to expand rapidly during the forecast period owing to social media marketing. To engage customers, retailers consider visual marketing through interior displays, appealing storefronts, digital signage, and state-of-the-art lighting as one of the essential requirements for a smart retail solution.

The hardware solution segment is expected to expand at a rapid pace

Based on the solution, the smart retail system market is bifurcated into software and hardware. The hardware segment is expected to expand rapidly during the forecast period owing to the growing deployment of virtual reality devices, augmented reality, Bluetooth beacons, point of sales, and radio frequency identification systems that offer a seamless store shopping experience to customers. However, the software segment is anticipated to hold a key share of the market in the coming years owing to the increasing adoption of analytics software by retailers worldwide.

North America is anticipated to constitute the largest market share at 36%

In terms of regions, the smart retail system market is classified as APAC, Europe, North America, and LAMEA. The market of North America is anticipated to constitute the largest market share of 36% and is expected to constitute a key share of the market during the projected period. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the growing deployment of smart retail solutions such as intelligent dressing mirrors, big data analytics, shopping guide robots, and reception robots.

Competitive Landscape

Key players competing in the Smart Retail System market are Amazon.com, Inc. (U.S.); PAX Global Technology Limited (China); Google LLC (U.S.); Huawei Technologies Co., Ltd. (China); IBM Corporation (U.S.).

FAQs

Mention the market size of the Smart Retail System in 2022./strong>

The market size of the Smart Retail System in 2022 was USD 19.7 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 28.5%.

What are the key drivers of the market?

The market's growth is attributed to the growing incorporation of technologies such as virtual reality, artificial intelligence, the internet of things, augmented reality, and others that enhance consumers' shopping experience, improve store operations and facilitate accurate inventory management.

What segments are covered in the Smart Retail System report?

The segments covered in the report are application (intelligent system, visual marketing, smart label), and solution (software and hardware).

Mention which region is expected to hold the highest share of the Smart Retail System market.

The North American region is expected to hold the highest share of the Smart Retail System market.

Which segment holds the largest market share in the Smart Retail System by 2032?

The visual marketing segment holds the largest market share in the Smart Retail System by 2032.

Mention the key players in the market.

Amazon.com, Inc. (U.S.); PAX Global Technology Limited (China); Google LLC (U.S.); Huawei Technologies Co., Ltd. (China); IBM Corporation (U.S.).