Global Market for Smart Retail is Anticipated to grow at a Significant Pace i.e., USD 61.5 Billion during the Forecast Period 2021-2027

Published Date: Jun, 2021

The global smart retail market is expected to witness a CAGR of 24.7% during the forecast period. The smart retail market is using various innovative technologies to capitalize on the potential of the industry. Smart devices and IoT in retail help retailers improve the customer experience and drive greater consumer engagement which will substantially affect the day-to-day store operations. The advantages of using IoT in the retail industry include energy, management, anti-theft, in-store navigation, and customer engagement. Retail stores focus on using emerging technologies such as cloud, mobile devices, RFID, and beacons to provide customers with connected retail services and a better shopping experience.
The smart retail market also had a slowdown in volumes due to limited labor in retail facilities. In addition, the temporary closure also led to a decrease in the purchase of smart retail equipment in various industries in the first quarter of 2020. However, post lockdown, with the transformation of commercial retailers, new growth models have emerged in the market to contactless payments, interactive kiosks, smart karts, other models. Large retail giants have developed smart retail devices with software and applications such as the usage of IoT-enabled technologies, AI-based retail solutions that support retail operators.

Browse 56 market data Tables and 30 Figures spread through 220 Pages and in-depth TOC on " Smart Retail Market by Application (Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, and Smart Fitting Rooms), by Retail Offering (Apparel and Accessories, Fast-Moving Consumer Goods, Hardlines and Leisure Goods, and Others), and Region - Global Forecast to 2027"

The market for the foot-traffic monitoring segment is anticipated to have a high CAGR during the forecast period.

The market for the foot-traffic monitoring segment is anticipated to grow at the high CAGR during the forecast period, owing to the rise in population, awareness among the retailers. In-store traffic monitoring is important because it can provide retailers with information about different aspects of the store, including the effectiveness of marketing efforts, and help them plan growth strategies based on the buying history of the customers.

Global Smart Retail Market Segmentation Analysis

Segment

Categorization

Leading Category

Application

Foot-traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, and Smart Fitting Rooms

Foot-traffic Monitoring (Largest)

 

Retail Offering

Apparel and Accessories, Fast-Moving Consumer Goods, Hardlines and Leisure Goods, Others

Fast-Moving Consumer Goods (Largest)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific (Largest)

 

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“Asia-Pacific is anticipated to be the fastest-growing region in the smart retail market”

Geographically, APAC is expected to be the fastest-growing region due to the rise in deployment of smart retail solutions like smart guide robots, reception robots. Big data analytics in countries like China and Japan will drive the smart retail market. Moreover, the Asia Pacific region is always focusing on infrastructure advancement which will surge the demand for the smart retail market globally.

Some of the key players in the smart retail market are INTEL CORPORATION, IBM, Samsung Electronics, AMAZON, Google, Inc, MICROSOFT CORPORATION, SOFTBANK ROBOTICS HOLDINGS, Ingenico S.A., Verifone Systems, NCR Corporation, Cisco Systems, Inc., NXP Semiconductors N.V., Huawei Investment & Holding Co., Ltd, NVIDIA Corporation, Samsung Electronics, PTC, Inc., Trigo, Standard Cognition, Caper Inc., Zippin, Walmart Inc., Alibaba Group Holding Limited, and Albert Heijn BV (Ahold Delhaize)

Walmart Inc. announced a collaboration with Bossa Nova Robotics, a Bay Area-based company, in January 2020 to offer shelf-scanning inventory robots to 1,000 Walmart stores throughout the United States.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015-2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Application, Retail Offering, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

INTEL CORPORATION, IBM, Samsung Electronics, AMAZON, Google,Inc.,MICROSOFT CORPORATION, SOFTBANK ROBOTICS HOLDINGS, Ingenico S.A., Verifone Systems, NCR Corporation, Cisco Systems, Inc., NXP Semiconductors N.V., Huawei Investment & Holding Co., Ltd, NVIDIA Corporation, Samsung Electronics, PTC, Inc., Trigo, Standard Cognition, Caper Inc., Zippin, Walmart Inc., Alibaba Group Holding Limited, Albert Heijn BV (Ahold Delhaize)

Global Smart Retail Market Coverage

Application Insight and Forecast 2015-2027

  • Foot-traffic Monitoring
  • Inventory Management
  • Loyalty Management and Payment
  • Predictive Equipment Maintenance
  • Brand Protection
  • Smart Fitting Rooms

Retail Offering Mode Insight and Forecast 2015-2027

  • Apparel and Accessories
  • Fast-moving Consumer Goods
  • Hardlines and Leisure Goods
  • Others

Geographical Segmentation

Smart Retail Market by Region

North America

  • By Application
  • By Retail Offering Mode 
  • By Country – U.S., Canada, and Mexico

Europe

  • By Application
  • By Retail Offering Mode  
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Application
  • By Retail Offering Mode
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Application
  • By Retail Offering Mode
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
Our Industry
Global Market for Smart Retail is Anticipated to grow at a Significant Pace i.e., USD 61.5 Billion during the Forecast Period 2021-2027