Product Code: GVR-2-68038-588-5
Smart Retail Market Summary
The global smart retail market size was estimated at USD 43.13 billion in 2024 and is projected to reach USD 450.69 billion by 2033, growing at a CAGR of 30.3% from 2025 to 2033, due to the increasing adoption of Internet of Things (IoT) and smart devices. Retailers are increasingly leveraging IoT-enabled technologies, such as smart shelves, beacons, and RFID systems, to gain real-time insights into inventory levels, customer footfall, and shopping patterns.
These technologies enhance operational efficiency, reduce shrinkage, and improve the overall customer experience. The growing need for automation and real-time tracking in physical stores has accelerated the deployment of smart infrastructure across retail outlets globally.
The rapid integration of artificial intelligence (AI) and data analytics also contributes to the smart retail industry. Retailers are utilizing AI-driven tools for demand forecasting, customer behavior analysis, personalized marketing, and dynamic pricing strategies. AI-powered chatbots and virtual assistants are also transforming customer service by offering 24/7 support and tailored recommendations. This personalization helps increase customer loyalty and average order value, making AI a crucial enabler of smart retail growth. For instance, in March 2025, Advantech Co., Ltd., a Taiwan-based IoT intelligent systems provider enhanced its iVisionSuite with LLM integration, enabling retail mall operators to improve customer engagement and streamline operations. Combined with VisionSense's AI features, such as object detection and facial analysis, and Advantech's edge hardware, the solution boosts efficiency and enhances the shopping experience.
The rising popularity of omnichannel retailing is also contributing to the expansion of the smart retail market. Consumers increasingly expect a seamless experience across online and offline channels. To meet this demand, retailers are deploying smart solutions that unify in-store, mobile, and web-based experiences. Technologies such as smart checkout systems, mobile payments, and digital signage support an integrated retail approach, improving customer satisfaction and retention. Moreover, the shift in consumer preferences toward contactless shopping, especially after the COVID-19 pandemic, has accelerated the adoption of smart retail technologies. Self-checkout kiosks, cashier-less stores, QR code scanning, and mobile wallet integration have gained traction as consumers prioritize convenience, safety, and speed. These changes in shopping behavior are pushing retailers to invest in touchless, tech-driven solutions to remain competitive.
Global Smart Retail Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global smart retail market report based on solution, application, and region.
- Solution Outlook (Revenue, USD Billion, 2021 - 2033)
- Hardware
- Software
- Application Outlook (Revenue, USD Billion, 2021 - 2033)
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others
- Regional Outlook (Revenue, USD Billion, 2021 - 2033)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Methodology segmentation & scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Smart Retail Variables, Trends & Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
- 3.3.3. Industry Opportunities
- 3.4. Smart Retail Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social landscape
- 3.4.2.3. Technological landscape
- 3.4.2.4. Environmental landscape
- 3.4.2.5. Legal landscape
Chapter 4. Smart Retail Market: Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Smart Retail: Type Movement Analysis, 2024 & 2033 (USD Billion)
- 4.3. Hardware
- 4.3.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 4.4. Software
- 4.4.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
Chapter 5. Smart Retail Market: Application Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Smart Retail: Application Movement Analysis, 2024 & 2033 (USD Billion)
- 5.3. Visual Marketing
- 5.3.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 5.4. Smart Label
- 5.4.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 5.5. Smart Payment System
- 5.5.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 5.6. Intelligent System
- 5.6.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 5.7. Others
- 5.7.1. Market Size Estimates and Forecasts, 2021 - 2033 (USD Billion)
Chapter 6. Smart Retail Market: Regional Estimates & Trend Analysis
- 6.1. Smart Retail Share, By Region, 2024 & 2033 (USD Billion)
- 6.2. North America
- 6.2.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.2.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.2.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.2.4. U.S.
