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Connected Retail Market Expansion Outlook: What Revenue Opportunities Are Ahead?
The connected retail market has seen swift expansion over recent years. Its valuation is set to increase from $51.32 billion in 2025 to $61.24 billion by 2026, registering a compound annual growth rate (CAGR) of 19.3%. This historical growth can be linked to the proliferation of e-commerce platforms, the increasing need for smooth shopping journeys, the uptake of digital payment methods, the development of customer analytics tools, and the wider integration of retail automation.
The connected retail market is set for significant expansion in the coming years. Its valuation is predicted to climb to $123.94 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.3%. This anticipated growth throughout the forecast period stems from the incorporation of AI-driven personalization, the uptake of IoT-enabled retail systems, the increasing prevalence of contactless payments, the need for data-driven merchandising, and the expansion of smart retail stores. Noteworthy trends during this period involve omnichannel retail integration, advanced smart in-store technologies, tailored customer engagement platforms, interconnected payment and checkout systems, and solutions providing real-time inventory visibility.
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Connected Retail Market Development Factors: What’s Supporting Demand?
The rising integration of the Internet of Things (IoT) is projected to boost the expansion of the connected retail market in the future. The Internet of Things (IoT) constitutes a network of linked computing devices, along with mechanical and electronic equipment, each possessing unique identities (UIDs), which can exchange data autonomously without direct human interaction. Increased IoT uptake stems from businesses and consumers pursuing live connectivity, automated processes, and enhanced decision-making, facilitated by smooth device integration and insights derived from data. Connected retail is enabled by the Internet of Things (IoT) through the use of linked devices for collecting live data, elevating customer experiences, and refining operational effectiveness. For example, data from Ubisense, an England-based software firm, indicated that in 2023, the number of connected Internet of Things (IoT) devices reached 16.6 billion, marking a 15% rise from 2022 figures, as reported in February 2025. Consequently, the growing integration of the Internet of Things is a key factor propelling the expansion of the connected retail market.
Connected Retail Market Segment Performance And Emerging Opportunities
The connected retail market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: ZigBee, NFC (Near Field Communication), Bluetooth Low Energy, Wi-Fi, Other Technologies
3) By Application: Electronics And Appliances, Home And Personal Care, Food And Beverage, Apparel, Sporting Goods And Toys, Other Applications
Subsegments:
1) By Hardware: Point Of Sale (POS) Systems, IoT Devices, Digital Signage, Self-Service Kiosks
2) By Software: Inventory Management Systems, Customer Relationship Management (CRM) Software, Analytics And Reporting Software, Payment Processing Software
3) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Managed Services
Connected Retail Market Transformation Trends: What Innovations Are Driving Change?
Leading companies within the connected retail market are prioritizing the creation of sophisticated solutions, like digital product interaction, to elevate customer engagement, offer clear product details, and enhance overall shopping experiences. This technological capability, digital product interaction, allows consumers to directly access comprehensive product information, including its origin and sustainability data, through a digital interface, thereby empowering them to make well-informed purchasing decisions. For instance, in October 2024, Carrefour SA, a France-based retail company, introduced “QR Codes powered by GS1” across its private-label wine selection. This initiative provides shoppers with transparent product details and origin information upon scanning, and simultaneously prepares stores for POS compatibility with next-generation 2D symbols that are designed to support richer customer engagement and improve supply chain visibility.
Connected Retail Market Key Players: Which Companies Lead Industry Competition?
Major companies operating in the connected retail market are Microsoft Corporation; Zebra Technologies Corporation; Intel Corporation; PTC Inc.; SAP SE; Cisco Systems Inc.; International Business Machines Corporation; Google LLC; NXP Semiconductors N.V.; Softweb Solutions Inc.; Honeywell International Inc.; Sonata Software Limited; iVend Retail; Avanade Inc.; Fujitsu Limited; Verizon Enterprise Solutions; Amazon Inc.; ARM Holdings PLC.; Belatrix Software Private Limited; Samsung Electronics Co. Ltd.; Toshiba Corporation; Siemens AG; Wipro Limited; Accenture plc; Capgemini SE; Infosys Limited; NEC Corporation; Tata Consultancy Services Limited; DXC Technology Company
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Connected Retail Market Regional Breakdown: Where Is Demand Concentrated?
North America was the largest region in the connected retail market in 2025. Asia-Pacific is expected to be the fastest-growing region in the global connected retail market during the forecast period. The regions covered in the connected retail market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
