Market Size of Global Advanced Shopping Technology Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 12.30 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Advanced Shopping Technology Market Analysis
The advanced shopping technology market is expected to witness a CAGR of 12.3 % over the forecast period (2021-2026). Customers' shopping experiences can be streamlined by using advanced shopping technologies to provide personalization and convenience options while they shop. With technical advancements, internet shopping and purchasing via smart devices are becoming more popular. Consumer behavior is influenced by technological advancements and a rise in convenience expectations.
- According to sponsor pulse, In 2020, more than 80% of consumers worldwide purchased online, with South America and Asia leading the way with nearly 90% each. North America had the lowest percentage, with slightly over three out of four customers shopping online. A huge number of consumers are preferring online shopping to traditional shopping, which will drive the companies to incorporate the latest technology in their electronic shopping tools.
- Further, according to Consumer Technology Association, smart city initiatives are expected to reach USD 34.35 billion in 2020. This further augments the demand for smart kiosks in the region as the United States leads smart city spending globally. Some cities, such as Nevada, have done the deployment of interactive kiosks at several retail locations across the state. Several other states in the United States have also begun to experiment with these interactive kiosk machines. Georgia has introduced a bill payment interactive kiosk to allow the residents to renew their car tags. Ohio has also deployed several interactive kiosks to facilitate automated vehicle registration.
- In 2020, Walmart, the largest retail chain in North America, has over 11,000 brick and mortar outlets, with approximately as many online stores. It was possible to manage this large infrastructure with the help of AI and machine learning (ML) integrated with the IoT. Voice-based search by Google Assistant, facial recognition software, and cross-technology solutions have made the retail industry scale up to higher revenues for several years.
- In October 2021, GoDaddy designed the new POS system to ensure it was fully integrated with WooCommerce to allow online stores to incorporate in-person selling with their existing sites faster so they could start selling right away. This integration minimizes the costs and inventory control with the functionality of a store to simplify the inventory process and help track, manage a stand-alone warehouse or a chain of stores.
- The companies are developing products with the prediction of incorporation of artificial intelligence in their solution/Services. For example, Microsoft has Azure IoT for retail delivers operational excellence, an intelligent supply chain, and more powerful business intelligence enables organizations to deliver significant customer experiences that drive affinity and create loyalty.
- Since the outbreak of the COVID-19 virus, governments have instituted lockdowns to prevent the infection from spreading, forcing people to stay at home. Digital transactions, online shopping apps, and e-commerce apps have all experienced an increase in the lockdown and coronavirus epidemic. Increased use of such apps is expected to propel market growth.
Advanced Shopping Technology Industry Segmentation
Global Advanced Shopping Technology Market is Segmented by Product Type (Beacons, Virtual Reality, Smart Shelves, Retail Apps, Social Media and Showrooming), Application (Retail, Commercial Advertising), and Geography.
By providing customers with convenient services and personalization while shopping, advanced shopping technology facilitates an efficient customer shopping experience.
By Product Type | |
Beacons | |
Virtual Reality | |
Smart Shelves | |
Retail Apps | |
Social Media and Showrooming | |
Others |
By Application | |
Retail | |
Commercial Advertising | |
Others |
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Global Advanced Shopping Technology Market Size Summary
The global advanced shopping technology market is experiencing significant growth, driven by the increasing adoption of digital and smart technologies in retail. As consumer preferences shift towards online shopping and smart device usage, businesses are compelled to integrate advanced technologies to enhance customer experiences through personalization and convenience. The rise of smart city initiatives and the deployment of interactive kiosks in regions like the United States further underscore the demand for innovative shopping solutions. Companies are leveraging artificial intelligence, machine learning, and the Internet of Things to streamline operations and improve customer engagement. The COVID-19 pandemic has accelerated this trend, with a surge in digital transactions and e-commerce, prompting retailers to adopt technologies like virtual reality and automated checkout systems to meet evolving consumer expectations.
Prominent players in the market, such as Google LLC, Amazon.com, Inc., and Toshiba Corporation, are at the forefront of these advancements, investing in research and development to drive innovation. The integration of virtual reality in retail, as seen with partnerships like Tommy Hilfiger and Charlotte Tilbury's virtual stores, is enhancing customer engagement and brand awareness. Additionally, companies are exploring robotics and AI to optimize store processes and reduce costs. The market is characterized by a concentrated landscape with key players leading the charge in technological advancements, aiming to create seamless and efficient shopping experiences. As the market continues to evolve, the focus remains on leveraging technology to meet the dynamic needs of consumers and drive growth in the retail sector.
Global Advanced Shopping Technology Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Technology Snapshot
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1.4 Industry Value Chain Analysis
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1.5 Assessment of Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Beacons
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2.1.2 Virtual Reality
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2.1.3 Smart Shelves
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2.1.4 Retail Apps
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2.1.5 Social Media and Showrooming
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2.1.6 Others
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2.2 By Application
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2.2.1 Retail
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2.2.2 Commercial Advertising
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2.2.3 Others
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Global Advanced Shopping Technology Market Size FAQs
What is the current Global Advanced Shopping Technology Market size?
The Global Advanced Shopping Technology Market is projected to register a CAGR of 12.30% during the forecast period (2024-2029)
Who are the key players in Global Advanced Shopping Technology Market?
Google LLC, Walmart Inc., Amazon.com, Inc., Toshiba Corporation and Procter & Gamble Company are the major companies operating in the Global Advanced Shopping Technology Market.