Smart Retail Devices Market Foreseen to Grow Exponentially by 2027

Description

The global smart retail devices market size was valued at USD 24.58 billion in 2020 and is projected to reach USD 74.68 billion by 2027, registering a CAGR of 17.2% from 2020 to 2027. Smart retail devices take the assistance of the internet of things (IoT) in their operation. Smart devices and IoT in retail help retailers enhance the customer experience and drive more enhanced consumer engagement, significantly altering day-to-day store operations. Energy management, theft prevention, in-store navigation, and customer engagement are a few advantages of utilizing IoT in the retail industry.

Retail stores are focusing on using emerging technologies such as cloud, mobile, RFID, beacons, etc., on providing connected retail services and a better shopping experience. For instance, store owners are integrating sensors in the critical zones of retail stores and connecting them to the cloud through a gateway that enables real-time data analysis related to products, sales, and customers from the sensors.

In addition to this, the predictive equipment maintenance tool provides equipment support in monitoring and anticipating future maintenance issues and power-saving to keep the food safe. With the rising adoption of IoT, smart retail industries are also planning to offer a connected and more prosperous experience while shopping. With this technology, the customers, before entering the store, can log into the store on their smartphones to check the availability and price of the products they wish to buy. Further, they can also receive notifications about product availability. All the aforementioned factors are expected to grow the smart retail devices market at a thriving pace during the forecast period. Factors such as increasing use of robotics and automation in the retail industry, rising adoption of big data analytics & IoT in the retail industry, and surge in purchasing power of consumers and economic growth are the major drivers significantly affecting the market growth. However, increased maintenance costs of advanced high-end computing systems and high risks of customer data theft have a significant negative impact on the market growth. Furthermore, Technological advancements with real-time data analysis and an increase in the number of smart stores are expected to offer lucrative opportunities for market growth globally.

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Global Smart Retail Devices Market Dynamics

Drivers: Increasing use of robotics and automation in the retail industry

Therefore, customers expect instant services and opt for automated devices and robotics to reduce their manual operating tasks. The seamless performance of the self-service machines enhances overall customer satisfaction. An increase in demand for automated systems such as a kiosk, vending machines, electronic shelf labels is expected to drive the growth of the smart retail devices market, as these automated systems reduce the operational time and physical effort evolved in each service area. Also, customers prefer self-service technology compared to manual dealings for security purposes, secured transactions of ATMs, Kiosks, and vending machines. Therefore, demand for these types of automated devices is expected to increase and eventually drive the growth of the overall market. The technological revolution of automation across the retail sector has proven effectively beneficial for the retailer. Also, trending retail automation is fueling the adoption of electronic shelf labels across all retail stores, including supermarkets, hypermarkets, specialty stores, and non-food retail stores. Moreover, establishing this system in the retail store offers a dynamic pricing solution, which helps reduce labor input by removing manual operations.

Restraints: Increased maintenance cost of high-end devices

The return on investment is high for smart retail devices as the duration required to gain profits is relatively high. Thus, retailers with limitations on migration budgets are lagging in adopting complete smart solutions, which is expected to hamper the market growth. Also, the deployment of electronic shelf label (ESL) technology cost might seem high for the unorganized retailers. Growth in smart retail store stores generates more shelves, where retail retailers need to allocate an ESL tag for each shelf. This, in turn, increases the installation expenses on each electronic shelf.

Moreover, advanced automation approaches give rise to technological complexity that involves high-risk implementation, significant investments, transformation projects, and prolonged payback periods, which are major factors expected to restrain the global growth of the smart retail devices market.

Opportunities: Increasing number of smart stores

The advent of smart technologies, including artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), is changing the landscape of the retail industry. These technologies are enabling immersive and frictionless experiences and rapid access to personalized preferences. Smart stores are using automation to enhance the customer's experience by providing features such as self-identification, product information, product selection, in-store navigation, and self-checkout. For instance, Dutch food retailer Ahold Delhaize is rolling out electronic shelf labels in its stores that show product information and allow automatic price changes such as price reductions for products approaching the expiration date.

In addition, UK-based startup Wasteless is using automation to dynamically change the prices of food based on expiration dates, helping supermarkets combat food waste. Economically developed regions have already initiated the concept of smart stores. Developing regions such as the Asia Pacific and South America are also transitioning toward automation and smart technologies, which creates lucrative market opportunities for smart retail devices.

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Scope of the Report

The study categorizes the smart retail devices market based on technology, application, and regions.

