Report Ocean recently released a research report on the Smart Retail Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global smart retail market size was US$ 19.1 billion in 2020. The global smart retail market is forecast to reach US$ 166 billion by 2030 by growing at a compound annual growth rate (CAGR) of 24.2% during the forecast period from 2021-2030.
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Regional Analysis
The Asia Pacific region is forecast to witness tremendous growth in the global smart retail market. The growing contribution of the Asia Pacific region is because of the increasing adoption of broadband internet services.
Due to the presence of major developing economies, the growth of the global smart retail market is promising during the analysis period.
Several emerging countries, including Japan, China, and Australia, are witnessing the growing adoption of retail analytical platforms. Therefore, it would fuel the growth of the overall market.
Factors Influencing
- The growing offerings related to prominent solutions integrated with cloud and edge computing models would propel the market growth.
- The introduction of advanced technologies and the benefits associated with that may become another reason for boosting market growth. Advanced technologies offer high potential to achieve business goals. It helps in maintaining customer value and supplier management. Moreover, Artificial Intelligence (AI) enables intelligent insights that can further increase sales.
- The growing use of Robotics and Automation, mostly in emerging countries, may drive market growth in the coming years. It is legit that automation techniques amplify productivity and maintain accuracy. In the future, Retail stores would adopt cloud, beacons, mobile, and other technologies to provide a better shopping experience to the visitors.
- Stringent data regulations may slow down the market growth during the forecast period.
Impact of COVID-19 on Smart Retail Market
The COVID-19 crisis has created various abruptions in the global market because of immense slowdown in the supply chain of various businesses. The overall impact of the pandemic is impacting the production process of several industries, including semiconductors, electronics, and others. COVID-19 severely affected the global smart retail market as the electronic industry witnessed a temporary shutdown. As a result, the end-users witnessed a shortage of materials, components, and finished goods. Apart from that, the retail stores also closed their operations due to stringent government rules. As a result, it halted the adoption of smart retail technologies.
However, the COVID-19 pandemic is forecast to fuel automation. Thus, post-pandemic, the market would grow at a significant rate.
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Competitors in the Market
- Intel Corporation
- IBM
- Samsung Electronics
- Amazon
- Google, Inc
- Microsoft Corporation
- Softbank Robotics Holdings
- Ingenico S.A
- Verifone Systems
- NCR Corporation
- Cisco Systems, Inc.
- NXP Semiconductors N.V.
- Huawei Investment & Holding Co., Ltd
- NVIDIA Corporation
- Samsung Electronics
- PTC, Inc.
- Trigo
- Standard Cognition
- Caper Inc.
- Zippin
- Walmart Inc.
- Alibaba Group Holding Limited
- Albert Heijn BV (Ahold Delhaize)
- Other prominent players
Market Segmentation
Smart retail Market, By System:
- Digital Signage Solutions
- Smart Labels
- Smart Payment Systems
- Intelligent Vending Machines
- Augmented Reality Solutions
- Virtual Reality Solutions
- POS Solutions
- Smart Carts
- Robotics
- Analytics
Smart retail Market, By Application:
- Foot-traffic Monitoring
- Inventory Management
- Loyalty Management and Payment
- Predictive Equipment Maintenance
- Brand Protection
- Smart Fitting Rooms
Smart retail Market, By Retail Offering:
- Apparel and Accessories
- Fast-moving Consumer Goods
- Hardlines and Leisure Goods
- Others
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Smart retail Market, 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
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 (2023-2031).
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 2031. 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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