Smart Retail Market Size, Share & Trends Analysis, By Type (Hardware, Software), By Applications (Visual Marketing, Intelligent System, Smart Label, Robotics), By Region and Forecast Period-2022 – 2030. (Updated Version Available)

Report ID - MRC_1185 | Pages - 230 | Category - Next Generation Technologies

Smart Retail Market Overview:

Smart Retail Market Size market size is expected to reach USD 215.39 Billion by 2030. From the value of USD 24.20 Billion in 2021, and register CAGR of 27.5% during the forecast period (2022-2030).

Integration of new age technologies like Artificial intelligence (AI) and Internet of Things (IoT) with traditional retail business gives rise to smart retail. Smart retail offers highly enhanced shopping experience at the same time improved store operations, like accurate inventory management, demand & price forecasting. Furthermore, with adoption of technologies like augmented reality (AR) could help brands to interact with consumers through their mobile devices and improve customer relationships and play pivotal role in expanding the market reach.

Surge in adoption of cashless transections is estimated to be one of the major driver for this markets growth. Cashless transections are extremely accurate and efficient in recording transection at large volumes. This drastically reduces businesses dependence on human counterparts making shopping experience more fast and seamless. This could also result into lower robbery attempts due to low to no involvement of cash in operation which will further result into enhanced security of businesses and costumers. For instance according to a recent survey by Zebra Technologies, 43% of retail businesses are currently converting checkout areas into more space for contactless checkout hence freed employees could perform other tasks, such as assisting customers, answering questions, and troubleshooting issues.

Market Dynamics:

Smart retail is deployment of modern technologies like IOT (internet of things), AI, and cloud computing etc. Into traditional business in order to enhance shoppers experience by making if faster, safer and more efficient. Smart retail employs IOT technologies distributed throughout the physical store and also in online retail arms to capture insightful data. Cloud applications take this data and create insights. Furthermore, these insights helps AI to perform complex functions like pricing automation, instore marketing, automatic stock detection and picking optimization. With increasing consumer expectations it is must for business to provide customers with personalized experience thus smart retail is the way to go…


Surge in cashless transection is one of the major driver for this market as it allows businesses to effectively cut down the operation cost by automating transection related functions. Furthermore, advancements in automation and robotics are another major driver for the growth of smart retails in major countries. Advancements in big data have resulted into businesses to provide better product recommendations based on consumers past shopping history this naturally makes smart retail businesses more personalized then traditional retail outlets. These technological advancements are estimated to fuel this markets growth in coming years.


Cyber security threat is one of the major constraint in growth of this market. Generally businesses operations in smart retail are entirely based on cloud which makes them potential target for hackers with malicious intent. Currently millions of dollar are stolen from businesses with cyber-attacks. Affecting company financials as well as destroying company’s reputation. In addition to this, senior consumer’s desire for in-person retail experience is another major restraint in wide adoption of smart retail. According to a study by Emarsys it was found that around 54 % senior customers preferred in-person retail outlet.

Covid-19 Impact:

Smart retail markets were significantly impacted at the time of outbreak. Leading factors were supply chain disruptions caused due to government restrictions in order to minimize the spread. Supply chain constraints impacted both retailers as well as consumers. Furthermore, manufacturing activates were also halted which further had negative impact on inventories. But in 2022 the economy have recovered and all manufacturing and supply chain constraints have been resolved. The economic recovery have resulted into pre COVID level business activities which will continue in coming years.

Smart Retail Report Coverage:

Report Attributes Report Details
Study Timeline 2016-2030
Market Size in 2030 (USD Billion) 215.39 Billion
CAGR (2022-2030) 27.5%
 By Type  Hardware, Software
by Applications  Visual Marketing, Intelligent System, Smart Label, Robotics
By Geography North America , Europe ,Asia Pacific

Latin America, Middle East and Africa

Key Players Fiserv, Inc.; Ingenico; Google LLC; Honeywell International Inc.; Huawei Technologies Co., Ltd.; IBM Corporation; Intel Corporation; LG Display Co., Ltd.; NCR Corporation; PAX Global Technology Limited; Samsung Electronics; Verifone Systems;, Inc

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Market Segmentation:

By Type

The type segment is bifurcated into Hardware and Software. In this segment the largest market share is captured by hardware. It is estimated that about 65% revenue is brought in by hardware segment in smart retail. This segment comprises of crucial components like POS systems, blue tooth beacons and RFID systems. The adoption of AR and VR gadgets in the shopping ecosystem is also a major driver for the demand of high-end hardware into the smart retail segment. This hardware components play a crucial role in making smart retail’s shopping experience seamless and efficient.

On the other hand software segment is expected to grow at significant rate. Main drivers for this growth will be rising utilizations of analytics by the businesses. To analyze customers buying pattern in order to recommend additional products in real time while the customer is physically present in the store. This technology is anticipated to drastically upscale product upselling probabilities. Integration of technologies like big data into the analysis will make forecasting more effective.

By Application

On the basis of application this market could be further divided into robotics, Visual Marketing, Intelligent System, and Smart Label. The visual marketing segment had a significant share in global market revenues and was mainly employed by retailers for marketing threw storefronts, interior displays etc. Robotics segment also holds a major marketshare and is growing at a rapid rate. Currently robots are integrated instore delivery and warehouse management. For instance the US retail giant wallmart uses drones in inventory surveillance.

Smart label segment is expected to observe moderate growth. Smart levels are used to comprehensively communicate information by linking it with scan-able QR codes. These smart labels could be used to present various types of information like customers reviews, product videos etc. These labels could also aid businesses with operations like inventory management and product movement in store.

By Region

North America was the dominating region in this segment accounting for over to 33 percent total revenue share worldwide. Continuous technological advancements alongside the presence of large number of consumer base with high disposable incomes were the main factors supporting the market in this region.

Asia pacific region was the fastest growing region in this segment. Factors like surging consumer purchasing power and continuous technological advancements in countries like South Korea and china are fueling this growth.  Consumer durables and electronic good retailers are majorly adopting the smart retail. For instance VIVO, a major Chinese phone manufacturing company which operates majorly in Indian subcontinent have recently opened its smart retail outlets in India in order to enhance its consumers shopping experience.

European markets are estimated to observe considerable growth in the forecasted period here the driving factors will be high level of consumer’s technological awareness and high disposable incomes. These two factors present a lucrative opportunity in this region. Hence numerous companies are trying to enter this market.

Smart Retail Market Competitive Landscape:

The competitive landscape of the smart retail industry comprises detailed profiling of major players operating in this market and has been analyzed specifically in the report to emphasize the lucrative opportunities for market growth. Further this report contains company overviews, production capacity, SWOT analysis, financial data, revenues, market potential, global presence, production sites, with product application. Following are some of the major players in this market:-

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Smart Retail Market Size, Share & Trends Analysis, By Type (Hardware, Software), By Applications (Visual Marketing, Intelligent System, Smart Label, Robotics), By Region and Forecast Period-2022 – 2030. (Updated Version Available)
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