- 6.2.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.2.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.2.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.2.5. Canada
- 6.2.5.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.2.5.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.2.5.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.2.6. Mexico
- 6.2.6.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.2.6.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.2.6.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.3. Europe
- 6.3.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.3.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.3.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.3.4. UK
- 6.3.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.3.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.3.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.3.5. Germany
- 6.3.5.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.3.5.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.3.5.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.3.6. France
- 6.3.6.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.3.6.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.3.6.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4. Asia Pacific
- 6.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4.4. China
- 6.4.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4.5. India
- 6.4.5.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.5.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.5.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4.6. Japan
- 6.4.6.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.6.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.6.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4.7. Australia
- 6.4.7.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.7.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.7.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.4.8. South Korea
- 6.4.8.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.4.8.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.4.8.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.5. Latin America
- 6.5.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.5.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.5.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.5.4. Brazil
- 6.5.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.5.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.5.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.6. Middle East & Africa
- 6.6.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.6.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.6.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.6.4. Saudi Arabia
- 6.6.4.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.6.4.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.6.4.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.6.5. UAE
- 6.6.5.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.6.5.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.6.5.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
- 6.6.6. South Africa
- 6.6.6.1. Market Estimates and Forecasts, 2021 - 2033 (USD Billion)
- 6.6.6.2. Market estimates and forecast by solution, 2021 - 2033 (Revenue, USD Billion)
- 6.6.6.3. Market estimates and forecast by application, 2021 - 2033 (Revenue, USD Billion)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis by Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Market Share Analysis
- 7.4. Company Heat Map Analysis
- 7.5. Strategy Mapping
- 7.5.1. Expansion
- 7.5.2. Mergers & Acquisition
- 7.5.3. Partnerships & Collaborations
- 7.5.4. New Product Launches
- 7.5.5. Research And Development
- 7.6. Company Profiles
- 7.6.1. Amazon.com, Inc.
- 7.6.1.1. Participant's Overview
- 7.6.1.2. Financial Performance
- 7.6.1.3. Product Benchmarking
- 7.6.1.4. Recent Developments
- 7.6.2. Cisco Systems, Inc.
- 7.6.2.1. Participant's Overview
- 7.6.2.2. Financial Performance
- 7.6.2.3. Product Benchmarking
- 7.6.2.4. Recent Developments
- 7.6.3. Google
- 7.6.3.1. Participant's Overview
- 7.6.3.2. Financial Performance
- 7.6.3.3. Product Benchmarking
- 7.6.3.4. Recent Developments
- 7.6.4. Honeywell International Inc.
- 7.6.4.1. Participant's Overview
- 7.6.4.2. Financial Performance
- 7.6.4.3. Product Benchmarking
- 7.6.4.4. Recent Developments
- 7.6.5. Huawei Technologies Co., Ltd.
- 7.6.5.1. Participant's Overview
- 7.6.5.2. Financial Performance
- 7.6.5.3. Product Benchmarking
- 7.6.5.4. Recent Developments
- 7.6.6. IBM Corporation
- 7.6.6.1. Participant's Overview
- 7.6.6.2. Financial Performance
- 7.6.6.3. Product Benchmarking
- 7.6.6.4. Recent Developments
- 7.6.7. Ingenico, Fiserv, Inc.
- 7.6.7.1. Participant's Overview
- 7.6.7.2. Financial Performance
- 7.6.7.3. Product Benchmarking
- 7.6.7.4. Recent Developments
- 7.6.8. Intel Corporation
- 7.6.8.1. Participant's Overview
- 7.6.8.2. Financial Performance
- 7.6.8.3. Product Benchmarking
- 7.6.8.4. Recent Developments
- 7.6.9. LG Display Co., Ltd.
- 7.6.9.1. Participant's Overview
- 7.6.9.2. Financial Performance
- 7.6.9.3. Product Benchmarking
- 7.6.9.4. Recent Developments
- 7.6.10. NCR Corporation
- 7.6.10.1. Participant's Overview
- 7.6.10.2. Financial Performance
- 7.6.10.3. Product Benchmarking
- 7.6.10.4. Recent Developments
- 7.6.11. NVIDIA Corporation
- 7.6.11.1. Participant's Overview
- 7.6.11.2. Financial Performance
- 7.6.11.3. Product Benchmarking
- 7.6.11.4. Recent Developments
- 7.6.12. NXP Semiconductors
- 7.6.12.1. Participant's Overview
- 7.6.12.2. Financial Performance
- 7.6.12.3. Product Benchmarking
- 7.6.12.4. Recent Developments
- 7.6.13. PAX Global Technology Limited
- 7.6.13.1. Participant's Overview
- 7.6.13.2. Financial Performance
- 7.6.13.3. Product Benchmarking
- 7.6.13.4. Recent Developments
- 7.6.14. SAMSUNG
- 7.6.14.1. Participant's Overview
- 7.6.14.2. Financial Performance
- 7.6.14.3. Product Benchmarking
- 7.6.14.4. Recent Developments
- 7.6.15. Verifone Systems
- 7.6.15.1. Participant's Overview
- 7.6.15.2. Financial Performance
- 7.6.15.3. Product Benchmarking
- 7.6.15.4. Recent Developments