PUBLISHER: Grand View Research | PRODUCT CODE: 1790152
PUBLISHER: Grand View Research | PRODUCT CODE: 1790152
Smart Retail Market Summary
The global smart retail market size was estimated at USD 43.13 billion in 2024 and is projected to reach USD 450.69 billion by 2033, growing at a CAGR of 30.3% from 2025 to 2033, due to the increasing adoption of Internet of Things (IoT) and smart devices. Retailers are increasingly leveraging IoT-enabled technologies, such as smart shelves, beacons, and RFID systems, to gain real-time insights into inventory levels, customer footfall, and shopping patterns.
These technologies enhance operational efficiency, reduce shrinkage, and improve the overall customer experience. The growing need for automation and real-time tracking in physical stores has accelerated the deployment of smart infrastructure across retail outlets globally.
The rapid integration of artificial intelligence (AI) and data analytics also contributes to the smart retail industry. Retailers are utilizing AI-driven tools for demand forecasting, customer behavior analysis, personalized marketing, and dynamic pricing strategies. AI-powered chatbots and virtual assistants are also transforming customer service by offering 24/7 support and tailored recommendations. This personalization helps increase customer loyalty and average order value, making AI a crucial enabler of smart retail growth. For instance, in March 2025, Advantech Co., Ltd., a Taiwan-based IoT intelligent systems provider enhanced its iVisionSuite with LLM integration, enabling retail mall operators to improve customer engagement and streamline operations. Combined with VisionSense's AI features, such as object detection and facial analysis, and Advantech's edge hardware, the solution boosts efficiency and enhances the shopping experience.
The rising popularity of omnichannel retailing is also contributing to the expansion of the smart retail market. Consumers increasingly expect a seamless experience across online and offline channels. To meet this demand, retailers are deploying smart solutions that unify in-store, mobile, and web-based experiences. Technologies such as smart checkout systems, mobile payments, and digital signage support an integrated retail approach, improving customer satisfaction and retention. Moreover, the shift in consumer preferences toward contactless shopping, especially after the COVID-19 pandemic, has accelerated the adoption of smart retail technologies. Self-checkout kiosks, cashier-less stores, QR code scanning, and mobile wallet integration have gained traction as consumers prioritize convenience, safety, and speed. These changes in shopping behavior are pushing retailers to invest in touchless, tech-driven solutions to remain competitive.
Global Smart Retail Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global smart retail market report based on solution, application, and region.