Global Connected Retail Market to Reach USD 127.51 Billion by 2032
The Global Connected Retail Market, valued at approximately USD 36.53 billion in 2023, is expected to surge at a CAGR of 14.9% over the forecast period from 2024 to 2032. The retail industry is undergoing a technological metamorphosis, fueled by the need for seamless customer experiences, real-time inventory management, and data-driven decision-making. Connected retail is emerging as a game-changing strategy, integrating IoT, AI, cloud computing, and advanced analytics to revolutionize supply chains, in-store operations, and omnichannel shopping experiences. As consumer expectations evolve, retailers are increasingly investing in hardware, software, and services to enhance operational efficiency, boost customer engagement, and drive sales growth.
The adoption of AI-powered analytics, IoT-enabled smart shelves, automated checkout solutions, and cloud-based inventory tracking is reshaping retail environments, enabling businesses to bridge the digital-physical divide. Retailers are leveraging cloud infrastructure to streamline transactions, predict demand, and optimize supply chains. Furthermore, with the growing influence of e-commerce and hybrid shopping models, retailers are embracing connected solutions to deliver a personalized, frictionless shopping journey. Companies are also deploying contactless payment solutions, interactive kiosks, and RFID-based inventory management systems, further accelerating digital transformation in the retail landscape.
Despite its promising trajectory, high implementation costs, concerns over cybersecurity vulnerabilities, and integration complexities with legacy systems pose challenges to market expansion. Additionally, data privacy regulations and the need for robust network security frameworks necessitate continuous technological innovations. However, advancements in edge computing, AI-driven demand forecasting, and blockchain-powered supply chain transparency are mitigating these concerns, driving widespread adoption across department stores, supermarkets, fashion retail, and specialty stores. As businesses prioritize real-time connectivity, predictive analytics, and AI-powered decision-making, the connected retail ecosystem is set to flourish in the coming years.
From a regional perspective, North America dominates the market, attributed to early adoption of digital retail solutions, strong e-commerce penetration, and investments in AI-driven retail analytics. The United States leads the charge, with major retailers integrating IoT-enabled solutions to enhance omnichannel experiences and customer retention strategies. In Europe, the retail sector is experiencing rapid digitalization, driven by smart store innovations, sustainable retail technologies, and AI-powered customer engagement platforms. Meanwhile, Asia Pacific is anticipated to exhibit the highest growth rate, owing to expanding e-commerce ecosystems, rising internet penetration, and increasing investments in smart retail infrastructure across China, India, and Japan. Latin America and the Middle East are also emerging as potential growth hubs, fueled by urbanization, digital payment adoption, and an evolving retail landscape.
Major Market Players Included in This Report Are:
By Component:
North America
The adoption of AI-powered analytics, IoT-enabled smart shelves, automated checkout solutions, and cloud-based inventory tracking is reshaping retail environments, enabling businesses to bridge the digital-physical divide. Retailers are leveraging cloud infrastructure to streamline transactions, predict demand, and optimize supply chains. Furthermore, with the growing influence of e-commerce and hybrid shopping models, retailers are embracing connected solutions to deliver a personalized, frictionless shopping journey. Companies are also deploying contactless payment solutions, interactive kiosks, and RFID-based inventory management systems, further accelerating digital transformation in the retail landscape.
Despite its promising trajectory, high implementation costs, concerns over cybersecurity vulnerabilities, and integration complexities with legacy systems pose challenges to market expansion. Additionally, data privacy regulations and the need for robust network security frameworks necessitate continuous technological innovations. However, advancements in edge computing, AI-driven demand forecasting, and blockchain-powered supply chain transparency are mitigating these concerns, driving widespread adoption across department stores, supermarkets, fashion retail, and specialty stores. As businesses prioritize real-time connectivity, predictive analytics, and AI-powered decision-making, the connected retail ecosystem is set to flourish in the coming years.
From a regional perspective, North America dominates the market, attributed to early adoption of digital retail solutions, strong e-commerce penetration, and investments in AI-driven retail analytics. The United States leads the charge, with major retailers integrating IoT-enabled solutions to enhance omnichannel experiences and customer retention strategies. In Europe, the retail sector is experiencing rapid digitalization, driven by smart store innovations, sustainable retail technologies, and AI-powered customer engagement platforms. Meanwhile, Asia Pacific is anticipated to exhibit the highest growth rate, owing to expanding e-commerce ecosystems, rising internet penetration, and increasing investments in smart retail infrastructure across China, India, and Japan. Latin America and the Middle East are also emerging as potential growth hubs, fueled by urbanization, digital payment adoption, and an evolving retail landscape.
