IMARC Group's report titled "Smart Retail Market by Offering (Hardware, Software, Services), Retailer Size (Small and Mid-sized Retailers, Large Retailers), Application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System, and Others), End User (Supermarkets, Hypermarkets, Specialty Stores, Department Stores, and Others), and Region 2025-2033".The global smart retail market size reached USD 47.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 274.8 Billion by 2033, exhibiting a growth rate (CAGR) of 21.51% during 2025-2033.

Industry Trends and Drivers: 

Integration of AI and Machine Learning for Personalization:

The integration of Artificial Intelligence (AI) and Machine Learning (ML) in the Smart Retail Market is a key trend driving growth in 2024. Retailers are increasingly adopting AI-powered solutions to offer personalized experiences to their customers. By analyzing vast amounts of consumer data, AI tools can predict buying patterns, suggest products based on individual preferences, and optimize pricing strategies. This level of personalization not only enhances customer satisfaction but also improves conversion rates and customer retention. Moreover, AI and ML allow retailers to streamline inventory management, ensuring products are available when and where customers need them. As customers continue to seek tailored shopping experiences, retailers investing in these technologies will gain a competitive edge in a crowded market.

Growth of Omnichannel Retailing:

Omnichannel retailing continues to gain momentum in 2024 as consumers increasingly expect a seamless shopping experience across multiple touchpoints, both online and offline. Retailers are adapting by integrating their digital and physical channels to provide a unified experience. Customers can browse products online, purchase via mobile apps, and choose between home delivery or in-store pickup, offering convenience and flexibility. Additionally, brick-and-mortar stores are being transformed into experiential hubs, where customers can interact with products before making online purchases. This shift in retail strategy is driven by the growing consumer preference for flexibility and the need for retailers to meet customers where they are. The seamless nature of omnichannel shopping helps retailers build stronger relationships with customers and increase sales by capturing a wider audience.

Increased Focus on Sustainability and Eco-friendly Practices:

Sustainability is becoming a significant factor in the Smart Retail Market, with retailers increasingly adopting eco-friendly practices to appeal to environmentally conscious consumers. In 2024, there is a noticeable shift toward sustainable sourcing, waste reduction, and offering eco-friendly product options. Retailers are focusing on reducing their carbon footprints by using energy-efficient technologies, implementing green packaging solutions, and promoting circular economy models, such as product recycling or resale programs. Consumers are more aware of the environmental impact of their purchasing decisions and are willing to pay a premium for sustainable products. As a result, retailers that prioritize sustainability not only help the environment but also cater to the growing demand for ethical consumerism, boosting their brand loyalty and market share in the process.

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Smart Retail Market Report Segmentation:

By Offering:

• Hardware
  • RFID Tags and Labels
  • Scanner/Readers
  • Mobile Computers
  • Point of Sale (POS) Terminals
  • Others
• Software
  • Retail Management Software
  • POS Software
  • Inventory Management
  • Others
• Services
  • Integration and Deployment Services
  • Consulting Services
  • Support and Maintenance Services

Hardware accounts for the majority of shares due to the high demand for IoT devices, sensors, and advanced digital displays essential for implementing smart retail solutions.

By Retailer Size:

• Small and Mid-sized Retailers
• Large Retailers

Based on the retailer size, the market has been segmented into small and mid-sized retailers and large retailers.

By Application:

• Visual Marketing
• Smart Label
• Smart Payment System
• Intelligent System
• Others

Visual marketing exhibits a clear dominance as it plays a key role in enhancing customer engagement through interactive displays and personalized shopping experiences.

By End User:

• Supermarkets
• Hypermarkets
• Specialty Stores
• Department Stores
• Others

On the basis of the end user, the market has been segregated into supermarkets, hypermarkets, specialty stores, department stores, and others.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America holds the leading position owing to a large market for smart retail driven by the widespread adoption of advanced retail technologies and significant investments in smart retail infrastructure.

Top Smart Retail Market Leaders:

• Adroit Worldwide Media Inc.
• com Inc.
• Cisco Systems Inc.
• Google LLC (Alphabet Inc.)
• Honeywell International Inc.
• Ingenico
• Intel Corporation
• NCR Corporation
• NVIDIA Corporation
• NXP Semiconductors N.V.
• PTC
• Samsung Electronics Co. Ltd.
• Zippin

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About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.