Technology

Global smart retail market to hit $39B by 2024

The global smart retail market is expected to reach $39.6 billion in three years, according to a Global Industry Analysts market study. The report presents perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace, according to a press release.

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August 25, 2021

The global smart retail market is expected to reach $39.6 billion in three years, according to a Global Industry Analysts market study.

The report presents perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace, according to a press release.

Smart retail is defined as a concept that combines conventional shopping with modern technology, leveraging IoT to provide a deeper personalized and faster customer experience.

"Full-fledged implementation of smart retail-related processes holds immense potential to alter the dynamics in the retail industry. In fact, many conventional retailers and industry leaders have already acknowledged Retail 4.0, (the Industry 4.0 version of retail sector), smart retail, and their core features to be the reliable solution to various issues endemic to retail business operations. For instance, factors such as transparency, decentralization and optimization all play vital roles in a modern smart retail platform," stated the release.

Europe represents the largest regional market for smart retail, accounting for an estimated 34.6% share of the global total, according to the release. The U.S. is forecast to emerge as the fastest growing regional market with a CAGR of 26.1% over the analysis period.

"In the last few years, retailer focus on customer services has surged, thus paving way for wider adoption of smart retail. Customer service has transitioned from answering customer queries to understanding the preferences and needs of customers. The growing need for sophisticated retail services is fueling the smart retail market in a significant manner," stated the release.