Connected retail market is anticipated to grow at a considerable CAGR of 3.1% during the forecast period. Connected retail is a strategy that links retail with digital technologies to create a seamless shopping experience for customers. Seamless integration of online and offline channels, personalized marketing, 24/7 availability of products, and cost efficiency are the key benefits of connected retail. The growing integration of advanced technologies such as artificial (AI), edge computing, 5G networks in retail stores, along with the booming in-store technology ecosystem has been driving the growth of the global connected retail market. The combinations of innovative digital solutions are likely to offer opportunities to the market growth.
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In March 2023, Connected Retail Experience Study 2023, conducted by Incisiv in collaboration with Verizon Business, reveals that retailers are prioritizing investments in technologies that improve operational efficiency to reduce costs and increase profitability. The study shows that retailers anticipate a significant increase in automation and expect up to 70.0% of routine tasks will be partially or fully automated by 2025. They expect to leverage the labor and productivity benefits by re-deploying associates to customer-facing high-value tasks (18% of retailers) and support business operations (26% of retailers). The increasing automation at retail stores is anticipated to promote the growth of the global connected retail market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Connected Retail Market by Component
- Hardware
- Software
- Services
Global Connected Retail Market by Technology
- ZIGBEE
- Near-Field Communication (NFC)
- Bluetooth Low Energy (BLE)
- Wi-Fi
- Other (Magnetic Positioning)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Apple Inc.
- Broadcom Crop.
- Motorola Solution Inc.
- Nokia Corp.
- Nowon Technologies Pvt. Ltd.
- NXP Semiconductors NV
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- SAP SE
- Siemens AG
- Softweb Solutions Inc.
- Spirent Communications PLC
- STMicroelectronics International N.V.
- Verizon Enterprise Solutions
- Zebra Technologies Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global connected retail market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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