Market Size of Connected Retail Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Connected Retail Market Analysis
The connected retail market was valued at USD 27.84 billion in 2020 and is expected to reach USD 78.21 billion by 2026, registering a CAGR of 18.43% during the forecast period (2021 - 2026).
- The rapid growth of IoT devices is a major factor driving the market of connected devices. The connected retail market is highly dependent on IoT technology for its further growth. The rise of omnichannel retailing, where the consumers are on continuously connected platforms, like mobile, tablet, or desktop, has led to increasing prominence of connected retailing.
- With the improving industrial processes and automated manufacturing facilities, components costs have witnessed a declining trend. Reducing prices of components in a newly emerging market is a good opportunity for the growth of the connected retail market.
- Retailers across the globe are realizing the benefits of connecting with the customers and providing them a more immersive shopping experience by consistently providing them messages about pricing, product availability and provide customer service across all touch points, which are some of the factors driving the market further.
- However, the lack of fundamental IoT standards to control the data flow and improve the security and privacy of data is one of the factors restraining the growth of the market studied.
