Press release
Exploring the Global Connected Retail Market: A Comprehensive Overview
Connected Retail Market
The connected retail market size is expected to see rapid growth in the next few years. It will grow to $88.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to contactless shopping , voice commerce adoption, sustainability concerns, cross-channel integration, smart mirrors and fitting rooms. Major trends in the forecast period include internet of things (iot) integration, mobile commerce and payments, data analytics and artificial intelligence (ai), smart shelves and rfid technology, subscription-based models.
Market Overview -
Connected retail refers to the integration of various digital technologies and platforms to create a seamless and unified shopping experience for consumers across online and offline channels. It is used to seamlessly connect businesses with customers by using personalized marketing, fusing the analog and digital shopping experiences, enhancing the supply chain, offering a variety of payment options, and equipping staff with the resources they need to collaborate more effectively.
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Rising Demand From The Food And Beverage Industry Fuels Connected Retail Market
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the connected retail market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Connected retail helps food and beverages brands to improve customer engagement with, consistent brand experience satisfying customer preferences. For instance, in 2023, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the exports of food and drink increased by 31% in 2022 compared to 2021. Additionally, the food and beverages industry have a turnover of $3.52 billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the connected retail market.
Competitive Landscape -
Major companies operating in the connected retail market report are Microsoft Corporation, Zebra Technologies Corporation, Intel Corporation, PTC Inc., SAP SE, Cisco Systems Inc., International Business Machines Corporation, Google LLC, NXP Semiconductors N.V., Softweb Solutions Inc., Honeywell International Inc., Sonata Software Limited, iVend Retail, Avanade Inc., Fujitsu Limited, Verizon Enterprise Solutions, Amazon Inc., ARM Holdings PLC., Atmel Corporation, Belatrix Software Private Limited, Samsung Electronics Co. Ltd., Toshiba Corporation, Siemens AG, Wipro Limited,Capgemini SE, Infosys Limited, NEC Corporation, Tata Consultancy Services Limited, DXC Technology Company
Advanced Technology Enriches Connected Retail Market Experience
Technological advancements are a key trend gaining popularity in the connected retail market. Major companies operating in the connected retail market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Instacart, a US-based grocery technology company, launched connected stores, a suite of new and existing technologies that aim to help retailers create a personalized experience both online and in-store. This new offering allows grocers to create a unified, personalized experience for customers by seamlessly integrating their app or website with the physical, in-store experience.
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Key Segments -
The connected retail market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: ZigBee, NFC(Near Field Communication), Bluetooth Low Energy, Wi-Fi, Other Technologies
3) By Application: Electronics And Appliances, Home And Personal Care, Food And Beverage, Apparel, Sporting Goods And Toys, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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