Smart Retail Devices Market Trends, Share, and Growth by 2031
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.
Smart Retail Devices Market Analysis
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 Devices Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Retail Devices Market: Strategic Insights
Market Size Value in US$ 17,043.48 Billion in 2019 Market Size Value by US$ 26,349.44 Billion by 2027 Growth rate CAGR of 6.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Retail Devices Market: Strategic Insights
| Market Size Value in | US$ 17,043.48 Billion in 2019 |
| Market Size Value by | US$ 26,349.44 Billion by 2027 |
| Growth rate | CAGR of 6.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Smart Retail Devices Market Drivers and Opportunities
Growing incorporation of technologies to Favor Market
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.
Digitalization of Economies
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.
Smart Retail Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Smart Retail Devices market analysis are technology and application.
- Based on technology, the market is divided into digital signage, smart labels, smart payments, smart carts, and others. The digital signage segment held a larger market share in 2023.
- In terms of application, the market is divided into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring and others. The inventory management segment held a larger market share in 2023.
Smart Retail Devices Market Share Analysis by Geography
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.
Smart Retail Devices Market Report Scope
Smart Retail Devices Market News and Recent Developments
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:
- In June 2023, Intel and Vericast joined forces to develop, implement, and evaluate a cutting-edge programmable digital in-store retail media network. This innovative system leverages Vericast's advanced targeting technology and Intel's powerful Edge software platforms to deliver personalized advertising and product details that align with the customer's shopping journey. This collaboration is a crucial component of our broader initiative to revolutionize the retail industry and capitalize on the digital transformation of physical stores, which is widely regarded as the next major trend in the advertising sector.
(Source: Intel, Press Release, 2023)
- In November 2023, Panasonic Connect Europe introduced a new AI-powered solution that aims to transform the retail industry by personalizing advertising through generative AI assistants for customers while they shop. This innovative solution allows stores to automatically monitor shopper demographics and combine this information with buying preferences, weather data, and local events to instantly personalize advertising on in-store displays. Panasonic has partnered with ADEAL Systems, a leading data and AI specialist, to integrate their AI-powered personal shopping assistant, CUSAAS (Customer Segmentation As-A-Service), with state-of-the-art retail technology camera and display solutions, creating an enhanced shopping experience.
(Source: Panasonic, Press Release, 2023)
Smart Retail Devices Market Report Coverage and Deliverables
The "Smart Retail Devices Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology , and Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
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.
Get Free Sample For