Global Smart Retail Market Report 2023: A $108.37 Billion by 2027, Growing at a CAGR of 25.5% - Long-term Forecast to 2032

Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Smart Retail Global Market Report 2023" report has been added to's offering.

The global smart retail market grew from $34.73 billion in 2022 to $43.73 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. The smart retail market is expected to grow to $108.37 billion in 2027 at a CAGR of 25.5%.

Smart retail systems encompass various technologies, including digital signage, smart labels, payment solutions, and more. Digital signage, for example, replaces traditional boards with dynamic screens, serving purposes like wayfinding, marketing, and outdoor advertising.

These technologies leverage innovations like visual recognition, blockchain, AI, and mobile devices for applications such as foot-traffic monitoring, inventory management, loyalty programs, and brand protection.

The smart retail market thrives on technological advancements. Industry leaders continuously develop innovative solutions to stay competitive. Amazon, for instance, introduced the "Just Walk Out" technology, enabling shoppers to skip traditional checkout lines by using their Amazon account information or scanning a QR code. Instacart's acquisition of Caper AI further demonstrates the industry's commitment to enhancing the in-store and online shopping experience for customers.

The use of robots and automation is reshaping the smart retail landscape. Automation streamlines tasks typically performed by humans, while robotics involves the design and use of machines to handle various functions.

These technologies enhance collaboration between R&D, manufacturing, and marketing departments, offering shoppers unmatched convenience. With the International Federation of Robotics reporting a 12% increase in industrial robot usage, the smart retail market is set to benefit significantly from this trend.

North America led the smart retail market in 2022, while Asia-Pacific is expected to witness the fastest growth. The global smart retail market spans regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.

Embrace the future of retail with smart technologies, where innovation meets convenience and automation redefines the shopping experience. Major industry players such as Amazon and Instacart are redefining customer experience and operations with innovative smart retail solutions, setting precedents for the rest of the industry.

Major players in the smart retail market are

  • Honeywell International Inc.
  • Huawei Technologies Co. Ltd.
  • LG Display Co. Ltd.
  • Intel Corporation
  • Samsung Electronics
  • Verifone Systems
  • IBM Corporation
  • Cisco Systems
  • Ingenico
  • Inc.
  • NCR Corporation
  • PAX Global Technology Limited
  • Fiserv Inc.
  • Google LLC
  • AWM Smart Shelf
  • Bossa Nova Robotics.

Key Attributes:

Report AttributeDetails
No. of Pages200
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$43.73 billion
Forecasted Market Value (USD) by 2027$108.37 billion
Compound Annual Growth Rate25.5%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Smart Retail Market Characteristics

3. Smart Retail Market Trends And Strategies

4. Smart Retail Market - Macro Economic Scenario
4.1. COVID-19 Impact On Smart Retail Market
4.2. Ukraine-Russia War Impact On Smart Retail Market
4.3. Impact Of High Inflation On Smart Retail Market

5. Smart Retail Market Size And Growth
5.1. Global Smart Retail Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Retail Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Smart Retail Market Segmentation
6.1. Global Smart Retail Market, Segmentation By System, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Digital Signage Solutions
  • Smart Labels
  • Smart Payment Systems
  • Intelligent Vending Machines
  • Augmented Reality Solutions
  • Virtual Reality Solutions
  • Other Systems

6.2. Global Smart Retail Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Visual Recognition
  • Blockchain
  • Artificial Intelligence
  • Mobiles

6.3. Global Smart Retail Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Foot-Traffic Monitoring
  • Inventory Management
  • Loyalty Management and Payment
  • Predictive Equipment Maintenance
  • Brand Protection
  • Other Applications

7. Smart Retail Market Regional And Country Analysis
7.1. Global Smart Retail Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Retail Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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Global Smart Retail Market