Connected Retail Market Key Findings by 2031
The Connected Retail Market is expected to register a CAGR of 14.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Component (Hardware, Software, Services); Technology (ZigBee, Wi-Fi, Bluetooth LE, NFC, Others) . The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Connected Retail Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Connected Retail Market Segmentation
Component- Hardware
- Software
- Services
- ZigBee
- Wi-Fi
- Bluetooth LE
- NFC
- Others
Strategic Insights
Connected Retail Market Growth Drivers- Growing Consumer Demand for Seamless Shopping Experiences: Consumers increasingly expect a seamless shopping experience that blends physical and digital channels. Connected retail technologies, such as mobile apps, in-store beacons, and omnichannel platforms, cater to this demand by enabling personalized and frictionless shopping journeys. From product discovery to purchase and post-purchase services, these technologies enhance convenience and customer satisfaction, driving the growth of the connected retail market.
- Advancements in Internet of Things (IoT) Technology: The rapid adoption of IoT devices in retail environments is a key driver for connected retail. IoT-enabled sensors, smart shelves, and RFID tags allow retailers to collect real-time data on inventory, customer behavior, and store operations. This data can be leveraged to improve stock management, optimize store layouts, and offer personalized promotions, ultimately enhancing the customer experience and operational efficiency, driving the market's expansion.
- Integration of Artificial Intelligence and Machine Learning: AI and machine learning are becoming integral to connected retail. These technologies enable retailers to personalize customer experiences, forecast demand, and optimize inventory management. AI-driven chatbots and virtual assistants are improving customer service, while machine learning algorithms are enhancing product recommendations. Retailers are investing heavily in these technologies to provide smarter, more intuitive shopping experiences, which is fueling growth in the connected retail sector.
- Rise of Contactless and Cashless Payments: The shift toward contactless and cashless payments is a prominent trend in the connected retail market. As consumers seek faster and safer ways to complete transactions, retailers are adopting mobile wallets, QR codes, and NFC technologies. These payment solutions not only improve the customer experience but also provide valuable data for retailers to better understand customer preferences and behaviors, contributing to the continued growth of connected retail.
- Expansion of Smart Retail Environments: The integration of smart devices and sensors into retail environments offers a significant opportunity for connected retail solutions. Smart shelves, digital signage, and IoT sensors can enhance store operations by providing real-time insights into inventory and customer preferences. Retailers can use this data to optimize their layouts, create dynamic pricing strategies, and offer personalized experiences, thus driving higher sales and customer satisfaction.
- Growth of E-commerce and Omnichannel Strategies: The continued rise of e-commerce and the need for omnichannel strategies present substantial opportunities for connected retail. Retailers are increasingly integrating online and offline shopping experiences, allowing customers to seamlessly move between channels. E-commerce platforms and physical stores are becoming interconnected, providing customers with a unified shopping experience. This creates growth opportunities for connected retail technologies that enable inventory visibility, personalized marketing, and consistent customer service across all channels.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Connected Retail Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Connected Retail Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The Connected Retail Market is estimated to witness a CAGR of 14.7% from 2023 to 2031
The major factors driving the connected retail market are:
1. Increased Adoption of IoT and Smart Devices
2.Consumer Demand for Personalized Shopping Experiences
The Rise of Autonomous Retail and Checkout-Free Shopping is likely to remain a key trend in the market.
Key players in the connected retail market include Atmel Corporation, ARM Holdings PLC, Cisco Systems, Inc., IBM Corporation, Google, Inc., Intel Corporation, NXP Semiconductors NV., Microsoft Corporation, PTC, Inc., and Softweb Solutions, Inc
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Connected Retail Market - By Component
1.3.2Connected Retail Market - By Technology
1.3.3Connected Retail Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.CONNECTED RETAIL MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.CONNECTED RETAIL MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.CONNECTED RETAIL MARKET - GLOBAL MARKET ANALYSIS
6.1.CONNECTED RETAIL - GLOBAL MARKET OVERVIEW
6.2.CONNECTED RETAIL - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.CONNECTED RETAIL MARKET - REVENUE AND FORECASTS TO 2028 â" COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.HARDWARE
7.3.1.Overview
7.3.2.Hardware Market Forecast and Analysis
7.4.SOFTWARE
7.4.1.Overview
7.4.2.Software Market Forecast and Analysis
7.5.SERVICES
7.5.1.Overview
7.5.2.Services Market Forecast and Analysis
8.CONNECTED RETAIL MARKET - REVENUE AND FORECASTS TO 2028 â" TECHNOLOGY
8.1.OVERVIEW
8.2.TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3.ZIGBEE
8.3.1.Overview
8.3.2.ZigBee Market Forecast and Analysis
8.4.WI-FI
8.4.1.Overview
8.4.2.Wi-Fi Market Forecast and Analysis
8.5.BLUETOOTH LE
8.5.1.Overview
8.5.2.Bluetooth LE Market Forecast and Analysis
8.6.NFC
8.6.1.Overview
8.6.2.NFC Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.CONNECTED RETAIL MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Connected Retail Market Overview
9.1.2North America Connected Retail Market Forecasts and Analysis
9.1.3North America Connected Retail Market Forecasts and Analysis - By Component
9.1.4North America Connected Retail Market Forecasts and Analysis - By Technology
9.1.5North America Connected Retail Market Forecasts and Analysis - By Countries
