Austin, April 09, 2025 (GLOBE NEWSWIRE) -- Smart RetailMarketSize & Growth Insights:
According to the SNS Insider Report, “The Smart Retail MarketSizewas valued at USD 39.92 billion in 2023 and is expected to reach USD 329.03 billion by 2032, growing at a CAGR of 26.45% over the forecast period 2024-2032.”
The Rapid Evolution of Smart Retail in AI, IoT, and Immersive Technologies Transforming Customer Experiences
The Smart Retail market is rapidly evolving as retailers increasingly adopt AI, IoT, and data analytics solutions to enhance customer experiences and improve operational efficiency. These technologies allow retailers to streamline operations, process more transactions quickly, track inventory, and personalize marketing efforts. Innovations such as smart shelves, automated systems, and digital signage are reducing traditional store capabilities while boosting efficiency and customer interaction. The U.S. Smart Retail market, valued at USD 9.33 billion in 2023, is projected to grow at a 26.2% CAGR from 2024 to 2032, driven by the widespread adoption of IoT, AI, and data analytics. Additionally, demand for cashless, contactless, and digital payment solutions, accelerated by the pandemic, is further propelling market growth. Augmented and virtual reality are enhancing in-store experiences, and the rise of omni channel strategies is fostering greater customer engagement.
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Leading Market Players with their Product Listed in this Report are:
- Amazon(Amazon Go)
- Microsoft(Microsoft Dynamics 365)
- IBM(IBM Watson)
- Intel Corporation(Intel RealSense)
- NVIDIA(NVIDIA Metropolis)
- Cisco Systems(Cisco Meraki)
- Google(Google Cloud AI)
- Samsung Electronics(Samsung MagicINFO)
- LG Electronics(LG Smart Shelf)
- Oracle Corporation(Oracle Retail Cloud Services)
- SAP SE(SAP Customer Activity Repository)
- Honeywell(Honeywell Movilizer)
- Zebra Technologies(Zebra SmartSight)
- Alibaba Group(Alibaba Ling Shou Tong)
- Fujitsu(Fujitsu Market Place).
Smart Retail Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD39.92 Billion |
| Market Size by 2032 | USD329.03 Billion |
| CAGR | CAGR of26.45% From 2024to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Solution (Hardware, Software) • By Application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System, Others (Robotics, Analytics)) |
| Key Drivers | • Transforming Retail with IoT AI and Immersive Technologies for Enhanced Customer Experiences. • Unlocking Growth in Smart Retail with Data Analytics Automation and Emerging Market Expansion. |
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Key Segments Driving Growth in the Smart Retail Market: Hardware, Software, and Emerging Technologies
By Solution
In 2023, the hardware segment dominated the smart retail market with a 63.5% share, driven by the widespread adoption of smart devices such as smart shelves, electronic shelf labels, POS systems, and digital signage. These technologies are key to enhancing customer interactions, store automation, and inventory management. The IoT-powered devices and advanced sensor-based systems have further bolstered the hardware segment's growth. From 2024 to 2032, the software segment is expected to see the highest CAGR, fueled by the growing use of AI-powered analytics, cloud solutions, and CRM tools for personalized marketing and data-driven decision-making.
By Application
In 2023, the visual marketing segment led the smart retail market with a 29.7% share, driven by rising demand for digital signage, interactive displays, and video walls that enhance customer engagement and improve in-store experiences. These tools enable retailers to offer dynamic content, personalized promotions, and targeted ads, boosting sales and customer loyalty.
The smart payment system segment is expected to experience the fastest CAGR from 2024 to 2032, fueled by the growing adoption of contactless payments, digital wallets, and mobile payment solutions. Enhanced biometric authentication and QR code-based payments are also improving transaction speed and security.
Regional Growth Drivers in the Smart Retail Market: North America's Dominance and Asia-Pacific's Rapid Expansion
In 2023, North America dominated the smart retail market with a 32.6% share, driven by the rapid adoption of innovative technologies and robust digital infrastructure. Leading retailers like Walmart, Amazon Go, and Best Buy invested heavily in AI-driven inventory management, voice-activated smart shelves, and cashier-less stores, enhancing customer experiences. Amazon Go, for instance, utilizes computer vision and sensor fusion for checkout-free shopping. Additionally, the region's fast-growing adoption of smart payments and contactless solutions has spurred mobile wallet usage.
The Asia-Pacific region is set to experience the highest CAGR from 2024 to 2032, supported by rapid urbanization, widespread smartphone use, and retail digitization. Countries such as China, Japan, and India are rapidly adopting smart retail solutions. Notable examples include Alibaba’s Hema stores in China, which use smart carts and face recognition payments, and Japan’s 7-Eleven, which has automated restocking and self-service checkout kiosks.
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Recent Development
- April 17, 2024, Amazon's Just Walk Out technology, leveraging AI and sensor fusion, eliminates checkout lines by allowing customers to shop and pay seamlessly. In 2024, Amazon plans to expand this technology into more small-format stores, more than doubling the number of third-party locations with Just Walk Out.
- 28 Jan 2025, Tekion launched its Automotive Retail Cloud (ARC), leveraging Microsoft Azure and generative AI to streamline vehicle purchases, enhancing customer interactions and boosting sales pipelines. The new Smart Communication tool uses Azure OpenAI to analyze communications and provide personalized recommendations for sales agents.
Table of Contents- Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1Adoption and Deployment
5.2 Operational Efficiency
5.3 Infrastructure and Technology
5.4 Retailer Efficiency
6. Competitive Landscape
7. Smart RetailMarket, by Solution
8. Smart RetailMarket, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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