Changing Consumer Experiences for Online Shopping Has Increased the Demand for Connected Retail Market

Globally, the connected retail market is expected to grow with a CAGR of 20.6% during the forecast period from 2023 to 2030 and had registered a market value of US$ 26.21 Bn in 2021. Connected retail is defined as a connection between the customer and the retail stores with the help supply chain, personalized marketing, varied payment options, a combination of the physical store and digital experience, and allowing the capability to employees to collaborate more effectively.

Various companies had developed a connected retail environment for the customers by providing the store's location where their product is being delivered and allowing the individuals to pick their delivered products at any time. The advancement in technology has increased the adoption of different technologies among the individuals leading to increase their comfort zone. The connected retail allows the users to transfer the amount within a fraction of seconds with the help of a mobile laptop or any other devices, which save their time. Moreover, the increasing interest in online shopping among users is also driving the market across the globe.

Connected Retail with Hardware in its Component Segment Continue Dominating the Market

In 2021, the overall connected retail market was led by the hardware segment contributing to a high percentage of the market share of more than 35.0% and is expected to grow with a significant CAGR during the forecast period. The increasing demand for the IoT connected devices among the retail market is one of the major factors driving the connected retail market across the globe. The rising need for higher work efficiency and accuracy the hardware components are being used for tracking the inventory.

North America Dominates the Market by Region

The global connected retail market was dominated by North America with a market share of than more 30.0% in the year 2020. The rapid expansion of IoT devices in the region is one of the factors, which is driving the market. There are various companies present in the region such as IBM Corporation, Cisco Systems, Intel Corporation and others, which offers different solution and services to enhance the productivity and functionality of the retail store. This helps in reducing the cost and enhance the customer experience, which is driving the market across the region.

Some of the prominent players operating in the connected retail are Verizon, Cisco Systems, IBM Corporation, ARM Holding PLC, Belatrix Software, Softweb Solutions Inc., Google Inc., Atmel Corporation, Microsoft Corporation, Honeywell International Inc., Intel Corporation, NXP Semiconductors NV, Zebra Technologies Corp., SAP SE, Fujitsu Limited, and PTC Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Connected Retail market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Connected Retail market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Connected Retail market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Connected Retail market?
• Which is the largest regional market for Connected Retail market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Connected Retail market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Connected Retail market worldwide?