Connected Retail Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Connected Retail market in 2021?

The global connected retail market size in 2021 was valued at USD 19.54 billion. The market is expected to grow at a compound annual growth rate (CAGR) of 15.2% from 2021 to 2026.

COVID-19 Impact on the Connected Retail Market

The COVID-19 pandemic had a significant impact on the connected retail market. With lockdowns and restrictions in place, retailers had to adapt quickly to digital solutions to reach their customers. This led to a surge in online shopping and the adoption of technology such as augmented reality and virtual reality to enhance the shopping experience.

Connected Retail Dynamics

The dynamics of the connected retail market are constantly evolving due to advancements in technology and changing consumer behavior. Retailers are leveraging data analytics, artificial intelligence, and the Internet of Things (IoT) to personalize the shopping experience and improve operational efficiency.

Segments and Related Analysis

Different segments of the connected retail market include hardware, software, and services. Hardware consists of devices such as beacons and RFID tags, while software includes analytics and customer engagement solutions. Services encompass implementation and support.

By Region Analysis

The connected retail market is segmented into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the market in 2021 due to the presence of major retailers and technological advancements.

Key Market Players and Competitive Landscape

Key players in the connected retail market include IBM, Cisco, Intel, Microsoft, and Amazon. These companies focus on developing innovative solutions to help retailers enhance customer engagement and improve operational efficiency.

Recent Happenings in the Connected Retail Market

- In 2021, Amazon introduced Amazon Go stores with cashierless technology, revolutionizing the retail experience. - IBM partnered with major retailers to implement AI-powered solutions for inventory management and customer insights. - Intel launched the Intel Retail Sensor Platform to help retailers track inventory and analyze shopper behavior in real-time.