The global smart retail market is expected to grow at a CAGR of 26.5% during the forecast period 2021-2027. The proliferation of the internet along with the increasing implementation of the augmented reality (AR) assists in building relationships with the consumer across the globe. For instance, in March 2017, Lowe’s introduced the company’s new in-store navigation app-Lowe’s Vision. It is the first application that uses augmented reality for indoor mapping.
In addition, growing awareness for the foot traffic in the retailing sector provides insights regarding various aspects of stores and helps retailers plan strategies as per the purchase history of the end-users. Therefore, these factors may positively influence the smart retail market growth in the foreseen period. Furthermore, the rising applications for smart transportation or logistics in the smart retail aids in tracking delivery vehicles or monitors the pathways with the help of GPS navigations also stimulate smart retail market growth.
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The COVID-19 crisis has shown an adverse impact on the market, and mandatory restrictions on logistics and travel affect the supply chain of smart retail. Trade barriers are limiting the outlook of the market demand and supply. Various governments announced a temporary shutdown of industries and lockdowns in multiple regions that negatively affect production. Also, deliveries of the goods have been delayed for the customers along with the retailers. However, the gradual opening of lockdowns and the adoption of technologies may show considerable growth in the market of the smart retail industry over the forecasting years.
Growth Drivers
The global market witnessed considerable growth due to the growing adoption of automation and robotics in the retail industry. The increasing implementation of the various automation techniques to eradicate mistakes & accuracy and boost productivity fosters the smart retail market growth. In addition, retail robots capture the customer purchasing pattern and collect rough data about the goods on shelves. This raises the efficacy and accuracy in the management of stock.
Moreover, smart retail devices also offer quick, consistent & precise control and improve the delivery pattern. Furthermore, the growth of IoT-based devices & real-time data analytics in the market also shows a positive impact on the smart retail industry. Populations are rapidly shifting towards automation-based services and solutions, stimulating the market demand for AI, real-time data analytics, and IoT-based devices. Real-time data analytics gives a broad network for seamless data transfer. Therefore, the rising implementations of robotics & automation and technological developments in real-time data analytics are contributing to the global retail industry growth in the upcoming scenario.
Report Segmentation
By Solution
Hardware
Software
By Application
Visual Marketing
Smart Label
Smart Payment System
Intelligent System
Others (Robotics, analytics)
Segmentation based on 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
- Western 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
Competitive Landscape
Some of the major players operating the global market include Amazon.com, Inc., IBM Corporation, NCR Corporation, Verifone Systems, PAX Global Technology Limited, Samsung Electronics, Ingenico, Fiserv, Inc., Intel Corporation, Google LLC, LG Display Co., Ltd., Huawei Technologies Co., Ltd., and Honeywell International Inc.
Table of Content
Chapter 1: Global Smart Retail Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Retail market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Retail Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Retail market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Retail market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Retail market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Retail market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Retail business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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