The global smart retail market is expected to reach $232.36bn by 2030 with a CAGR of 29% from 2023 to 2030, according to a report from Skyquest.

Fuelling the market is the growing demand for personalised shopping experiences, integration of technologies such as IoT and AI, rising adoption of mobile payments, increasing focus on enhancing customer engagement, the need for efficient inventory management, emphasis on data-driven decision-making, surge in the use of analytics for customer insights, expanding popularity of omnichannel retailing, the push for seamless and frictionless shopping processes, and the continuous evolution of customer expectations.

According to SkyQuest, increasing adoption of cashierless stores leveraging computer vision and sensor technologies, the rise of virtual try-on options in apparel and cosmetics retail, the growing prominence of voice commerce through virtual assistants, the integration of blockchain for secure and transparent transactions, the emergence of edge computing to enhance real-time data processing in retail environments, the widespread use of RFID technology for efficient inventory tracking, and the focus on hyper-personalisation through AI-driven recommendations are the trends that aid in the market’s growth.

Smart retail integrates technologies such as AI, IoT and data analytics to enhance the shopping experience. It employs innovations such as cashierless checkout, personalised recommendations and real-time inventory management, changing traditional retail by creating more seamless, efficient and personalised interactions for both consumers and retailers.

Omnichannel strategies dominate the global online market to provide a unified shopping experience across online and offline channels. As consumers increasingly expect a cohesive journey across various touchpoints, smart retail that enables smooth transitions between physical stores and digital platforms could become more prevalent.

In terms of application, customer intelligence is the main segment as it offers personalised and targeted experiences, from recommendations to tailored promotions. This, in turn, enhances customer engagement and satisfaction, leading to increased sales and customer loyalty. With the rising importance of delivering a personalised shopping experience, retailers are likely to invest significantly in customer intelligence applications to stay competitive in the market.

North America, particularly the USA, has shown leadership in adopting and implementing smart retail. The region’s tech-savvy consumers, coupled with a well-established retail industry, contribute to the growth of smart retail technologies. Moreover, the presence of major technology companies and start-ups focused on retail innovation further boosts the smart retail market in North America.

The report (www.skyquestt.com/report/smart-retail-market) analyses the major players operating within the smart retail market. This evaluation has considered several factors, such as collaborations, mergers, business policies and strategies, providing insights into the trends and breakthroughs in the market. Additionally, the report scrutinises the market share of the top segments and presented a detailed geographic analysis. Finally, the report highlights the major players in the industry and their ongoing endeavours to develop innovations that cater to the ever-increasing demand for smart retail.