Major Market Players Included in This Report Are:
- Amazon Web Services, Inc.
- IBM Corporation
- Cisco Systems, Inc.
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- Google LLC
- Fujitsu Limited
- Intel Corporation
- Zebra Technologies Corporation
- NCR Corporation
- Samsung Electronics Co., Ltd.
- Honeywell International Inc.
- Toshiba Corporation
- Huawei Technologies Co., Ltd.
By Component:
- Hardware
- Software
- Services
- (Specify technologies as per market classification)
North America
- U.S.
- Canada
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe (RoE)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Brazil
- Mexico
- Rest of Latin America
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa (RoMEA)
- Historical Year: 2022, 2023
- Base Year: 2023
- Forecast Period: 2024 to 2032
- Market Estimates & Forecasts for 10 Years from 2022 to 2032.
- Annualized Revenues and Regional Level Analysis for Each Market Segment.
- Detailed Analysis of the Geographical Landscape with Country-Level Analysis of Major Regions.
- Competitive Landscape with Information on Major Players in the Market.
- Analysis of Key Business Strategies and Recommendations on Future Market Approach.
- Analysis of Competitive Structure of the Market.
- Demand-Side and Supply-Side Analysis of the Market.
CHAPTER 1.GLOBAL CONNECTED RETAIL MARKET EXECUTIVE SUMMARY
1.1.Global Connected Retail Market Size & Forecast (2022-2032)
1.2.Regional Summary
1.3.Segmental Summary
1.3.1.By Component
1.3.2.By Technology
1.4.Key Trends
1.5.Recession Impact
1.6.Analyst Recommendation & Conclusion
CHAPTER 2.GLOBAL CONNECTED RETAIL MARKET DEFINITION AND RESEARCH ASSUMPTIONS
2.1.Research Objective
2.2.Market Definition
2.3.Research Assumptions
2.3.1.Inclusion & Exclusion
2.3.2.Limitations
2.3.3.Supply Side Analysis
2.3.3.1.Availability
2.3.3.2.Infrastructure
2.3.3.3.Regulatory Environment
2.3.3.4.Market Competition
2.3.3.5.Economic Viability (Consumer’s Perspective)
2.3.4.Demand Side Analysis
2.3.4.1.Regulatory Frameworks
2.3.4.2.Technological Advancements
2.3.4.3.Environmental Considerations
2.3.4.4.Consumer Awareness & Acceptance
2.4.Estimation Methodology
2.5.Years Considered for the Study
2.6.Currency Conversion Rates
CHAPTER 3.GLOBAL CONNECTED RETAIL MARKET DYNAMICS
3.1.Market Drivers
3.1.1.Rising demand for seamless customer experiences and real-time data analytics
3.1.2.Integration of IoT, AI, and cloud computing driving digital transformation
3.1.3.Expansion of omnichannel retail and e-commerce ecosystems
3.2.Market Challenges
3.2.1.High implementation costs and integration complexities with legacy systems
3.2.2.Cybersecurity vulnerabilities and data privacy concerns
3.3.Market Opportunities
3.3.1.Advancements in edge computing and AI-driven demand forecasting
3.3.2.Growth in digital payment adoption and smart retail infrastructure
3.3.3.Expansion in emerging markets through urbanization and retail digitization
CHAPTER 4.GLOBAL CONNECTED RETAIL MARKET INDUSTRY ANALYSIS
4.1.Porter’s 5 Force Model
4.1.1.Bargaining Power of Suppliers
4.1.2.Bargaining Power of Buyers
4.1.3.Threat of New Entrants
4.1.4.Threat of Substitutes
4.1.5.Competitive Rivalry
4.1.6.Futuristic Approach to Porter’s 5 Force Model
4.1.7.Porter’s 5 Force Impact Analysis
4.2.PESTEL Analysis
4.2.1.Political
4.2.2.Economical
4.2.3.Social
4.2.4.Technological
4.2.5.Environmental
4.2.6.Legal
4.3.Top Investment Opportunity
4.4.Top Winning Strategies
4.5.Disruptive Trends
4.6.Industry Expert Perspective
4.7.Analyst Recommendation & Conclusion
CHAPTER 5.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY COMPONENT 2022-2032
5.1.Segment Dashboard
