Summary
- • In 2020, global retail technology spending reached $203.6 billion.
- • The global retail technology market size is expected to reach $104.27 billion by 2027.
- • By 2025, augmented reality in retail is projected to reach a market size of $1.6 billion.
- • The global AI in retail market size is expected to reach $23.8 billion by 2025.
- • The worldwide spending on the Internet of Things (IoT) in retail is forecasted to surpass $35 billion by 2025.
- • By 2024, the global market size for mobile payment technologies in retail is expected to reach $412 billion.
- • The cloud POS market is anticipated to grow to $3.56 billion by 2025.
- • RFID technology in retail is projected to hit $15.84 billion by 2027.
- • Voice-assisted shopping is estimated to generate $40 billion in retail sales by 2022.
- • Digital signage in retail is expected to grow to $31.71 billion by 2025.
- • The global market for beacon technology in retail is forecasted to reach $13.2 billion by 2026.
- • By 2024, the retail analytics market size is predicted to exceed $15 billion.
- • The digital marketing software market in the retail sector is expected to reach $19.4 billion by 2024.
- • The market for virtual reality in retail is projected to reach $1.69 billion by 2022.
- • By 2027, the global market for automated checkout systems in retail is anticipated to reach $4.6 billion.
With global retail technology spending hitting a whopping $203.6 billion in 2020, its clear that the future of shopping is bound to get a high-tech makeover. From augmented reality to AI, voice-assisted shopping to automated checkout systems, the retail landscape is gearing up for a digital revolution that is as exciting as it is lucrative. Strap in as we explore the dazzling statistics and mind-boggling projections that are reshaping the retail industry into a tech-lovers paradise. Its time to swipe, click, and shop like never before!
AI in Retail Market
- The global AI in retail market size is expected to reach $23.8 billion by 2025.
- Voice-assisted shopping is estimated to generate $40 billion in retail sales by 2022.
- The digital marketing software market in the retail sector is expected to reach $19.4 billion by 2024.
- The market for personalized retail experiences based on AI is expected to reach $54.4 billion by 2026.
- The global market for predictive analytics in retail is expected to reach $10.95 billion by 2027.
- The market for warehouse robotics in retail is anticipated to grow to $11.1 billion by 2026.
- The market for visual search in e-commerce is expected to reach $14.4 billion by 2027.
- The global market for retail robot systems is expected to reach $9.91 billion by 2026.
- By 2024, the market size for customer intelligence in retail is forecasted to exceed $10 billion.
Interpretation
In a world where retail technology is advancing at a dizzying pace, the numbers paint a picture of a future where artificial intelligence, voice assistance, digital marketing software, personalized experiences, predictive analytics, robotics, visual search, and customer intelligence converge to revolutionize the way we shop. With billions of dollars at stake, the retail industry is on the cusp of a high-tech makeover that promises to make shopping smarter, more efficient, and undoubtedly, a lot more interesting. In this digital retail jungle, it's survival of the smartest, or perhaps, the most data-savvy.
Augmented Reality in Retail
- By 2025, augmented reality in retail is projected to reach a market size of $1.6 billion.
- The market for virtual reality in retail is projected to reach $1.69 billion by 2022.
- Augmented reality shopping is estimated to account for $3.9 billion in retail sales by 2023.
Interpretation
The forecasted growth of augmented and virtual reality in the retail sector is shaping up to be more than just a trendy gimmick or a high-tech distraction for indecisive buyers. With market sizes projected to soar to astronomical figures by the mid-2020s, it seems that consumers will soon be slipping on their virtual goggles and stepping into a brave new shopping world. The blend of reality and unreality is set to revolutionize the way we browse, buy, and engage with products, promising a future where our shopping carts are as full as our imaginations. The question now is not if AR and VR will dominate the retail landscape, but rather, how soon will we find ourselves craving the digital shopping experience over the good ol' brick-and-mortar store stroll?
Global Retail Technology Spending
- In 2020, global retail technology spending reached $203.6 billion.
- The global retail technology market size is expected to reach $104.27 billion by 2027.
- The cloud POS market is anticipated to grow to $3.56 billion by 2025.
- Digital signage in retail is expected to grow to $31.71 billion by 2025.
- By 2024, the retail analytics market size is predicted to exceed $15 billion.
