Global Smart Retail Market
Global Smart Retail Market size was valued at US$ 10.35 Bn in 2019 and is expected to reach US$ 58.8 Bn by 2026 to exhibit a CAGR of 24.25 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Smart retail is a term used to define a set of smart technologies that are considered to provide the consumer with a greater, faster, safer and smarter experience when shopping. A world in which nearly everyone now carries around a smart device that is the smartphone. The smartphone has allowed a revolution in retail. It can be used to family online stores, as a collection and directory for real supplies, and now increasingly as a straightforward means of payment for goods and services.
Through technology interconnectivity is increasing gradually. Sensors can be placed onto nearly anything and can connect any number of devices together in certain very powerful and advanced ways.
The increasing adoption of smartphones drive the growth of the global smart retail market due to a Smartphones have observed incredible progress in the past decade owing to the decreasing cost, better standard of living, and Internet ubiquity. The increasing acceptance of smartphones has run to a variant of new smartphone applications play an essential role, with retail being among the top applications in smartphones.
Rising need for better customer facilities and shopping experience and increasing demand for high-quality retail services drive the progress of the global smart retail market due to the earlier few years, vendors have started recognizing the importance of customer facilities and answer. The appearance of innovative technologies, such as IoT, increased and actual reality, radio-frequency identification tags, and near-field communication devices, has higher the expectations of clients in terms of extremely effective services.
The key restraint of the global smart retail market is the data security and privacy worries with new progressive technologies and extraordinary maintenance of progressive computing systems. The opportunities in the global smart retail market are the growing investment in the marketing industry and directly link with end users. The challenges of the global smart retail market are averseness of retailers.
The smart retail market, by application robotics segment, is expected to hold the largest share of the market during the forecast period due to robotics is increasing at an important rate. A robot makes the shopping experience easier for customers as it makes simpler the process of finding the product one is observing for, as well as achieves back-end and shelf-keeping list up-to-date for a vendor. Similarly, the robot uses inventory scanning and examining software with independent navigation abilities and uses voice recognition software.
The present and future expectations of customers, in terms of vending, can be encountered with the help of progressive automated machines, such as kiosk and intelligent trolley. Through the procedure of consumer product buying, automation helps in gathering the demands of customers by providing error-free facilities.
North America is anticipated to hold the largest share of the global smart retail market during the forecast period. Also, APAC is expected to grow at a remarkable rate during the forecast period due to increasing refined and effective retail services.
Scope of the Global Smart Retail Market
Global Smart Retail Market, by Application
• Visual Marketing
• Smart Label
• Smart Payment System
• Intelligent System
o Intelligent Vending Machine
o Smart Cart
o Augmented Reality
o Virtual Reality
o Interactive Kiosk
o Robotics
o Analytics
Global Smart Retail Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players operating in the Global Smart Retail Market
• Intel
• NVIDIA
• IBM
• Samsung Electronics
• Microsoft
• Amazon
• Par Technology Corporation
• SoftBank Robotics Holdings Corp.
• Ingenico Group
• Verifone Holdings, Inc.
• First Data Corporation
• NCR Corporation
• EVRY ASA
• Softbank Robotics Holdings
• PAX Global Technology
• NCR
• Kontakt.Io
• Bosch Group
• Verifone
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