Smart Retail & Shopping Mall Renovation Market is expected to grow at a CAGR of 21.2% through 2030F
The global Smart Retail & Shopping
Mall Renovation Market is expected to be led by North America, driven by Automation
& Smart Systems and Digitalization & Energy Efficiency Push during the
forecast period 2026-2030F
According to TechSci Research
report, “Smart Retail &
Shopping Mall Renovation Market - Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2030F, The Global Smart Retail & Shopping
Mall Renovation Market was valued at USD 41.8 billion in 2024 and is expected
to reach USD 133.7 billion by 2030 with a CAGR of 21.2% through 2030. One significant factor is the increased
competition among brick-and-mortar retailers trying to retain relevance in an
era dominated by e-commerce. To stay competitive, mall operators and retailers
are investing in experiential technologies such as interactive displays,
virtual fitting rooms, and immersive environments to enhance in-store
engagement. Additionally, the rising integration of omnichannel retail
strategies is driving the need for smarter infrastructure that bridges online
and offline experiences, such as click-and-collect stations and digital loyalty
programs.
Another
major driver is the growing consumer preference for sustainability and energy
efficiency. Shopping malls and retail spaces are increasingly being renovated
with smart lighting, HVAC systems, and energy management platforms that not
only reduce operational costs but also align with global green building
standards. Furthermore, the increased availability of real-time analytics and
footfall tracking solutions enables better space utilization, personalized
marketing, and security management. These innovations are becoming essential as
mall operators shift toward data-driven decision-making to boost tenant
satisfaction and maximize revenue per square foot. Collectively, these drivers
are shaping the future of intelligent and responsive retail environments.
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Based on Solution Type, Automated
Checkout & POS Systems segment dominated the Smart Retail & Shopping
Mall Renovation Market in 2024 and maintain its leadership throughout the
forecast period, driven by increasing demand for seamless and efficient
customer experiences. As consumer expectations shift toward quicker,
contactless, and personalized transactions, retailers and mall operators are
increasingly deploying advanced point-of-sale (POS) and automated checkout
technologies to stay competitive. These systems are designed to reduce waiting
times, enhance operational efficiency, and gather valuable customer data, which
are all critical for modern retail environments.
Automated checkout solutions, including
self-service kiosks, mobile payment integrations, and AI-powered cashierless
systems, are being widely adopted across department stores, supermarkets, and
even mid-sized retailers. These technologies not only streamline the checkout
process but also help in reducing staffing costs and minimizing human error.
Moreover, their integration with customer loyalty platforms, inventory
management, and data analytics tools adds another layer of intelligence to
retail operations, offering retailers a 360-degree view of consumer behavior
and purchasing patterns.
Smart POS systems have also evolved
significantly, with cloud-based solutions and mobile POS devices offering
increased flexibility and scalability. These systems enable faster
transactions, facilitate personalized offers, and support multiple payment modes
such as digital wallets, QR codes, and cryptocurrencies. This level of
adaptability is particularly important in shopping mall environments, where a
diverse tenant mix requires dynamic and secure transaction handling.
Furthermore, automated checkout and POS systems contribute to an enhanced
customer experience, aligning well with the broader trend of digital
transformation in retail.
The COVID-19 pandemic further
accelerated the shift toward contactless solutions, making automated checkouts
a standard expectation rather than a premium feature. Consumers now prioritize
hygiene and convenience, prompting retailers to upgrade legacy systems in favor
of touchless, self-operated checkout technologies. This behavioral shift has
reinforced the need for smart renovation initiatives across shopping malls,
particularly in regions with high footfall and diverse retail categories.
In addition to end-user benefits, these
systems offer retailers backend advantages such as real-time sales tracking,
predictive inventory planning, and fraud detection. Their data-driven approach
allows store managers to make informed decisions on store layouts, product
placements, and promotional campaigns, all of which contribute to revenue
growth. Given their multi-dimensional value proposition, it is no surprise that
the Automated Checkout & POS Systems segment leads the market.
As malls and retail
spaces globally strive to modernize and create digitally enabled ecosystems,
the adoption of automated checkout and POS systems is becoming central to smart
renovation strategies. Their ability to improve efficiency, reduce operational
costs, and enhance the customer journey ensures continued dominance in the
smart retail solutions space.
Asia Pacific is emerging as the
fastest-growing region for the Smart Retail & Shopping Mall Renovation
Market, driven by a combination of economic growth, rising urbanization, and
increasing digital adoption. Countries such as China, India, Japan, and South
Korea are leading the transformation of retail spaces by integrating advanced
technologies like IoT, AI, smart surveillance, and automated checkout systems
to enhance customer experiences and operational efficiency. Rapid expansion of
organized retail and the growing middle-class population with higher spending
power have further fueled demand for modernized shopping environments.
In India and China, large-scale mall
developments and renovation projects are underway to match evolving consumer
expectations and global retail standards. Government initiatives, such as
India’s Smart Cities Mission and urban redevelopment funds, are also supporting
infrastructure upgrades and digital transformation in commercial spaces.
Meanwhile, Southeast Asian nations like Indonesia, Malaysia, and Vietnam are
witnessing increasing foreign investments in the retail sector, spurring the
adoption of smart technologies to create competitive, customer-centric retail
ecosystems.
Moreover, the post-pandemic shift toward
contactless shopping and digital engagement has accelerated the integration of
solutions like smart POS systems, digital signage, and footfall analytics
across malls. Retailers in Asia Pacific are leveraging these tools not just for
convenience, but also for collecting consumer insights and improving store
layouts and marketing strategies.
With a tech-savvy population, strong
mobile and internet penetration, and proactive investments in smart
infrastructure, the Asia Pacific region is set to remain a major growth engine
for the global Smart Retail & Shopping Mall Renovation Market in the coming
years.
Key market players in the Smart Retail
& Shopping Mall Renovation Market are: -
- Siemens AG
- Honeywell International Inc.
- Johnson Controls International plc
- Cisco Systems, Inc.
- Schneider Electric SE
- Intel Corporation
- Samsung Electronics Co., Ltd.
- NEC Corporation
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“The Global Smart Retail & Shopping
Mall Renovation Market presents significant opportunities driven by the rising
demand for personalized, tech-enabled shopping experiences. Increasing adoption
of IoT, AI, and data analytics allows retailers to optimize store operations
and engage customers more effectively. Emerging markets, especially in Asia
Pacific and Latin America, offer untapped potential due to urbanization and
growing middle-class consumer bases. Additionally, sustainability initiatives
and government-backed urban redevelopment programs are encouraging smart
infrastructure upgrades. As malls evolve into multi-functional lifestyle hubs,
investments in digital signage, automated checkouts, and smart energy systems
are expected to create new revenue streams and long-term growth prospects.” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Smart Retail &
Shopping Mall Renovation Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Solution Type (Smart Shelf & Smart
Mirror Systems, Automated Checkout & POS Systems, Digital Signage &
Interactive Displays, AI & Analytics Platforms, Security & Surveillance
(IoT-based), Energy Management & Smart HVAC Systems, Others), By
Application (Shopping malls (Large/Regional), Department Stores, Supermarkets
& Hypermarkets, Specialty Retail Chains, Luxury Retail Spaces, Others), By
Region, By Competition, 2020-2030F” has
evaluated the future growth potential of Smart Retail & Shopping Mall
Renovation Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Smart Retail
& Shopping Mall Renovation Market.
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