- By 2027, the global market for automated checkout systems in retail is anticipated to reach $4.6 billion.
- By 2024, the global market size for e-commerce software in retail is forecasted to surpass $16 billion.
- The market for self-service kiosks in retail is projected to reach $38.2 billion by 2027.
- The global market for retail inventory management software is estimated to grow to $4.4 billion by 2027.
- By 2025, the market size for blockchain technology in retail is projected to reach $2.3 billion.
- By 2024, the global market size for digital transformation in retail is forecasted to exceed $40 billion.
- By 2027, the global market for omnichannel retail platforms is expected to reach $11.43 billion.
- The market for customer engagement software in retail is projected to surpass $13.3 billion by 2027.
- The global market for retail execution software is projected to reach $1.62 billion by 2027.
- By 2025, the market size for cashierless checkout technology in retail is anticipated to hit $5.9 billion.
- The market for point-of-sale (POS) devices in retail is expected to reach $152.7 billion by 2027.
- Cloud-based retail management software market is projected to grow to $33.8 billion by 2027.
- By 2027, the global market for smart shelving technology in retail is anticipated to reach $7.1 billion.
- The market for retail supply chain management software is expected to grow to $10.67 billion by 2027.
- The market for showrooming is projected to account for $1.3 trillion in retail sales by 2023.
- By 2026, the global market size for mobile device management in retail is forecasted to surpass $6.5 billion.
Interpretation
In the ever-evolving world of retail technology, the numbers paint a vivid picture of innovation and transformation. From the staggering billions spent on cloud POS systems to the eye-popping growth projections for digital signage and self-service kiosks, it's clear that the industry is not just embracing change—it's driving it at full speed. As the market for e-commerce software, blockchain technology, and digital transformation balloon to astronomical figures, one thing is certain: Retailers are not just adapting to the digital age; they're conquering it, one innovative tech solution at a time. So, buckle up, fellow shoppers, because the future of retail is not just bright—it's a dazzling technicolor dream waiting to be realized.
Internet of Things (IoT) Spending
- The worldwide spending on the Internet of Things (IoT) in retail is forecasted to surpass $35 billion by 2025.
- RFID technology in retail is projected to hit $15.84 billion by 2027.
- The global market for beacon technology in retail is forecasted to reach $13.2 billion by 2026.
Interpretation
As the retail industry continues to embrace technological advancements, it seems that even our shopping carts are not immune to the lure of IoT, RFID, and beacon technology. With billions of dollars projected to be invested in these innovations, it's clear that the future of retail is not just about the products on the shelves, but also the seamless and personalized shopping experiences these technologies promise to deliver. Who knew that our favorite pair of jeans could have a digital counterpart worth billions? It's a retail revolution that's not only changing the way we shop but also the very landscape of the industry itself.
Mobile Payments Market
- By 2024, the global market size for mobile payment technologies in retail is expected to reach $412 billion.
- By 2026, the market size for in-store mobile payments in retail is forecasted to exceed $14 billion.
- The market for digital wallet adoption in retail is estimated to reach 4.4 billion users by 2025.
Interpretation
As we hurtle towards a cashless society, it seems the only thing getting fatter is our mobile wallets. With a projected global market size of $412 billion for mobile payment technologies by 2024 and in-store mobile payments set to tip the scales at over $14 billion by 2026, it's clear that the future of retail is tapping, swiping, and barely a whisper of spare change. By 2025, an estimated 4.4 billion digital wallet-toting customers will be lining the virtual aisles, proving that when it comes to shopping, it's not just about having the green, it's about having the screen.
Social commerce sales in the retail sector would fall under the category of "Mobile Payments Market"
- Social commerce sales in the retail sector are expected to reach $474.8 billion by 2028.
Interpretation
The forecasted surge in social commerce sales within the retail sector, set to skyrocket to a whopping $474.8 billion by 2028, sends a clear message to traditional retailers: adapt or be left behind in the digital dust. As social media platforms continue to evolve into virtual shopping destinations, the lines between advertising, engagement, and purchase are blurring at an alarming rate. In this fast-paced digital age, success hinges on a brand's ability to not only deliver quality products but also to craft a compelling online presence that seamlessly integrates social commerce strategies. In the race for consumer attention and dollars, retailers must embrace the power of social commerce as a vital component of their overall business strategy.
