5G Smart Retail Market Size, Share, Growth, and Industry Analysis, By Type (Hardware service and Software Service), By Application (5G Smart Store, 5G Smart Restaurant, 5G Smart Business Hall and Others), Regional Forecast To 2031

Updated On: 22 April 2024

5G Smart Retail Market Report Overview

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The global 5G smart retail market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

The COVID-19 pandemic has caused considerable issues for the retail sector, but it has also sped up the adoption of technology, particularly 5G-enabled technologies that can enhance consumer experience and streamline processes.

Retailers can now adopt new solutions and services that were not feasible with earlier generations of cellular networks by utilizing 5G technology's faster network speeds and better connectivity.

COVID-19 Impact: Pandemic Increased the Market Demand owing to the adoption of work from home

The 5G smart retail business has been significantly impacted by the COVID-19 outbreak. Due to the increased demand for contactless shopping experiences, AR and VR shopping experiences, digital signage and wayfinding solutions, and greater supply chain visibility and inventory management, technology adoption in the retail industry has accelerated, including the adoption of 5G-enabled solutions. These solutions can enhance customer satisfaction and streamline processes. The 5G smart retail business is anticipated to continue expanding quickly in the years to come, notwithstanding the difficulties brought on by the epidemic.

Latest Trends

"Demand to make contactless payments to surge market growth"

Retailers are now able to offer cutting-edge products and services that improve the consumer experience and operational efficiency thanks to 5G technology. In the upcoming years, these trends are anticipated to continue to develop and influence the 5G smart retail market. The following are the newest trends in the market. To provide tailored purchasing experiences, retailers are using 5G technologies. Shops are installing 5G-enabled payment systems to make quick and safe transactions possible. 5G technology enables businesses to send customers offers and product recommendations in real time based on where they are in a store.

5G Smart Retail Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into hardware service and software service. 

• By Application Analysis

Based on application, the market can be divided into 5G Smart Store, 5G Smart Restaurant, 5G Smart Business Halland, and others. 

Driving Factors

"Demand for personalization to prosper market growth"

The demand for personalisation, contactless payments, AR and VR technologies, supply chain visibility, inventory management, and sustainability is fuelling the expansion of the 5G smart retail sector. Contactless payment options are becoming more popular as a result of the ongoing COVID-19 pandemic, which 5G technology can assist with quick and safe transactions. The usage of augmented reality (AR) and virtual reality (VR) in retail is on the rise, and 5G technology can deliver the high-speed connectivity required to offer seamless and immersive shopping experiences.

"Advanced analytics and sustainability to augment market growth"

To improve product placement and estimate demand, retailers use machine learning algorithms and advanced analytics. Retailers are implementing 5G-enabled technologies to cut back on waste, improve transportation routes, and reduce energy consumption. Demand for more personalized shopping experiences has increased, and 5G technology can help businesses meet this desire by delivering personalized promos, targeted marketing, and individualized product recommendations. These factors are estimated to expand 5G smart retail market growth.

Restraining Factors

"High cost and restricted coverage to be a major factor in restraining market growth"

Smaller retailers or those with tighter budgets may find it difficult to adopt 5G technology because it demands a substantial investment. The adoption of 5G-enabled solutions by shops may be hampered by the limited availability of 5G networks in some regions. There are worries about the security of 5G networks and the possibility of data breaches, as there are with any new technology. The implementation of 5G networks and solutions may be impacted by the complicated legal environment around 5G technology. This is because different regions have different rules and standards.

Integration difficulties: Integrating 5G-enabled technologies with current retail systems can be a challenging and time-consuming process, which may slow down adoption for some shops.

5G Smart Retail Market Regional Insights

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"North America to dominate the market owing to the rising demand for personalized shopping experience"

North America is one of the leading region for 5G smart retail market, driven by the high demand for personalized shopping experiences and advanced analytics.  The region's well-established infrastructure and legal system have made it easier to implement 5G networks and products.

With many retailers embracing 5G-enabled solutions for supply chain management, inventory management, and consumer engagement, Europe is predicted to hold a significant part of 5G smart retail market share. Unfortunately, because of legislative obstacles and insufficient funding, the rollout of 5G networks has been slower in some places.

Due to the rapid uptake of 5G networks and the high demand for advanced retail solutions in nations like China, the Asia-Pacific region is anticipated to see considerable growth in the market.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Telit, T‑Mobile, Verizon, Intel, EE Times Asia, Deloitte, Wipro, eMarketer, HT Media Group, AT&T Business, ACS Solutions, MarketSource and Gartner. 

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates the market growth.

List of Market Players Profiled

• Telit
• T‑Mobile
• Verizon
• Intel
• EE Times Asia
• Deloitte
• Wipro
• eMarketer
• HT Media Group
• AT&T Business
• ACS Solutions
• MarketSource
• Gartner

Report Coverage

This report examines an understanding of the 5G smart retail market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.