5.2.Global Connected Retail Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
5.2.1.Hardware
5.2.2.Software
5.2.3.Services
CHAPTER 6.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY TECHNOLOGY 2022-2032
6.1.Segment Dashboard
6.2.Global Connected Retail Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Billion)
6.2.1.(Specify technologies as per market classification)
CHAPTER 7.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY REGION 2022-2032
7.1.North America Connected Retail Market
7.1.1.U.S. Connected Retail Market
7.1.1.1.Component Breakdown & Forecasts, 2022-2032
7.1.1.2.Technology Breakdown & Forecasts, 2022-2032
7.1.2.Canada Connected Retail Market
7.2.Europe Connected Retail Market
7.2.1.U.K. Connected Retail Market
7.2.2.Germany Connected Retail Market
7.2.3.France Connected Retail Market
7.2.4.Spain Connected Retail Market
7.2.5.Italy Connected Retail Market
7.2.6.Rest of Europe (RoE) Connected Retail Market
7.3.Asia-Pacific Connected Retail Market
7.3.1.China Connected Retail Market
7.3.2.India Connected Retail Market
7.3.3.Japan Connected Retail Market
7.3.4.Australia Connected Retail Market
7.3.5.South Korea Connected Retail Market
7.3.6.Rest of Asia-Pacific (RoAPAC) Connected Retail Market
7.4.Latin America Connected Retail Market
7.4.1.Brazil Connected Retail Market
7.4.2.Mexico Connected Retail Market
7.4.3.Rest of Latin America Connected Retail Market
7.5.Middle East & Africa Connected Retail Market
7.5.1.Saudi Arabia Connected Retail Market
7.5.2.South Africa Connected Retail Market
7.5.3.Rest of Middle East & Africa (RoMEA) Connected Retail Market
CHAPTER 8.COMPETITIVE INTELLIGENCE
8.1.Key Company SWOT Analysis
8.1.1.Amazon Web Services, Inc.
8.1.2.IBM Corporation
8.1.3.Cisco Systems, Inc.
8.2.Top Market Strategies
8.3.Company Profiles
8.3.1.Amazon Web Services, Inc.
8.3.1.1.Key Information
8.3.1.2.Overview
8.3.1.3.Financial (Subject to Data Availability)
8.3.1.4.Product Summary
8.3.1.5.Market Strategies
8.3.2.IBM Corporation
8.3.3.Cisco Systems, Inc.
8.3.4.Oracle Corporation
8.3.5.SAP SE
8.3.6.Microsoft Corporation
8.3.7.Google LLC
8.3.8.Fujitsu Limited
8.3.9.Intel Corporation
8.3.10.Zebra Technologies Corporation
8.3.11.NCR Corporation
8.3.12.Samsung Electronics Co., Ltd.
8.3.13.Honeywell International Inc.
8.3.14.Toshiba Corporation
8.3.15.Huawei Technologies Co., Ltd.
CHAPTER 9.RESEARCH PROCESS
9.1.Research Process
9.1.1.Data Mining
9.1.2.Analysis
9.1.3.Market Estimation
9.1.4.Validation
9.1.5.Publishing
9.2.Research Attributes
1.1.Global Connected Retail Market Size & Forecast (2022-2032)
1.2.Regional Summary
1.3.Segmental Summary
1.3.1.By Component
1.3.2.By Technology
1.4.Key Trends
1.5.Recession Impact
1.6.Analyst Recommendation & Conclusion
CHAPTER 2.GLOBAL CONNECTED RETAIL MARKET DEFINITION AND RESEARCH ASSUMPTIONS
2.1.Research Objective
2.2.Market Definition
2.3.Research Assumptions
2.3.1.Inclusion & Exclusion
2.3.2.Limitations
2.3.3.Supply Side Analysis
2.3.3.1.Availability
2.3.3.2.Infrastructure
2.3.3.3.Regulatory Environment
2.3.3.4.Market Competition
2.3.3.5.Economic Viability (Consumer’s Perspective)
2.3.4.Demand Side Analysis
2.3.4.1.Regulatory Frameworks
2.3.4.2.Technological Advancements
2.3.4.3.Environmental Considerations
2.3.4.4.Consumer Awareness & Acceptance
2.4.Estimation Methodology
2.5.Years Considered for the Study
2.6.Currency Conversion Rates
CHAPTER 3.GLOBAL CONNECTED RETAIL MARKET DYNAMICS
3.1.Market Drivers
3.1.1.Rising demand for seamless customer experiences and real-time data analytics
3.1.2.Integration of IoT, AI, and cloud computing driving digital transformation
3.1.3.Expansion of omnichannel retail and e-commerce ecosystems
