North America Connected Retail Market Insights Forecasts to 2032

• The North America Connected Retail Market Size was valued at USD XX Billion in 2022.
• The Market Size is Growing at a CAGR of XX from 2022 to 2032.
• The North America Connected Retail Market Size is Expected To Reach XX Billion by 2032.

The North America Connected Retail Market Size is Expected To Reach USD XX Billion by 2032, at a CAGR of XX during the forecast period 2022 to 2032.

Market Overview

Connected retail is defined as a connection between the customer and retail stores through the use of a supply chain, personalized marketing, a variety of payment options, a combination of physical and digital experiences, and the ability for employees to collaborate more effectively. Each individual journey is highly personalized, driven entirely by how each shopper wishes to engage. The connected retail encompasses the entire retail experience, from the moment the shopper engages with the brand to the time they select, pay for, and receive their products. Retail brands exist in the digital world of connected to improve their understanding of their consumers. Consumers now have an almost limitless number of options for finding and purchasing products and services, both online and offline. Several companies have created a connected retail environment for their consumers by providing the store location where their product is being delivered and allowing individuals to pick up their delivered products at any time. The advancement of technology has increased the adoption of various technologies among individuals. The connected retail allows users to transfer money in a matter of seconds using a mobile laptop or any other device, saving them time. Furthermore, growing user interest in online shopping is propelling the market in North America.

Report Coverage

This research report categorizes the market for North America connected retail market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Connected Retail market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America connected retail market.

Driving Factors

The rapid growth of IoT devices is a major driver of the connected retail market. The connected retail market's future growth is heavily reliant on IoT technology. The rise of omnichannel retailing, in which consumers are constantly connected via platforms such as mobile, tablet, or desktop, has increased the prominence of connected retailing. Component costs have been decreasing as industrial processes and automated manufacturing facilities have improved. Lowering component prices in a newly emerging market is a good opportunity for the connected retail market to growth in North America. Furthermore, with consistent demand in the United States and Canada, North America remains a profitable venture in connected retail. North American consumers have accepted the common practice of using retail automated goods and services for business transactions, which has benefited the retail automation market. The prospects for the connected retail market are remarkably positive, owing to North American-specific trends such as economic growth and rising consumer purchasing power.

Restraining Factors

The decline price of the components including RFID and sensors has positive impact on the market. Due to decline prices for the component has driven the demand for RFID components across the connected retail segment. However, the privacy & security concern and lack of IOT devices are expected to hamper the market growth in North America.

Market Segment

• In 2022, the hardware segment accounted for the largest revenue share over the forecast period.

Based on the solution, the North America connected retail market is segmented into software and hardware. Among these, the hardware segment has the largest revenue share over the forecast period. The growing number of linked devices that are being sold to consumers and retailers. Furthermore, IoT, which includes sensors and communication chips, stimulates hardware growth. RFID is expected to grow among hardware components. RFID components are becoming more popular in retail due to the numerous benefits they provide, such as inventory management, theft and fraud prevention, monitoring customer behavior, and loss prevention all these factors are boost market growth for hardware segment in forecast period.

• In 2022, the bluetooth segment accounted for the largest revenue share over the forecast period.

On the basis of technology, the North America connected retail market is segmented into Wi-Fi, zigbee, bluetooth, NFC and others. Among these, the bluetooth segment has the largest revenue share over the forecast period. Bluetooth transmits less data over shorter distances while using significantly less power than other tech tools. Bluetooth technology is increasingly being used in retail payments and marketing verticals, resulting in increased sales, customer loyalty, and acquisition. Although bluetooth has grown in popularity for customer engagement and marketing, its use in contactless payments is also expanding.

• In 2022, the managed service segment is expected to hold the largest share of the North America Connected Retail market during the forecast period.          

Based on the services, the North America connected retail market is classified into managed service, remote device management services, and professional services. Among these, the managed service segment is expected to hold the largest share of the North America connected retail market during the forecast period. Outsourcing lifecycle management activities, production support activities, maintenance and support activities, and many other activities are examples of managed services. As IoT in retail gains traction, retailers face increasing data security threats. As a result, managed service providers invest heavily in data protection, security, and disaster recovery solutions to manage the growing database all these factors are boost manages services segment in forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America connected retail market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Verizon
• Softweb Solutions Inc
• International Business Machines Corporation
• Belatrix Software 
• Intel Corporation
• Zebra Technologies Corp
• PTC Inc. 
• Google Inc
• Amazon Web Services Inc
• Atmel Corporation
• Microsoft Corporation

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On February 2022, Sonata Software, a global IT Services and Technology Solutions Company, collaborates with Microsoft on the launch of 'Microsoft Cloud for Retail,' expanding its retail offerings.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America connected retail market based on the below-mentioned segments:

North America Connected Retail Market, By Solution

• Software
• Hardware

North America Connected Retail Market, By Technology

• Wi-Fi
• Zigbee
• Bluetooth
• NFC
• Others

North America Connected Retail Market, By Services

• Managed service
• Remote device management services
• Professional Services

North America Connected Retail Market, By Country

• United States
• Canada
• Mexico
• Rest of North America