Our comprehensive research on the Global Smart Retail Devices Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global smart retail devices market size was US$ 25.58 billion in 2021. The global smart retail devices market is forecast to grow to US$ 81.68 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.2% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Smart devices and IoT in retail are forecast to change the outlook of the entire industry by offering an enhanced customer experience. In addition, the benefits of smart retail devices, such as efficient energy management, theft prevention, in-store navigation, will contribute to the growth of the market.
The growing prominence of the latest technologies, such as cloud, mobile, RFID, beacons, etc., will surge the growth of the market during the study period. In addition, rising urbanization and growing adoption of online delivery services will surge the growth of the market.
The global smart retail devices market is forecast to gain traction due to the growing penetration of smart devices. In addition, the convenience offered by smart retail devices will propel the market forward.
On the contrary, the high cost of maintenance may limit the growth of the market.
The growing number of technological advancements will contribute to the growth of the smart retail devices market.
COVID-19 Impact Analysis
Due to the wake of the pandemic, retail stores witnessed significant challenges in continuing their operations. In addition, the demand for some products declined drastically, which hampered various segments of the retail industry. However, the growing popularity of IoT and other devices helped the industry grow even during the pandemic. It allowed consumers to log in and place their orders online. Thus, it has been beneficial for the smart retail devices market. In addition, the halt on manufacturing and research activities drastically declined the growth of the industry.
Regional Analysis
The Asia-Pacific smart retail devices market is forecast to grow at the fastest growth rate due to the participation of emerging economies, such as India and China. The urbanization in these countries is growing steeply. In addition, growing advancements and penetration of advanced technologies will contribute to the growth of the smart retail devices market. In addition, the presence of prominent retail giants will escalate the growth of the smart retail devices market. Favorable initiatives by government bodies will offer ample growth opportunities for market growth. For instance, the ministry of China introduced a three-year plan in December which aims to surge the use of AI in various industries.
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Competitors in the Market
- IBM
- Intel
- Cisco
- NXP Semiconductors
- Microsoft
- NVIDIA Corporation
- Samsung Electronics
- Texas Instrument
- Softbank Robotics
- PAX global technology
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Smart Retail Devices industry experienced notable growth in its workforce. Starting in January, employment within the Smart Retail Devices sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Smart Retail Devices output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Smart Retail Devices output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Smart Retail Devices market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Smart Retail Devices market.
Market Segmentation
The global smart retail devices market segmentation focuses on Technology, Application, and Region.
By Technology Outlook
- Digital Signage
- Smart Labels
- Smart Payments
- Smart Cards
- Electronic Shelf Labels
- Others (Intelligent Vending Machines, POS)
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By Application Outlook
- Smart Transportation
- Predictive Equipment Maintenance
- Inventory Management
- Smart Fitting Rooms
- Foot Traffic Monitoring
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Smart Retail Devices Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Smart Retail Devices Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Smart Retail Devices Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Smart Retail Devices Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Smart Retail Devices market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Smart Retail Devices market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Smart Retail Devices business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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