3.2.Market Challenges
3.2.1.High implementation costs and integration complexities with legacy systems
3.2.2.Cybersecurity vulnerabilities and data privacy concerns
3.3.Market Opportunities
3.3.1.Advancements in edge computing and AI-driven demand forecasting
3.3.2.Growth in digital payment adoption and smart retail infrastructure
3.3.3.Expansion in emerging markets through urbanization and retail digitization
CHAPTER 4.GLOBAL CONNECTED RETAIL MARKET INDUSTRY ANALYSIS
4.1.Porter’s 5 Force Model
4.1.1.Bargaining Power of Suppliers
4.1.2.Bargaining Power of Buyers
4.1.3.Threat of New Entrants
4.1.4.Threat of Substitutes
4.1.5.Competitive Rivalry
4.1.6.Futuristic Approach to Porter’s 5 Force Model
4.1.7.Porter’s 5 Force Impact Analysis
4.2.PESTEL Analysis
4.2.1.Political
4.2.2.Economical
4.2.3.Social
4.2.4.Technological
4.2.5.Environmental
4.2.6.Legal
4.3.Top Investment Opportunity
4.4.Top Winning Strategies
4.5.Disruptive Trends
4.6.Industry Expert Perspective
4.7.Analyst Recommendation & Conclusion
CHAPTER 5.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY COMPONENT 2022-2032
5.1.Segment Dashboard
5.2.Global Connected Retail Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
5.2.1.Hardware
5.2.2.Software
5.2.3.Services
CHAPTER 6.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY TECHNOLOGY 2022-2032
6.1.Segment Dashboard
6.2.Global Connected Retail Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Billion)
6.2.1.(Specify technologies as per market classification)
CHAPTER 7.GLOBAL CONNECTED RETAIL MARKET SIZE & FORECASTS BY REGION 2022-2032
7.1.North America Connected Retail Market
7.1.1.U.S. Connected Retail Market
7.1.1.1.Component Breakdown & Forecasts, 2022-2032
7.1.1.2.Technology Breakdown & Forecasts, 2022-2032
7.1.2.Canada Connected Retail Market
7.2.Europe Connected Retail Market
7.2.1.U.K. Connected Retail Market
7.2.2.Germany Connected Retail Market
7.2.3.France Connected Retail Market
7.2.4.Spain Connected Retail Market
7.2.5.Italy Connected Retail Market
7.2.6.Rest of Europe (RoE) Connected Retail Market
7.3.Asia-Pacific Connected Retail Market
7.3.1.China Connected Retail Market
7.3.2.India Connected Retail Market
7.3.3.Japan Connected Retail Market
7.3.4.Australia Connected Retail Market
7.3.5.South Korea Connected Retail Market
7.3.6.Rest of Asia-Pacific (RoAPAC) Connected Retail Market
7.4.Latin America Connected Retail Market
7.4.1.Brazil Connected Retail Market
7.4.2.Mexico Connected Retail Market
7.4.3.Rest of Latin America Connected Retail Market
7.5.Middle East & Africa Connected Retail Market
7.5.1.Saudi Arabia Connected Retail Market
7.5.2.South Africa Connected Retail Market
7.5.3.Rest of Middle East & Africa (RoMEA) Connected Retail Market
CHAPTER 8.COMPETITIVE INTELLIGENCE
8.1.Key Company SWOT Analysis
8.1.1.Amazon Web Services, Inc.
8.1.2.IBM Corporation
8.1.3.Cisco Systems, Inc.
8.2.Top Market Strategies
8.3.Company Profiles
8.3.1.Amazon Web Services, Inc.
8.3.1.1.Key Information
8.3.1.2.Overview
8.3.1.3.Financial (Subject to Data Availability)
8.3.1.4.Product Summary
8.3.1.5.Market Strategies
8.3.2.IBM Corporation
8.3.3.Cisco Systems, Inc.
8.3.4.Oracle Corporation
8.3.5.SAP SE
8.3.6.Microsoft Corporation
8.3.7.Google LLC
8.3.8.Fujitsu Limited
8.3.9.Intel Corporation
8.3.10.Zebra Technologies Corporation
8.3.11.NCR Corporation
8.3.12.Samsung Electronics Co., Ltd.
8.3.13.Honeywell International Inc.
8.3.14.Toshiba Corporation
8.3.15.Huawei Technologies Co., Ltd.
CHAPTER 9.RESEARCH PROCESS
9.1.Research Process
9.1.1.Data Mining
9.1.2.Analysis
9.1.3.Market Estimation
9.1.4.Validation
9.1.5.Publishing
9.2.Research Attributes
