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Global Smart Retail Market By System (Robotics, Smart Labels Others), By Application (Brand Protection, Smart Fitting Rooms, Others), By Technology (Blockchain, Mobiles, Others), By Region, Forecast & Opportunities to 2026

The global smart retail market accounted for a value of USD 17.8 billion in 2019 and is projected to register growth at a CAGR of 19.7% during forecast period.

COVID-19 has impacted the smart retail market. The governments across various countries have imposed the lockdown to control transmission of corona virus due to which retail market have to shut and retail shops for only necessary items are allowed to open for particular time. The supply chain got disrupted due to which there were shortage of stock in retail shops. The online stores couldn’t deliver the items for few months. This reduces the adoption of smart retail technologies. The pandemic leads to slow growth of this market.

Definition:

Smart retail can be defined as a set of smart technologies that are designed to provide customer a safer, faster, greater and smarter experience while shopping. The high penetration of smart phones has enabled smart retail. It comprises of visual marketing technologies, smart labels, smart payment systems etc. These systems empower brick-and-mortar retailers so caught more customers.

Market Dynamics (Drivers/Opportunities):

The use of robots is increasing in the market and installation of automation is increasing which offers shopping convenience to customers. The adoption of big data analytics, artificial intelligence, blockchain and machine learning technologies is also widely increasing by retailers around the world. This boosts growth of smart retailers market during forecast period.

The consumer’s expectations are changing and the market for retailers such as Alibaba, Amazon and Walmart are rapidly increasing. These retailers are using smart retail technology in order to improve business operations and provide better services to customers. This increases growth of smart retail market around the world. Thus, drives growth in this market during forecast period.

Market Insights, by System  

On the basis of system, the smart retail market is segmented into smart labels, digital signage solutions, smart payment systems, virtual reality solutions, augmented reality solutions, intelligent vending machines, POS Solutions, smart carts, robotics and analytics. The robotics segment accounted for largest market share in 2019 and it is estimated to dominate the market during forecast period. This segment helps in simplifying the process of finding suitable products for customers. The deployment of robot in hypermarkets, supermarkets and other retail stores is increasing as it enhances the customer’s shopping experience. This drives growth in robotics segment during forecast period.

Market Insights, by Application            

On the basis of application, the smart retail market is segmented into foot-traffic monitoring, inventory management loyalty management & payment, predictive equipment maintenance, brand protection and smart fitting rooms. The foot-traffic monitoring segment is estimated to register growth at highest CAGR during forecast period. The population is increasing around the world and awareness about foot traffic monitoring is increasing among retailers. The in-store foot traffic monitoring provides insights about different aspects of stores such as marketing efforts effect and strategies based on purchase history of customers etc. This drives growth in foot-traffic monitoring segment during forecast period.

Regional Insights

North America region accounted for largest market share in 2019 and it is estimated to dominate the market during forecast period. This region has strong presence of several smart retail solution providers. The adoption of advanced technology is increasing in this region in retail segment. There is large number of hypermarkets and supermarkets present in this region. The increasing adoption of smart retail technology drives growth in North America region during forecast period.

Key Companies & Market Share Insights

The key market players in smart retail industry are IBM, Intel Corporation, Cisco Systems, NXP Semiconductor, N.V., Microsoft, Huawei Investment, NVIDIA Corporation, Samsung Electronics, Google Inc., PTC Inc., Trigo, Standard Cognition, Caper Inc., Zippin, LG Display Co., Par Technology Corporation, and Texas Instruments Inc.

Segments Covered in the Report

This report forecasts The Global Smart Retail Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global smart retail market report on the basis of system, technology, and application.

Smart Retail Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Smart Retail Market, By System, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Smart Labels
  • Digital Signage Solutions
  • Smart Payment Systems
  • Virtual Reality Solutions
  • Augmented Reality Solutions
  • Intelligent Vending Machines
  • POS Solutions
  • Smart Carts
  • Robotics
  • Analytics
  1. Smart Retail Market, By Technology, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Blockchain
  • Mobiles
  • Visual Recognition
  • Artificial Intelligence
  1. Smart Retail Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Foot-Traffic Monitoring
  • Inventory Management
  • Loyalty Management & Payment
  • Predictive Equipment Maintenance
  • Brand Protection
  • Smart Fitting Rooms
  1. Smart Retail Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By System
    • By Technology
    • By Application
    • By Country
      • USA
        • By Application
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By System
      • By Technology
      • By Application
      • By Country
        • Brazil
          • By Application
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By System
        • By Technology
        • By Application
        • By Country
          • UK
            • By Application
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By System
          • By Technology
          • By Application
          • By Country
            • China
              • By Application
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By System
            • By Technology
            • By Application
            • By Country
              • Saudi Arabia
                • By Application
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • IBM
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Intel Corporation
    • Cisco Systems
    • NXP Semiconductor N.V.
    • Microsoft
    • Huawei Investment
    • NVIDIA Corporation
    • Samsung Electronics
    • Google Inc.
    • PTC Inc.
    • Trigo
    • Standard Cognition
    • Caper Inc.
    • Zippin
    • LG Display Co.
    • Par Technology Corporation
    • Texas Instruments Inc
  2. Appendix
    • Interrelated Market

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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