The Smart Retail Market is projected to reach USD 329.03 billion by 2032 with a CAGR of 26.45%.

From GlobeNewswire: 2025-04-09 09:21:00

The Smart Retail Market is projected to reach USD 329.03 billion by 2032, with a CAGR of 26.45% from 2024 to 2032. Retailers are embracing AI, IoT, and data analytics to enhance customer experiences. The U.S. market is valued at USD 9.33 billion in 2023, set to grow at a 26.2% CAGR. Demand for cashless, contactless, and digital payment solutions is on the rise, driven by the pandemic. Augmented and virtual reality are shaping in-store experiences, while omni-channel strategies drive customer engagement.

In 2023, the hardware segment dominated the smart retail market with a 63.5% share, driven by smart devices like shelves, POS systems, and digital signage. From 2024 to 2032, the software segment is expected to see the highest CAGR, fueled by AI-powered analytics and CRM tools. Visual marketing led the market in 2023 with a 29.7% share, while the smart payment system segment is projected to grow fastest from 2024 to 2032.

North America held a 32.6% share of the smart retail market in 2023, with innovations like AI-driven inventory management and cashier-less stores driving growth. The Asia-Pacific region is expected to experience the highest CAGR from 2024 to 2032, supported by rapid urbanization and retail digitization. Leading retailers like Amazon Go and Alibaba are pioneering smart retail solutions, enhancing customer experiences and boosting sales.



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