Connected Retail Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Connected Retail Market Analysis
The connected retail market was valued at USD 27.84 billion in 2020 and is expected to reach USD 78.21 billion by 2026, registering a CAGR of 18.43% during the forecast period (2021 - 2026).
- The rapid growth of IoT devices is a major factor driving the market of connected devices. The connected retail market is highly dependent on IoT technology for its further growth. The rise of omnichannel retailing, where the consumers are on continuously connected platforms, like mobile, tablet, or desktop, has led to increasing prominence of connected retailing.
- With the improving industrial processes and automated manufacturing facilities, components costs have witnessed a declining trend. Reducing prices of components in a newly emerging market is a good opportunity for the growth of the connected retail market.
- Retailers across the globe are realizing the benefits of connecting with the customers and providing them a more immersive shopping experience by consistently providing them messages about pricing, product availability and provide customer service across all touch points, which are some of the factors driving the market further.
- However, the lack of fundamental IoT standards to control the data flow and improve the security and privacy of data is one of the factors restraining the growth of the market studied.
Connected Retail Market Trends
This section covers the major market trends shaping the Connected Retail Market according to our research experts:
Emergence of IoT in Retail is Expected to Drive the Market
- As mentioned by Zebra Technologies, a US firm, that most retailers in the US think IoT will be the most significant technological transformation to the industry in this decade. Nearly 96% of retail decision-makers state that they are ready to make changes needed to adopt the IoT and about a fourth of retailers are prepared to deploy IoT technology over the next year.
- IoT is expected to make a huge transformation to various areas, like replenishment of goods. Devices, like connected fridge, that can automatically re-order milk, cheese, or any other product that is running low, are being introduced by major electronics manufacturers, like Samsung and LG.
- The emergence of IoT in retail space has drastically changed the retail market. With the increasing retail sales, the integration of IoT sensors in different consumer electronics will enable retailers to understand and monitor consumer behavior, collect data, and provide enhanced consumer experience, which is a significant motto of the connected retail market.
North America Occupies the Largest Market Share
- North America is a major region for the rapidly expanding IoT market owing to which the connected retail market is expected to have a significant market share in the North American region.
- Demand for connected solutions is rising from the retailers owing to its various advantages such as connected consumers, reductions in operational costs, and optimization of employee efficiency, these factors are expected to drive the market studied in the North American region.
- Apple, a North American firm, is excelling in this area due to real-time access to information and they are also adding value to customers through product demonstrations and a high level of interactions.
- Additionally, Me-tailing is a driving factor for the North America region that has a substantial impact on the market. The trend of me-tailing has enabled high consumer focus, thus improving brand experience.
Connected Retail Industry Overview
The competition in the connected retail market is growing owing to the presence and entry of players in the market operating in domestic as well as in the international markets. The market appears to be moderately concentrated with major players adopting strategies like product and service innovation and mergers and acquisitions. Some of the major players in the market areCisco Systems Inc.,Microsoft Corporation,Intel Corporation,IBM Corporation among others.
- January 2018 - Samsung launched its connected pop-up store solution for retailers at national retail federation's big show 2018. These solutions will help retailers harness the power of data to design and deliver an enhanced, more intelligent customer experience.
- January 2018 - Honeywell announced that its Connected Retail Solution demonstrated 20% gains in worker productivity in retail stores.
Connected Retail Market Leaders
-
Cisco Systems Inc.
-
Microsoft Corporation
-
Intel Corporation
-
IBM Corporation
-
Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Connected Retail Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
-
4.3 Market Drivers
- 4.3.1 Increased Adoption of IoT Devices
-
4.4 Market Restraints
- 4.4.1 Data Security and Privacy Concerns
-
4.5 Industry Attractiveness - Porter's Five Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Component
- 5.1.1 Hardware
- 5.1.2 Software
- 5.1.3 Services
-
5.2 By Technology
- 5.2.1 ZigBee
- 5.2.2 NFC
- 5.2.3 Bluetooth Low Energy
- 5.2.4 Wi-Fi
- 5.2.5 Other Technologies
-
5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
-
6.1 Company Profiles
- 6.1.1 NXP Semiconductors NV
- 6.1.2 Honeywell International Inc.
- 6.1.3 Cisco Systems Inc.
- 6.1.4 Verizon Enterprise Solutions
- 6.1.5 IBM Corporation
- 6.1.6 Microsoft Corporation
- 6.1.7 Softweb Solutions Inc.
- 6.1.8 Intel Corporation
- 6.1.9 SAP SE
- 6.1.10 Zebra Technologies Corp.
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityConnected Retail Industry Segmentation
Connected retail means to connect with the customers seamlessly through personalized marketing, the combination of a physical store and digital experience, supply chain, varied payment options and providing the capability to employees to collaborate more effectively.
| By Component | Hardware |
| Software | |
| Services | |
| By Technology | ZigBee |
| NFC | |
| Bluetooth Low Energy | |
| Wi-Fi | |
| Other Technologies | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Connected Retail Market Research FAQs
What is the current Connected Retail Market size?
The Connected Retail Market is projected to register a CAGR of 3.23% during the forecast period (2024-2029)
Who are the key players in Connected Retail Market?
Cisco Systems Inc., Microsoft Corporation, Intel Corporation, IBM Corporation and Honeywell International Inc. are the major companies operating in the Connected Retail Market.
Which is the fastest growing region in Connected Retail Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Connected Retail Market?
In 2024, the North America accounts for the largest market share in Connected Retail Market.
What years does this Connected Retail Market cover?
The report covers the Connected Retail Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Connected Retail Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Connected Retail Industry Report
Statistics for the 2024 Connected Retail market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Connected Retail analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