By Technology Outlook (Sales/Consumption, 2017-2027, USD Million)

• Digital Signage
• Smart Labels
• Smart Payments
• Smart Cards
• Electronic Shelf Labels
• Others (Intelligent Vending Machines, POS)

By Application Outlook (Sales/Consumption, 2017-2027, USD Million)

• Smart Transportation
• Predictive Equipment Maintenance
• Inventory Management
• Smart Fitting Rooms
• Foot Traffic Monitoring
• Others

By Region Outlook (Sales/Consumption, 2017-2027, USD Million)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Smart Payments, by technology, is estimated to be the fastest-growing segment during the forecast period

By technology, the smart retail devices market is analyzed across digital signage, smart labels, smart payments, smart cards, electronic shelf labels, and others. In 2020, the smart payments segment accounted for the fastest-growing segment, with a CAGR of 20.7% in the global smart retail devices market during the forecast period 2021-2027. Moreover, the segment accounted for a revenue share of 16.35% globally in the global smart retail devices market in 2020.

Payment solutions are rapidly changing alongside the global paradigm shift toward growing interconnectivity known as digital transformation. Smart payments are going beyond smart POS systems and radio technology, using scan-and-go apps, mobile wallets, and Bluetooth technology to perform virtual payments that "require no interaction between the consumer and the retailer. Moreover, Technologies such as optical scanning, smart point-of-sale (POS) systems, near field communication (NFC), radio-frequency identification (RFID), and Bluetooth low energy (BLE) are making transactions faster, easier, and more convenient, which is boosting the market for smart payments. Optical reader technologies like QR codes have been mainly driven by China through payment platforms such as Alibaba's AliPay and Tencent's WeChat.

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Asia Pacific accounts for the highest CAGR during the forecast period in the smart retail devices market

Based on region, the global smart retail devices market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 20.2% during the forecast period and has a revenue share in terms of value is 29.33% globally in the global smart retail devices market in 2020.

The Asia-Pacific smart retail devices market is analyzed across Japan, China, India, Australia, and the rest of Asia-Pacific. Asia-Pacific is leading the smart retail devices market and is expected to be the fastest-growing regional segment in the near future, with the highest CAGR. Organizations across verticals realize the importance of smart retail devices to ensure efficient working conditions. In addition, the higher presence of retail giants with higher customer interest and easy availability of processing machinery further contribute to the smart retail devices market growth in Asia-Pacific.

China is gearing up resources to develop core technologies such as artificial intelligence chips and sensors as a part of its broader vision to integrate AI into the manufacturing sector. China is the world's second-largest owner of inventive patents and international scientific papers, with significant progress in voice and image recognition. The ministry of China unveiled a three-year plan in December to boost the application of AI in various industries. Moreover, Japan is recognized for its world-leading R&D capabilities with quality IP assets. It has a domestic solid IoT market presence, estimated to reach USD 6 billion in 2019. This offers lucrative growth opportunities for the market. According to Japan.gov, a super-smart society is being created, which is expected to provide growth potential for businesses in emerging growth sectors, including robotics, AI, and IoT, during the forecast period.

Key Market Players

The global smart retail devices market is fragmented into significant players and local, small, and mid-sized manufacturers/providers. The primary smart retail devices market players analysis in the research report includes IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA Corporation, Samsung Electronics, Texas Instrument, Softbank Robotics, and PAX global technology. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.

Recent Developments

• In December 2020Cisco acquired IMI mobile to create a comprehensive Customer Experience as a Service. Together with IMImobile, Cisco will be able to provide an end-to-end customer interaction management solution.
• In October 2020, Texas Instruments Incorporated, New single-pair Ethernet PHY extended the reach of the factory and building automation applications. It can transmit 10-Mbps Ethernet signals up to 1.7 km through a single pair of twisted wires to meet the higher bandwidth demands of long-distance communications.
• In January 2021, NVIDIA Corporation, Introduces GeForce RTX 3060, the Next Generation of the World's Most Popular GPU; with its efficient, high-performance architecture and the 2nd gen of NVIDIA RTX™, the RTX 3060 brings amazing hardware ray-tracing capabilities and support for NVIDIA DLSS and other technologies.
• In January 2021, Microsoft launched Surface Laptop Go in India, and it will be available via commercial authorized resellers, authorized retail and online partners. Combining performance, battery life, value, and style, Surface Laptop Go is ultra-light with a portable profile comprising premium materials.

Key Issues Addressed

• What is the market size by various segmentation of the smart retail devices by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's five forces of the smart retail devices market?
• What are the key opportunities and trends for manufacturers involved in the smart retail devices supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how are regulations, schemes, patents, and policies impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of smart retail devices in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.