Global Smart Retail Market, By System (Digital Signage Solutions, Smart Labels, Smart Payment System, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, POS Solutions, Smart Carts, Robotics, Analytics), Application (Foot Traffic Monitoring, Inventory Management, Smart Fitting Rooms, Brand Protection, Predictive Equipment Maintenance and Loyalty Management, Payments), Retail Offering (Apparel and Accessories, Fast Moving Consumer Goods, Hardlines and Leisure Goods, Others), Technologies (Visual Recognition, Blockchain, Artificial Intelligence, Mobiles), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Smart Retail Market
The smart retail market is expected to witness market growth at a rate of 23.12% in the forecast period of 2022 to 2029. Data Bridge Market Research report on smart retail market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in end user verticals globally is escalating the growth of smart retail market.
Smart Retail is defined as an arrangement of internet of things (IoT) and big data analytics for retail purposes. This makes the various processes easy such as ticketing and billing, among others. Data analytics assist in keeping a track of all the past records in a convenient manner. Cloud computing solutions help in accessing the data remotely.
The expansion of retail sector across the globe acts as one of the major factors driving the growth of smart retail market. The increase in use of robots and automation to offer shopping convenience to customers, and increased use of smart technologies by retailers owning to the change in customer expectations accelerate the market growth. The adoption of big data analytics, blockchain, machine learning, and artificial intelligence technologies by retailers further influence the market. Additionally, rise in the adoption of Internet of things, rise in e-commerce sector, surge in disposable income and high focus on offering better shopping experiences positively affect the smart retail market. Furthermore, increase in number of smart stores to lead to rise in adoption of self-delivery vehicles extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, high maintenance costs of advanced high-end computing systems and high risks of customer data thefts are expected to obstruct the market growth. Increase in instances of shoplifting is projected to challenge the smart retail market in the forecast period of 2022-2029.
This smart retail market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart retail market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Smart Retail Market Scope and Market Size
The smart retail market is segmented on the basis of system, application, retail offering and technologies. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of system, the smart retail market is segmented into system, smart retail market is segmented into digital signage solutions, smart labels, smart payment system, intelligent vending machines, augmented reality solutions, virtual reality solutions, POS solutions, smart carts, robotics and analytics. Digital signage solution is sub-segmented into displays, media players, PCs and set-top boxes, mounts and cables. Smart labels are sub-segmented into smart beacons, and electronic shelf labels. Smart payment system is sub-segmented into NFC-ready POS terminals, and NFC-ready MPOs terminals.
- On the basis of application, the smart retail market is segmented into foot traffic monitoring, inventory management, smart fitting rooms, brand protection, predictive equipment maintenance and loyalty management and payments.
- On the basis of retail offering, the smart retail market is segmented into apparel and accessories, fast moving consumer goods, hardlines and leisure goods and others.
- On the basis of technologies, the smart retail market is segmented into visual recognition, blockchain, artificial intelligence and mobiles.
Smart Retail Market Country Level Analysis
The smart retail market is analyzed and market size, volume information is provided by country, system, application, retail offering and technologies as referenced above.
The countries covered in the smart retail market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the smart retail market due to the deployment of smart retail solutions such as big data analytics, reception robots and intelligent dressing mirrors. Asia-Pacific is expected to witness highest growth during the forecast period of 2022 to 2029 because of the expansion of retail sector in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Retail Market Share Analysis
The smart retail market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to smart retail market.
Some of the major players operating in the smart retail market report are Intel, IBM, Nvidia, Samsung Electronics, Microsoft, Google, PTC, Amazon, NXP Semiconductors, Cisco Systems, LG Display, Huawei Investment & Holding, Par Technology, Texas Instruments, Honeywell, Bosch Group, Softbank Robotics Holdings, Broadcom Limited, Ingenico, and Verifone among others.
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