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.
For more details, visit: 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 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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the smart retail technology is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?