Smart Retail Market to Reach $39.6 Billion by 2024

Strategic Insights -

The global smart retail market is expected to reach $39.6 billion by 2024, driven by the growing adoption of digital technologies and IoT in retail environments. The market is projected to grow at a compound annual growth rate (CAGR) of 22.4% over the analysis period. Europe represents the largest regional market for smart retail, accounting for an estimated 34.6% share of the global total. The market is also expected to benefit from the increasing focus on customer services and the need for sophisticated retail services.

Key Takeaways:

  • The global smart retail market is expected to reach $39.6 billion by 2024, growing at a CAGR of 22.4% over the analysis period.
  • Europe represents the largest regional market for smart retail, accounting for an estimated 34.6% share of the global total.
  • The market is driven by the growing adoption of digital technologies and IoT in retail environments.
  • Key companies covered in the report include Amazon.com, Inc.; Cisco Systems, Inc.; Google LLC; Honeywell International Inc.; IBM; Intel Corporation; Microsoft Corporation; NVIDIA Corporation; NXP Semiconductors N.V.; PAX Global Technology Limited; PTC, Inc.; Samsung Electronics Co., Ltd.; SoftBank Robotics Holdings Corp.; and Texas Instruments, Inc.
  • The market is expected to benefit from the increasing focus on customer services and the need for sophisticated retail services.
  • Smart retail solutions such as AR and VR are helping to address the issue of customers preferring to touch or try on items before purchasing.
  • The growing need for real-time messaging, communication, and engagement in retail environments is also contributing to the growth of the smart retail market.
  • The market is expected to be influenced by the adoption of technologies such as NFC payments, mPOS, and beacons.
  • Retailer focus has shifted from answering customer queries to understanding customer preferences and needs.
  • Smart retail technologies are poised to accelerate the adoption of connected retail, retail automation, and retail 4.0 concepts.

Statistics:

  • The global smart retail market is expected to grow at a CAGR of 22.4% over the analysis period.
  • Europe represents the largest regional market for smart retail, accounting for an estimated 34.6% share of the global total.
  • The market is expected to reach $39.6 billion by 2024.
  • The smart retail market is driven by the growing adoption of digital technologies and IoT in retail environments.
  • The market is expected to be influenced by the adoption of technologies such as NFC payments, mPOS, and beacons.
  • 67,000+ domain experts worldwide are currently using the MarketGlass Platform.

Sources:

  • Global Industry Analysts Inc. (GIA), "Smart Retail - Global Market Trajectory & Analytics"
  • Global Industry Analysts Inc. (GIA), "MarketGlass Platform"
  • Amazon.com, Inc.
  • Cisco Systems, Inc.
  • Google LLC
  • Honeywell International Inc.
  • IBM
  • Intel Corporation
  • Microsoft Corporation
  • NVIDIA Corporation
  • NXP Semiconductors N.V.
  • PAX Global Technology Limited
  • PTC, Inc.
  • Samsung Electronics Co., Ltd.
  • SoftBank Robotics Holdings Corp.
  • Texas Instruments, Inc.