Global Connected Retail Market: Focus on Application, End-use Industry, Type, Equipment, and Region - Analysis and Forecast, 2024 - 2031
This "Connected Retail Market Research Report" evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Connected Retail and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. The Connected Retail market is anticipated to grow annually by 14.3% (CAGR 2024 - 2031).
Introduction to Connected Retail and Its Market Analysis
Connected Retail refers to the integration of online and offline shopping experiences through technology to create a seamless and personalized retail experience for consumers. The purpose of Connected Retail is to provide customers with a consistent shopping experience across multiple channels, ultimately driving increased sales, customer loyalty, and operational efficiency. The advantages of Connected Retail include improved customer engagement, enhanced data analytics for targeted marketing, optimized inventory management, and streamlined operations. This trend is expected to revolutionize the retail industry by creating a more connected and efficient market, leading to increased profitability and customer satisfaction.
In our analysis of the Connected Retail market, we have taken a comprehensive approach to examine various aspects of the industry. We have explored the global market trends, key players, technological advancements, competitive landscape, customer preferences, and market opportunities in the Connected Retail sector. The market is expected to grow at a CAGR of % during the forecasted period, indicating a significant growth potential in the industry. Our analysis aims to provide valuable insights and strategic recommendations for businesses operating in the Connected Retail market.
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Market Trends in the Connected Retail Market
- Omnicommerce: By integrating online and offline channels, retailers are offering seamless shopping experiences to customers through channels like mobile apps and in-store kiosks.
- Artificial intelligence and machine learning: Retailers are using AI to personalize the shopping experience, automate inventory management, and predict trends to optimize sales.
- Internet of Things (IoT): Connected devices like smart shelves, beacons, and RFID tags are being utilized to track inventory in real-time, analyze customer behavior, and improve operational efficiency.
- Augmented Reality (AR) and Virtual Reality (VR): Retailers are leveraging AR and VR technologies to enhance the customer experience with virtual try-ons, interactive shopping experiences, and 3D visualizations of products.
- Contactless payment options: With the rise of the COVID-19 pandemic, retailers are prioritizing contactless payment methods like mobile wallets and QR codes to offer a safe shopping experience to customers.
The Connected Retail market is expected to grow significantly as these trends continue to shape the industry. Retailers that embrace these technologies and cater to changing consumer preferences are likely to experience higher revenue growth and customer retention rates. The market is projected to expand at a rapid pace in the coming years, driven by the adoption of innovative technologies and the demand for seamless, personalized shopping experiences.
In terms of Product Type, the Connected Retail market is segmented into:
- Hardware
- Software
Connected retail can be segmented into two main types: hardware and software. Hardware in connected retail includes devices like beacons, sensors, RFID readers, and digital signage that enable tracking customer behavior and optimizing operations. On the other hand, software involves platforms and applications for managing inventory, CRM, analytics, and personalized customer experiences. Currently, software solutions are dominating the market share in connected retail due to the increasing adoption of data-driven strategies and the focus on enhancing customer engagement. This shift towards software signifies the importance of leveraging technology to create seamless and personalized retail experiences for customers.
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In terms of Product Application, the Connected Retail market is segmented into:
- Industrial
- Enterprise
- Others
Connected Retail is used in various applications such as Industrial, Enterprise, and Others. In the Industrial sector, it helps optimize supply chain management and enhance operational efficiency. Enterprise applications involve personalized marketing and customer engagement strategies. Other applications include smart shelves and payment systems for a seamless shopping experience. The fastest growing application segment in terms of revenue is the Enterprise sector, as businesses are increasingly investing in technology to improve customer interactions and drive sales. Overall, Connected Retail is revolutionizing the retail industry by incorporating IoT devices and data analytics to create a more interconnected and efficient shopping experience.
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Geographical Spread and Market Dynamics of the Connected Retail Market
North America: United States, Canada, Europe: GermanyFrance, U.K., Italy, Russia,Asia-Pacific: China, Japan, South, India, Australia, China, Indonesia, Thailand, Malaysia, Latin America:Mexico, Brazil, Argentina, Colombia, Middle East & Africa:Turkey, Saudi, Arabia, UAE, Korea
The Connected Retail market in
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
Key players in the Connected Retail market in
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The growth factors for these key players in the Connected Retail market in
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Connected Retail Market: Competitive Intelligence
- Zebra Technologies
- Softweb Solutions
- SAP
- PTC
- Microsoft
- Intel
- IBM
- Cisco Systems
- Atmel
- ARM
Zebra Technologies is a leading player in the connected retail market, offering innovative solutions like RFID technology and mobile computing devices. The company has a strong track record of past performance, with consistent revenue growth and a focus on innovation to drive market share.
SAP is another key player in the connected retail space, providing advanced analytics and cloud-based solutions for retailers. The company has a wide customer base and a reputation for delivering reliable and scalable solutions to meet the changing needs of the retail industry.
PTC is a software company that specializes in industrial IoT solutions, including for the retail sector. The company has experienced significant growth in recent years, driven by its innovative products and strategic partnerships with leading technology providers.
Some key sales revenue figures for the listed companies are:
- Zebra Technologies: $ billion
- SAP: $27.55 billion
- PTC: $1.17 billion
These figures demonstrate the strong market presence and revenue growth of these companies in the connected retail sector. With the increasing adoption of IoT technology and data analytics in the retail industry, these companies are well-positioned to capitalize on market opportunities and drive further growth in the future.
Connected Retail Market Growth Prospects and Forecast
The Connected Retail Market is expected to experience a CAGR of approximately 20% during the forecasted period. The growth in this market can be attributed to innovative technologies such as Internet of Things (IoT), artificial intelligence, machine learning, and data analytics that are revolutionizing the retail industry. These technologies are enabling retailers to personalize customer experiences, optimize inventory management, streamline operations, and enhance overall efficiency.
To further increase growth prospects, retailers can implement innovative deployment strategies such as implementing smart shelves, interactive kiosks, beacon technology for targeted marketing, and mobile payment solutions. These strategies can help retailers seamlessly integrate physical stores with online platforms, provide a seamless omnichannel shopping experience, and gain valuable insights into customer behavior and preferences.
Moreover, trends such as virtual reality shopping experiences, augmented reality try-on features, and cashier-less stores are reshaping the retail landscape and driving the demand for connected retail solutions. By embracing these trends and leveraging innovative technologies, retailers can create a competitive edge, drive customer engagement, and achieve sustainable growth in the connected retail market.
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