The smart retail devices market size is expected to grow from US$ 32.58 billion in 2023 to US$ 242.20 billion by 2031; it is anticipated to expand at a CAGR of 28.5% from 2024 to 2031. The increasing use of robotics and automation in the retail industry is likely to remain a key smart retail devices market trends.
The rising adoption of big data analytics and the Internet of Things (IoT) in the retail industry along with the surge in purchasing power of consumers are major driving factors for the smart retail devices market.
Smart retail is the use of technology and data to improve customer shopping experiences and companies' operations. These technologies allow organizations to improve the customer experience, streamline procedures, and obtain important insights into consumer behavior. These internet-connected gadgets allow users to easily access tailored information and services, while sophisticated capabilities like speech recognition and touchpad integration make shopping a breeze, with virtual assistants leading consumers to select the right goods, peruse intriguing deals, make purchases, and even capture and share experiences on social media.
The integration of technologies like Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT) is increasingly being utilized in the retail industry to enhance the shopping experience, improve inventory management, and streamline store operations. The Internet of Things (IoT) is an important component in the smart retail environment because it links gadgets to the internet and offers vital data on customer behavior, shop operations, and inventory management. IoT devices, like as sensors and beacons, enable merchants to collect real-time data on inventory levels, customer flow, and store assets, allowing them to make more informed decisions and optimise operations.
The use of digitalization provides several benefits to shops, including the acquisition of new consumers and the reduction of operational costs. Additionally, digitization has the ability to significantly encourage retail staff. As a result, retailers may see an increase in their revenues. Notably, non-store shopping witnessed significant growth in the year 2020. Online retail outlets are likely to benefit tremendously from technological improvements, increased connection, the introduction of novel sensors, and the availability of seamless communication solutions, hence contributing significantly to market growth throughout the forecast period.
Key segments that contributed to the derivation of the Smart Retail Devices market analysis are technology and application.
The geographic scope of the Smart Retail Devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the smart retail devices market in 2023. This region is expected to be the top revenue generator in the market during the entire projected timeframe. The increasing desire for high-end products and luxury items, coupled with the dynamic shifts in customer preferences towards more convenient and time-efficient retail experiences, are major factors driving this trend. Moreover, the widespread integration of digital technology across various sectors is reshaping the U.S. economy. The aftermath of the pandemic has significantly accelerated the digital transformation of businesses within the retail industry, surpassing previous expectations.
The regional trends and factors influencing the Smart Retail Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Retail Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 32.58 Billion |
| Market Size by 2031 | US$ 242.20 Billion |
| Global CAGR (2023 - 2031) | 28.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Retail Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Retail Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The smart retail devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Intel, Press Release, 2023)
(Source: Panasonic, Press Release, 2023)
The "Smart Retail Devices Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The smart retail devices market size is expected to grow from US$ 32.58 billion in 2023 to US$ 242.20 billion by 2031; it is anticipated to expand at a CAGR of 28.5% from 2024 to 2031.
The rising adoption of big data analytics and the Internet of Things (IoT) in the retail industry, the surge in purchasing power of consumers and economic growth are major driving factors for the smart retail devices market.
The increasing use of robotics and automation in the retail industry is likely to remain a key smart retail devices market trends.
The key players holding the majority of shares in the global smart retail devices market are DronaHQ, Salesforce, Thunkable, Inc., WaveMaker, Inc., and Zoho Corporation.
The global smart retail devices market is expected to reach US$ 242.20 billion by 2031.