Breaking News: Smart Retail Market is Dazzling Worldwide, Forecast to Reach $2.4 Trillion by 2030
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In a shocking turn of events, the global smart retail market is expected to witness a staggering growth, projected to reach a whopping $2.4 trillion by 2030. This unprecedented growth is driven by the rapid adoption of digital technologies in the retail industry, as consumers increasingly turn to online channels for their shopping needs.
According to a recent report by a leading market research firm, the smart retail market is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.1% from 2023 to 2030. This exponential growth is attributed to the increasing demand for seamless and personalized shopping experiences, fueled by the proliferation of mobile devices, social media, and cloud computing.
What is Smart Retail?
Smart retail refers to the integration of cutting-edge technologies such as artificial intelligence (AI), Internet of Things (IoT), and big data analytics to enhance the retail experience. This involves the use of digital solutions to streamline operations, improve customer engagement, and provide real-time insights to optimize inventory management and supply chain logistics.
Key Drivers of Smart Retail Growth
- E-commerce Boom: The rise of e-commerce has created a massive demand for smart retail solutions, as online shoppers expect a seamless and personalized experience.
- Digital Transformation: Retailers are investing heavily in digital transformation to stay competitive, drive innovation, and improve operational efficiency.
- Increased Demand for Convenience: Consumers are seeking convenient and flexible shopping options, which smart retail solutions can provide through mobile apps, social media, and online channels.
- Emergence of New Retail Models: The rise of new retail models such as experiential retail, social commerce, and subscription-based services is driving the growth of smart retail.
Regional Analysis
The global smart retail market is expected to be dominated by Asia-Pacific, which is expected to account for over 40% of the total market share by 2030. The region is home to some of the world’s largest retail markets, including China, Japan, and South Korea.
Top Players in Smart Retail Market
- NCR Corporation
- IBM Corporation
- Pitney Bowes
- Wipro Limited
- Capgemini
Conclusion
The smart retail market is poised for unprecedented growth, driven by the increasing demand for seamless and personalized shopping experiences. As the retail landscape continues to evolve, it is essential for retailers to invest in digital transformation and smart retail solutions to stay ahead of the competition.
Stay Ahead of the Curve
Keep up-to-date with the latest smart retail trends and insights by following our dedicated retail technology blog.
The global smart retail market is anticipated to grow at a significant CAGR of 26.1% during the forecast period. Smart Retail Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms to have constant observation of latest market trends which keep on changing. Constants shifts in the trends and key advancements are observed in the market through this Smart Retail Market report and inform key firms about them. By knowing this, business owners can take effective actions before actually developing any product or service. It also aims at offering thorough knowledge regarding competitors to assist them in taking strategic decision making.
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The impact of the COVID-19 pandemic has fallen on almost all sectors of development including retail which plays a major role in the day to day life. The pandemic has upended the retail industry, forcing the closure of physical stores and causing uncertainty for the future of the in-store experience. These abrupt shifts have left many retailers scrambling to effectively serve customers through other channels. Digital-first and omnichannel retailers have pivoted more easily, but retailers that prioritized physical stores and face-to-face engagement over omnichannel strategies have struggled to respond.
full report of Smart Retail Market available @ https://www.omrglobal.com/industry-reports/smart-retail-market
· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Global Smart Retail Market Report Segment
By Solution
- Hardware
- Software
By Retail Offering
- Fast Moving Consumer Goods
- Hardlines & Leisure goods
By Application
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent Systems
- Others (Robotics, Analytics)
Global Smart Retail Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart retail market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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