Major players in the connected retail market are Microsoft Corporation, Zebra Technologies Corporation, Intel Corporation, PTC Inc., SAP AG, Cisco Systems Inc., International Business Machines Corporation, Google Inc.
New York, Aug. 07, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Connected Retail Global Market Report 2023" – https://www.reportlinker.com/p06479698/?utm_source=GNW
, NXP Semiconductors N.V., Softweb Solutions Inc., Honeywell International Inc., Sonata Software, iVend Retail, Avanade, and Fujitsu.
The global connected retail market is expected to grow from $30.05 billion in 2022 to $36.41 billion in 2023 at a compound annual growth rate (CAGR) of 21.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The connected retail market is expected to reach $74.38 billion in 2027 at a CAGR of 19.6%.
The connected retail market includes revenues earned by providing click-and-collect or BOPIS (buy online, pick up in-store) services, in-store navigation and wayfinding, mobile payments and checkout, supply chain optimization, virtual and augmented reality (VR and AR) experiences, loyalty programs, and smart shelf management.The market value includes the value of related goods sold by the service provider or included within the service offering.
The connected retail market also includes sales of connected systems and IoT-enabled devices which are used for providing connected retail services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Connected retail refers to the integration of various digital technologies and platforms to create a seamless and unified shopping experience for consumers across online and offline channels. It is used to seamlessly connect businesses with customers by using personalized marketing, fusing the analog and digital shopping experiences, enhancing the supply chain, offering a variety of payment options, and equipping staff with the resources they need to collaborate more effectively.
North America was the largest region in the connected retail market in 2020.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in connected retail report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of connected retail are hardware, software, and services.Software such as point-of-sale (POS) software is used at checkout counters in retail stores to process sales transactions, manage inventory, and handle payment processing.
The various technology includes Zigbee, NFC(Near Field Communication), Bluetooth low energy, wi-fi, and other technologies, that are used in various applications such as electronics and appliances, home and personal care, food and beverage, apparel, sporting goods and toys, and others.
The increasing demand from end users such as the food and beverage industry is expected to boost the growth of the connected retail market going forward.The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food.
Connected retail helps food and beverages brands to improve customer engagement with, consistent brand experience satisfying customer preferences.For instance, in 2023, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, the exports of food and drink increased by 31% in 2022 compared to 2021.
Additionally, the food and beverages industry have a turnover of US$3.52billion (£10.3 billion) in 2022, accounting for 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the connected retail market.
Technological advancements are a key trend gaining popularity in the connected retail market.Major companies operating in the connected retail market are adopting new technologies to sustain their position in the market.
For instance, in September 2022, Instacart, a US-based grocery technology company, launched connected stores, a suite of new and existing technologies that aim to help retailers create a personalized experience both online and in-store. This new offering allows grocers to create a unified, personalized experience for customers by seamlessly integrating their app or website with the physical, in-store experience.
In August 2020, Tulip.io Inc., a Canada-based cloud-based retail mobile solutions company, announced the acquisition of Blueday Inc. for an undisclosed amount. The acquisition reflects the ongoing trend in the retail industry towards leveraging technology and data to optimize store operations, improve associate productivity, and deliver seamless omnichannel experiences for customers. Blueday Inc. is a UK-based company that provides SaaS solutions and offers retailers a centralized suite of data-driven tools that help finance, operations, and in-store management.
The countries covered in the connected retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The connected retail market research report is one of a series of new reports that provides connected retail market statistics, including connected retail industry global market size, regional shares, competitors with a connected retail market share, detailed connected retail market segments, market trends and opportunities, and any further data you may need to thrive in the connected retail industry. This connected retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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