Asia Pacific Smart Retail Market To Reach $65.32 Billion By 2030

Asia Pacific Smart Retail Market Growth & Trends

The Asia Pacific smart retail market size is estimated to reach USD 65.32 billion by 2030, expanding at a CAGR of 31.0% from 2024 to 2030, according to a study conducted by Grand View Research, Inc. The growing need for better shopping experience and customer service and the increasing adoption of smartphones are anticipated to be the key factors driving the market. Additionally, increasing adoption of the latest technologies, such as Virtual Reality (VR), Augmented Reality (AR), Internet of Things (IoT), and Artificial Intelligence (AI) to enhance in-store shopping experience also supports the Asia Pacific smart retail market growth.

Currently, in the retail industry, conventional brick-and-mortar stores are facing extreme competition from swiftly expanding the e-commerce sector. Thus, traditional retailers need to integrate smart retail technologies in stores to maintain their customer base and to enhance the shopping experience. Retailers are aggressively adopting solutions based on the latest technologies, such as AR, IoT, VR, NFC, and RFID, as part of the efforts to cater to the changing consumer needs and offer highly efficient customer service.

Besides, investment in the retail industry has been growing significantly over the past few years in line with continued advancements in the latest technologies. Moreover, retail chains are investing expressively in emerging economies, such as China and India, to expand their presence in Asia Pacific. For instance, in November 2018, Walmart Investments Cooperative U.A invested USD 37.7 million in Wal-Mart India Pvt. Ltd. to expand presence in the Indian market. Thus, increasing investment in the retail industry is anticipated to create substantial growth opportunities for the smart retail service providers.

Asia Pacific is projected to emerge as the fastest-growing region across the globe, owing to an increase in the deployment of smart retail solutions across supermarkets and brick-and-mortar stores. In the top 250 retail companies, more than 60 companies have a presence in the region. The market in India is estimated to expand at the highest CAGR over the forecast period. The global retailers contemplating an international venture are particularly considering India as a lucrative market owing to the country’s strong demographic profile and economic growth. The tier-2 and tier-3 cities in India and the untapped rural sector are particularly providing ample growth opportunities for the retail industry.

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Asia Pacific Smart Retail Market Report Highlights

• The hardware segment dominated the regional industry and accounted for the revenue share of 64.3% in 2023. 

• The visual marketing segment held the largest revenue share of the Asia Pacific industry in 2023. Increasing use of display screens, digital signage, audiovisual videos, infographic content, memes, and more to promote and market the products and services is expected to drive growth of this segment. 

• China dominated the regional market and accounted for a revenue share of 39.0% in 2023. The growth of this market is attributed to its robust technological infrastructure, vast consumer base, and rapid digital transformation of businesses operating in the retail industry.

Asia Pacific Smart Retail Market Segmentation

Grand View Research has segmented the Asia Pacific smart retail market on the basis of solution, application, and region:

Asia Pacific Smart Retail Solution Outlook (Revenue, USD Billion, 2018 - 2030) 

• Hardware

• Software

Asia Pacific Smart Retail Application Outlook (Revenue, USD Billion, 2018 - 2030) 

• Visual Marketing

• Smart Label

• Smart Payment System

• Intelligent System

• Other

Asia Pacific Smart Retail Regional Outlook (Revenue, USD Billion, 2018 - 2030) 

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

List of Key Players of Asia Pacific Smart Retail Market

• IntelliVision

• Probiz Technologies

• InvenSense (TDK Corporation)

• Cisco Systems, Inc.

• Honeywell International Inc.

• Amazon.com, Inc. (Amazon)

• Bosch Global Software Technologies Private Limited

• IBM

• Cognizant

• Ingenico