The North America Smart Retail Market would witness market growth of 26.9% CAGR during the forecast period (2023-2030).
Utilizing smart technology that is created to provide clients with quicker, better, and safer services is at the heart of smart retail. One of the key trends driving the market growth is the expanding use of technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and the Internet of Things (IoT) to improve the shopping experience for consumers, enable accurate inventory management, and enhance store operations. As technology enables marketers to communicate with customers through their mobile devices, augmented reality is especially revolutionizing the retail sector.
Adopting augmented reality (AR) in marketing aids in fostering customer connections, improving the customer experience, and ultimately boosting revenues. The need for cutting-edge technology is also driven by notable growth in retail establishments across different regions. These developments also allow brick-and-mortar stores to compete successfully with online ones to regain lost market share by luring new clients and keeping the ones they already have.
The highly competitive atmosphere that the retail services sector offers supports robust company operations and inspires innovations that boost productivity and dependability. The National Retail Federation estimates that in 2018, the United States 4.2 million retail enterprises had a combined economic effect of $3.9 trillion. The retail sector in the United States supports more than 52 million jobs and directly employs roughly 32 million people (16.0 percent of the nation's total workforce). The regional market is expected to see substantial development due to the rising popularity of such technologies and the expansion of the region's retail sector.
The US market dominated the North America Smart Retail Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $38,510.2 million by 2030. The Canada market is showcasing a CAGR of 29.8% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 28.6% during (2023 - 2030).
Based on Application, the market is segmented into Visual Marketing, Intelligent System, Smart Payment System, Smart Label, and Others. Based on Solution, the market is segmented into Hardware, and Software. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Smart Retail Market is Projected to reach USD 201.6 Billion by 2030, at a CAGR of 27.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Cisco Systems, Inc, Google LLC (Alphabet Inc.), Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, NCR Corporation, NVIDIA Corporation, Intel Corporation, and NXP Semiconductors N.V.
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