The Global Connected Retail Market size is expected to grow from USD 32.96 billion in 2022 to USD 137.07 billion by 2030, at a CAGR of 19.05% during the forecast period (2023-2030).
Connected retail embodies a seamlessly integrated and digitally enhanced environment that amalgamates accumulated customer experiences, bridging the gap between the physical and digital realms. This retail model thrives on technological interactions while prioritizing exceptional customer encounters. In this digital landscape, retail brands are dedicated to comprehending their customers better, offering them an array of choices for product and service acquisition across online and offline domains. With the rapid evolution of technology, businesses must adopt novel strategies to refine their connected retail marketing strategies and effectively cater to customer needs. Leading the charge, companies like Amazon are fostering connected retail by facilitating convenient in-store pickups for products ordered online, exemplifying this dynamic retail paradigm.
Top Key Players for Connected Retail Market:
Cisco Systems (San Jose California), Verizon (New York, United States), International Business Machines Corporation (IBM) (U.S.), Amazon Web Services Inc. (Seattle, U.S.), Microsoft Corporation (Washington, U.S.), Belatrix Software (Redwood City, U.S), ARM Holdings PLC (Softbank Group) (Cambridge, U.K), Softweb Solutions Inc. (Chicago, U.S), Atmel Corporation (Microchip Technology Inc.) (California, U.S), Google Inc. (U.S.), Microsoft Corporation (U.S.), Intel Corporation (Santa Clara, U.S), SAP SE (Germany), NXP Semiconductors NV (Netherlands), Zebra Technologies Corp. (U.S), Fujitsu Limited (Tokyo, Japan), PTC Inc. (Massachusetts, U.S) other Major Players.
Market Dynamics and Factors for Connected Retail Market:
Drivers:
Growing the Connected Platforms Like Omnichannel Retailing
The growth of connected platforms, such as omnichannel retailing, is driving the evolution of the connected retail market. This expansion involves creating seamless and integrated shopping experiences across various channels, like online, in-store, and mobile, to provide customers with a cohesive journey. As consumers increasingly expect a unified shopping approach, businesses are adopting strategies that bridge the gap between physical and digital commerce. This trend is redefining the retail landscape by enhancing customer engagement, streamlining operations, and fostering brand loyalty through consistent and convenient interactions across diverse platforms.
Opportunities:
Adoption of IoT Technology
The adoption of Internet of Things (IoT) technology has revolutionized the connected retail market. By integrating smart devices, sensors, and data analytics, retailers can gather real-time insights into customer behavior, inventory management, and store operations. This enables personalized shopping experiences, efficient supply chain management, and improved decision-making. IoT's seamless connectivity between physical and digital realms enhances customer engagement and operational efficiency, reshaping the retail landscape to meet modern demands.
Segmentation Analysis of the Connected Retail Market:
- By Type, the "Software" segment often dominates due to the increasing demand for advanced analytics, data integration, and personalized customer experiences that software solutions offer to retailers.
- By Application, Wi-Fi dominates the connected retail market due to its widespread adoption, high data transfer speeds, and compatibility with various devices, offering seamless connectivity and enhanced customer experiences.
Regional Analysis of the Connected Retail Market:
The Asia Pacific region is expected to hold the largest market share owing to the back of growing investment in Connected Retail technology to enhance the productivity and efficiency of employees. The need for smart buildings is growing quickly in the Asia-Pacific region as domestic income rises, which is opening up opportunities for the Connected Retail market to expand quickly.
Key Industry Development:
- By Type, the manual segment had the largest market share in 2021, while the automatic segment is expected to register a significant market share owing to rising innovation and technologies by the major companies during the forecast period.
- By Type of Technology, QT100 Connected Retail technology is likely to dominate in this area. Currently, QT100 holds the maximum market and is anticipated to grow at a substantial rate over the forecasted period. The Qt 100 Connected Retail is ideal for single-zone spaces of up to 12,000 square feet (1,115 m2).
