Smart Retail Market Size Worth $127.28 Billion by 2028 | CAGR: 27.4% : Polaris Market Research

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Nov 23, 2021, 07:30 ET

NEW YORK, Nov. 23, 2021 /PRNewswire/ -- The global smart retail market size is expected to reach USD 127.28 billion by 2028. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR 27.4% from 2021 – 2028. Rapid advancements in smart retail solutions such as advanced sales analytics, POS including wireless mobile devices, and better customer interaction with the integration of cloud computing are projected to drive significant market growth. Increasing usage of technology and the internet, rising adoption of smartphones, and the growing necessity for better service offerings are other factors expected to augment the market progress during the forecast period. The growing adoption of the Internet of Things (IoT) for numerous applications such as smart retail automation and connected retail services is fueling market growth

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Key Highlights of Smart Retail Market

Based on the solution, the hardware segment is accounted for a higher revenue share and is anticipated to register significant growth during the forecast period. A rise in implementation of Radio-frequency identification (RFID) systems, Virtual Reality (VR) Bluetooth beacon, and point of sale (POS) systems are driving this segment's growth.
In terms of application, the visual marketing segment emerge as the fastest-growing segment and is projected to lead the market over the forecast period. As a primary demand for the smart retail solution, vendors are engaging customers with state-of-the-art lighting, digital signage, interior displays, and storefronts.
Marvell, a leading American company has announced the industry's first commercial switch platforms with the dent to help retailers and enterprises build smart retail and enterprise edge infrastructure faster. Retailers can transform physical stores into smart retail linked environments that serve customers thanks to new Marvell technologies developed in conjunction with the Dent ecosystem and the Linux Foundation.
Axiomtek, a global manufacturer of high-performance industrial computers has announced a partnership with Quividi, the premier audience and campaign intelligence platform for DOOH and digital signage. Retailers and brands can now test, monitor, monetize, and optimize contextualized content on in-store screens.

For instance, In June 2021, Qualcomm declared the company's seven new chips designs for supporting new IoT devices across the retail sector. Furthermore, escalating number of stores in the emerging markets for offering more convince to the end-users and increasing strategic development by the vendors propel the retail industry growth.

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Regional Developments

North America is expected to hold the leading position in the global smart retail market over the forecast period because the region is technologically advanced and early adopters of the latest technologies available in the industry. The market in the Asia Pacific is expected to grow significantly over the forecast period, on account of increased deployment of smart retail solutions such as reception robots, shopping guide robots, virtual mirrors, and big data analytics in leading economies such as China and Japan, as well as major advancements in ICT infrastructure in the region.

Competitive Outlook

The changing dynamics of the retail sector are a result of customer spending giving incentives, as well as the growing economy and major investments by global brands. Top businesses in the smart retail sector use new product launches, partnerships, and collaborations as key strategies to boost their revenue generation. To strengthen their market positions, smart retail product makers and service providers are focusing on product/service innovation. Market participants such as : Amazon.com, Inc., AWM SMART SHELF, Bossa Nova Robotics, Broadcom Corporation, Cisco Systems, Estimote, Inc, Fiserv, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Ingenico, Intel Corporation, LG Display Co., Ltd., NCR Corporation, PAR Technology Corporation, PAX Global Technology Limited, Pricer, PTC, Robert Bosch GmbH, Samsung Electronics, SoftBank Robotics, Standard Cognition, Corp., Verifone Systems, Zippin

Target Audience

Supply Side: Software Solutions Provider
Demand Side: Retailers
Regulatory Side: Food and Drug Administration

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Polaris Market Research has segmented the smart retail market report on the basis of solution, application, and region:

Smart Retail, Solution Outlook (Revenue – USD Billion, 2016 – 2028)

Hardware
Software

Smart Retail, Application Outlook (Revenue – USD Billion, 2016 – 2028)

Visual Marketing
Smart Label
Smart Payment System
Intelligent System
Others (Robotics, analytics)

Smart Retail, Regional Outlook (Revenue – USD Billion, 2016 – 2028)

North America

U.S.
Canada

Europe

France
Germany
UK
Italy
Netherlands
Spain
Austria

Asia Pacific

China
India
Japan
Malaysia
South Korea
Indonesia

Latin America

Mexico
Brazil
Argentina

Middle East & Africa

UAE
Saudi Arabia
Israel
South Africa

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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