The Smart Retail Market is experiencing significant growth from 2024 to 2033 according to a report released by The Business Research Company. The market is expected to grow from $44.09 billion in 2023 to $55.44 billion in 2024 with a compound annual growth rate (CAGR) of 25.7%. This growth can be attributed to factors such as consumer demand, data analytics, and mobile connectivity.
Looking ahead, the smart retail market is projected to expand even further, reaching $143.36 billion in 2028 at a CAGR of 26.8%. The forecasted growth is driven by the implementation of 5G technology, contactless solutions, and sustainability initiatives. Key trends in the coming years include augmented reality (AR) and virtual reality (VR), advancements in technology, increased use of the Internet of Things (IoT), localization and personalization, blockchain for supply chain transparency, and multi-channel retailing.
One of the significant drivers of growth in the smart retail market is the increasing use of robots and automation. These technologies enhance collaboration between departments such as research and development, manufacturing, and marketing by automating processes and monitoring customer feedback in real-time. The convenience offered by robots and automation to customers is increasing the demand for smart retail solutions.
In terms of innovation, product advancements are key trends in the market. Major players are developing cutting-edge products to drive market growth. For example, Samsung Electronics has developed 3GPP Rel.16 compliant chipsets that incorporate next-generation 5G technologies. These chipsets aim to enhance power efficiency, performance, and reduce the size of 5G solutions.
Stakeholders in the smart retail market stand to benefit from comprehensive market insights provided by reports like those from The Business Research Company. These insights help stakeholders understand current and future market trends, enabling informed decision-making, and providing a competitive advantage. Customized reports tailored to specific needs also ensure stakeholders receive relevant and actionable insights.
The smart retail market is dominated by key players such as Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, and Samsung Electronics Co. Ltd. These companies, along with others like Verifone Inc., IBM, Cisco Systems Inc., and Amazon.com Inc., are driving innovation and shaping the future of smart retail.
For those interested in learning more about the smart retail market and its growth trends, The Business Research Company offers customized reports and market analysis. By leveraging global perspectives and in-depth research, stakeholders can expand and operate successfully on a global scale in the evolving smart retail industry.