9.1.5.1United States Connected Retail Market
9.1.5.1.1United States Connected Retail Market by Component
9.1.5.1.2United States Connected Retail Market by Technology
9.1.5.2Canada Connected Retail Market
9.1.5.2.1Canada Connected Retail Market by Component
9.1.5.2.2Canada Connected Retail Market by Technology
9.1.5.3Mexico Connected Retail Market
9.1.5.3.1Mexico Connected Retail Market by Component
9.1.5.3.2Mexico Connected Retail Market by Technology
9.2.EUROPE
9.2.1Europe Connected Retail Market Overview
9.2.2Europe Connected Retail Market Forecasts and Analysis
9.2.3Europe Connected Retail Market Forecasts and Analysis - By Component
9.2.4Europe Connected Retail Market Forecasts and Analysis - By Technology
9.2.5Europe Connected Retail Market Forecasts and Analysis - By Countries
9.2.5.1Germany Connected Retail Market
9.2.5.1.1Germany Connected Retail Market by Component
9.2.5.1.2Germany Connected Retail Market by Technology
9.2.5.2France Connected Retail Market
9.2.5.2.1France Connected Retail Market by Component
9.2.5.2.2France Connected Retail Market by Technology
9.2.5.3Italy Connected Retail Market
9.2.5.3.1Italy Connected Retail Market by Component
9.2.5.3.2Italy Connected Retail Market by Technology
9.2.5.4United Kingdom Connected Retail Market
9.2.5.4.1United Kingdom Connected Retail Market by Component
9.2.5.4.2United Kingdom Connected Retail Market by Technology
9.2.5.5Russia Connected Retail Market
9.2.5.5.1Russia Connected Retail Market by Component
9.2.5.5.2Russia Connected Retail Market by Technology
9.2.5.6Rest of Europe Connected Retail Market
9.2.5.6.1Rest of Europe Connected Retail Market by Component
9.2.5.6.2Rest of Europe Connected Retail Market by Technology
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Connected Retail Market Overview
9.3.2Asia-Pacific Connected Retail Market Forecasts and Analysis
9.3.3Asia-Pacific Connected Retail Market Forecasts and Analysis - By Component
9.3.4Asia-Pacific Connected Retail Market Forecasts and Analysis - By Technology
9.3.5Asia-Pacific Connected Retail Market Forecasts and Analysis - By Countries
9.3.5.1Australia Connected Retail Market
9.3.5.1.1Australia Connected Retail Market by Component
9.3.5.1.2Australia Connected Retail Market by Technology
9.3.5.2China Connected Retail Market
9.3.5.2.1China Connected Retail Market by Component
9.3.5.2.2China Connected Retail Market by Technology
9.3.5.3India Connected Retail Market
9.3.5.3.1India Connected Retail Market by Component
9.3.5.3.2India Connected Retail Market by Technology
9.3.5.4Japan Connected Retail Market
9.3.5.4.1Japan Connected Retail Market by Component
9.3.5.4.2Japan Connected Retail Market by Technology
9.3.5.5South Korea Connected Retail Market
9.3.5.5.1South Korea Connected Retail Market by Component
9.3.5.5.2South Korea Connected Retail Market by Technology
9.3.5.6Rest of Asia-Pacific Connected Retail Market
9.3.5.6.1Rest of Asia-Pacific Connected Retail Market by Component
9.3.5.6.2Rest of Asia-Pacific Connected Retail Market by Technology
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Connected Retail Market Overview
9.4.2Middle East and Africa Connected Retail Market Forecasts and Analysis
9.4.3Middle East and Africa Connected Retail Market Forecasts and Analysis - By Component
9.4.4Middle East and Africa Connected Retail Market Forecasts and Analysis - By Technology
9.4.5Middle East and Africa Connected Retail Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Connected Retail Market
9.4.5.1.1South Africa Connected Retail Market by Component
9.4.5.1.2South Africa Connected Retail Market by Technology
9.4.5.2Saudi Arabia Connected Retail Market
9.4.5.2.1Saudi Arabia Connected Retail Market by Component
9.4.5.2.2Saudi Arabia Connected Retail Market by Technology
9.4.5.3U.A.E Connected Retail Market
9.4.5.3.1U.A.E Connected Retail Market by Component
9.4.5.3.2U.A.E Connected Retail Market by Technology
9.4.5.4Rest of Middle East and Africa Connected Retail Market
9.4.5.4.1Rest of Middle East and Africa Connected Retail Market by Component
9.4.5.4.2Rest of Middle East and Africa Connected Retail Market by Technology
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Connected Retail Market Overview
9.5.2South and Central America Connected Retail Market Forecasts and Analysis
9.5.3South and Central America Connected Retail Market Forecasts and Analysis - By Component
9.5.4South and Central America Connected Retail Market Forecasts and Analysis - By Technology
9.5.5South and Central America Connected Retail Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Connected Retail Market
9.5.5.1.1Brazil Connected Retail Market by Component
9.5.5.1.2Brazil Connected Retail Market by Technology
9.5.5.2Argentina Connected Retail Market
9.5.5.2.1Argentina Connected Retail Market by Component
9.5.5.2.2Argentina Connected Retail Market by Technology
9.5.5.3Rest of South and Central America Connected Retail Market
9.5.5.3.1Rest of South and Central America Connected Retail Market by Component
9.5.5.3.2Rest of South and Central America Connected Retail Market by Technology
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.CONNECTED RETAIL MARKET, KEY COMPANY PROFILES
11.1.ATMEL CORPORATION
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.ARM HOLDINGS PLC
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.CISCO SYSTEMS, INC.
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.IBM CORPORATION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.GOOGLE, INC.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.INTEL CORPORATION
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.NXP SEMICONDUCTORS N.V.
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.MICROSOFT CORPORATION
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.PTC, INC.
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.SOFTWEB SOLUTIONS, INC
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1. Atmel Corporation
2. ARM Holdings PLC
3. Cisco Systems, Inc.
4. IBM Corporation
5. Google, Inc.
6. Intel Corporation
7. NXP Semiconductors N.V.
8. Microsoft Corporation
9. PTC, Inc.
10. Softweb Solutions, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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