Smart Retail Global Market Report 2023: Growing Adoption of Cloud Services in the Retail Sector Bodes Well for Future Expansion

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Dublin, Jan. 31, 2023 (GLOBE NEWSWIRE) — The “Smart Retail Market by Offering, Technology, Application, End User and Geography – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

The research report provides in-depth analysis of the smart retail market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global smart retail market is expected to reach $91.36 billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030.

The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market.

The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.

Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for IoT deployments for various applications in the retail industry, the increasing number of smart stores, and the growing investment in technology by retailers.

However, the software & analytics segment is projected to register the highest CAGR during the forecasted period. The enormous increase in the availability of customer data and the growing need for more accurate predictions of the future state of the business, coupled with increasing awareness of the importance of analytics solutions in the retail industry, are expected to drive the growth of this segment.

Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of Internet of Things sensors and hardware are the key factors driving the large market share of this segment.

However, the AI segment is projected to register the highest CAGR during the forecast period. The growth in the segment is driven by factors such as perpetually growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization.

Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market.

However, the customer experience management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.

Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarket segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risk, decrease costs, and increase revenue. However, the department store segment is projected to register the highest CAGR during the forecast period.

Market Dynamics

Market Drivers

  • Increasing Number of Smart Stores

Market Restraints

  • Lack of Technology Adoption in the Unorganized Retail Sector

Market Opportunities

  • Rising Cases of Shoplifting
  • Increasing Adoption of Disruptive Technologies to Forecast Future Market Trends

Market Challenges

  • Legal Concerns & Data Privacy Issues

Market Trends

  • Growing Adoption of Cloud Services in the Retail Sector
  • Advent of Computer Vision in the Retail Sector

Companies Mentioned

  • IBM Corporation (U.S.)
  • Intel Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • Honeywell International Inc. (U.S.)
  • PTC Inc. (U.S.)
  • NVIDIA Corporation (U.S.)
  • Amazon.com Inc. (U.S.)
  • NCR Corporation (U.S.)
  • PAX Global Technology Limited (China)
  • Ingenico (France)
  • Google LLC (U.S.)
  • Huawei Technologies Co. Ltd. (China)
  • Samsung Electronics Co. Ltd. (South Korea)
  • VeriFone Inc. (U.S.)
  • NXP Semiconductors (Netherlands)
  • Fiserv Inc. (U.S.)
  • Trigo Vision Ltd. (Israel)
  • Caper (U.S.)
  • Zippin (U.S.).

For more information about this report visit https://www.researchandmarkets.com/r/35xa2i-retail?w=12

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