Market Overview:
The connected retail market is estimated to grow from USD 27.58 billion in 2021 to USD 93.48 billion by 2028 at a CAGR of 19.05% during the forecast period 2021- 2028.
Connected retail means connecting the customers continuously through the combined physical store and digital marketing, personalized marketing, by providing various payment options and providing the capability to employees to collaborate more effectively. Online ordering in-store and mobile payment are the main features of connected retail. In the digital world of connected retail, retail brands are available for understanding to their customer. Customers have different choices and they are involved in buying the products online or offline. Various technology involved in connected retail such as biometric technologies, face recognition, 3D screens/holographic projections, AI and self-learning programs, computer vision, IoT, and blockchain. Owing to this technology the connected retail shops give superior experience to customers through online as well as offline service and make new strategies for managing customers’ needs.
Major Key Players for Connected Retail Market:
- Cisco Systems (San Jose California)
- Verizon (New York, United States)
- International Business Machines Corporation (IBM) (U.S.)
- Amazon Web Services Inc. (Seattle, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Belatrix Software (Redwood City, U.S)
- ARM Holdings PLC (Softbank Group) (Cambridge, U.K)
- Softweb Solutions Inc. (Chicago, U.S)
- Atmel Corporation (Microchip Technology Inc.) (California, U.S)
- Google Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Intel Corporation (Santa Clara, U.S)
- SAP SE (Germany)
- NXP Semiconductors NV (Netherlands)
- Zebra Technologies Corp. (U.S)
- Fujitsu Limited (Tokyo, Japan)
- PTC Inc. (Massachusetts, U.S)
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Market Dynamics and Factors:
Rising the adoption of IoT technology in connected retail is a key factor in driving the market of connected retail. IoT technology is an advanced technology that gives several advantages like prevention of fraud, theft, and inventory management solutions. Increasing the connected platforms such as mobile apps, and omnichannel retailing, where consumers are continuously connected through mobile, tablets, or desktops. Connected retails gives several benefits to the consumer like reducing the prices of components, providing an immersive shopping experience, and a variety of availability of products. In addition to this provide a home delivery service, it has different end uses such as electronics, beauty, home, and personal care, food and beverage, apparel, toys, sports goods, footwear, and accessories. Connected retail technology is very popular among the customer because it allows the customer to quickly select online goods, reduce the risk of damaged goods, and have no shipping fees. This factor helps to grow the market over the projected timeframe.
Connected Retail Market Report Highlight:
- By type, the services segment is expected to have the maximum share in the connected retail market during the projected period. Connected retail provides various services like production support activities, lifecycle management activities, and professional activities which is driving the growth of the connected retail market.
- By Application, Bluetooth low energy is the segment predicted to expand the most in the connected retail market during the forecast year. The emerging installation and usage of Bluetooth low energy by connected retail that rising the growth of the connected retail market.
- By region, North America is expected to dominate the connected retail market during the projection period. Rising the adoption of new advanced technology used in connected retail in this region that helps in the growth of the connected retail market in this region.
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Key Industry Development:
- In December 2020, Verizon connect installed a plug-and-play device, and fleet management solutions for the delivery of goods and services. The name of the fleet management solution is Reveal Starter is designed for small businesses.
Connected Retail Market Segmentation:
By Type
- Hardware
- Software
- Services
By Application
- ZigBee
- NFC
- Bluetooth Low Energy
- Wi-Fi
- Other Technologies
For this report, Introspective Market Research has segmented the Connected Retail Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The connected Retail Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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