Smart Retail Market Forecasts to 2028 – Global Analysis By System (Smart Payment System, Intelligent System), Technology (Mobiles, Visual Recognition), Application (Loyalty Management, Predictive Equipment) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $27,806.61 MN |
|
Projected Year Value (2028) |
US $137,878.00 MN |
|
CAGR (2021 - 2028) |
25.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Smart Retail Market is accounted for $27,806.61 million in 2021 and is expected to reach $137,878.00 million by 2028 growing at a CAGR of 25.7% during the forecast period. Smart Retail consists of set of technologies specially designed to offer faster, smarter, and safer service to customers during shopping. Surveys are being carried out by retailers to recognize customer actions and requirements. They are also adopting several solutions to attract customers. Use of such technologies helps the retailers to promote a better brand image and increase sales.
Market Dynamics:
Driver:
The expansion of retail sector across the globe
The expansion of retail sector across the globe acts as one of the major factors driving the growth of smart retail market. The increase in use of robots and automation to offer shopping convenience to customers, and increased use of smart technologies by retailers owning to the change in customer expectations accelerate the market growth. The adoption of big data analytics, blockchain, machine learning, and artificial intelligence technologies by retailers further influence the market.
Restraint:
Increasing need to provide enhanced customer experience and growing penetration of smartphones
Retailers are increasingly focusing on enhancing the consumers' shopping experience. The rapid deployment of smart retail technology such as Artificial intelligence, chatbots, IoT into analyzing a consumer’s needs and creating a personalized experience is leading to huge market growth. Shoppers nowadays want in-stock availability, pricing, product features, recommendations, and other details even before stepping into a physical store or buying anything online. Smart retail such as IoT allows the creation of personalized shopping content for addressing a consumer’s pain points through their smartphone usage thereby enriching the shopping experience leading to better conversion rates. Thus the potential to provide a better customer experience along with growing penetration of smartphones, internet usage is leading to wide-scale adoption of smart retail technology ultimately propelling the growth of the Smart Retail Market during the forecast period.
Opportunity:
The increasing adoption of automation and robotics
The significant factors that propel the market growth are the technological development in real-time data analytics coupled with the increasing adoption of automation and robotics in the retail sector fuel demand of smart retail globally. In addition, the growing penetration and product launch of AR, VR, AI, and IoT helps improve customer experiences, as business operations will further drive the retail market demand. For instance, In June 2021, Qualcomm declared the company's seven new chips designs for supporting new IoT devices across the retail sector. Furthermore, escalating number of stores in the emerging markets for offering more convince to the end-users and increasing strategic development by the vendors propel the retail industry growth.
Threat:
Evolving usage of various digital technology
The widespread application of advanced technologies in the Retail Market will create lucrative opportunities for market growth in the coming years. For instance, Bluetooth Low Energy Beacons (BLE), analytics, near-field communications (NFC), and mobile point-of-sale (mPOS) collect data and improve customer experience by providing them with valuable information. Visual marketing elevates a shopper’s experience by creating appealing storefronts, interior displays, AR, VR, and lighting all from a marketing perspective to grab their attention. Moreover, smart labels, smart payment, and intelligent systems can encourage QR- based contactless payments, reduce time, effort, automate and self-correct any errors and increase efficiency by decreasing hassles related to long checkout lines. On the other hand, robots can enable better inventory management, collect granular data about products on shelves, give information on consumer buying patterns and free up workers from routine tasks so that humans get more time for customer interaction. Thus, with the gradual rise of digital technology the growth of the Smart Retail Market will increase significantly during the forecast period.
The foot-traffic monitoring segment is expected to be the largest during the forecast period
The foot-traffic monitoring segment is expected to be the largest share in the market. The dominance is attributed to the increase in awareness regarding foot-traffic monitoring among retailers. In-store foot-traffic monitoring is essential as it provides insights to retailers about different aspects of stores, including the effect of marketing efforts, as well as helps them plan growth strategies based on the purchase history of customers.
Region with highest share:
North America is projected to hold the largest share in the market during the forecast period due to the deployment of smart retail solutions such as big data analytics, reception robots and intelligent dressing mirrors.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR in the market. Growing deployment of smart retail solutions such as big data analytics, intelligent dressing mirrors, reception robots, and shopping guide robots in countries such as Japan and China is expected to drive the regional market growth. Apart from big smart retailing players such as Alibaba and Amazon, smaller providers also plan to tap into this opportunity.
Key players in the market:
Some of the key players profiled in the Smart Retail Market include Amazon, Ingenico, Intel, LG Display, Par Technology, PAX Global Technology, Softbank Robotics Holdings, Verifone, Bosch Group, Broadcom Limited, Cisco Systems, First Data, Google LLC, Honeywell, Huawei Investment & Holding, IBM Corporation, and Walmart Inc.
Key developments:
In January 2020: Intel Corporation collaborated with ARENA15 (Las Vegas), an experiential retail and entertainment complex. By using Intel’s technology and solutions AREA15 aims to improve customer shopping experiences.
In January 2020: Intel Corporation collaborated with Sensormatic Solutions, a Johnson controls subsidiary, to deliver scalable, AI-powered solutions for retailers. Sensormatic Solutions will also leverage the Intel Distribution of OpenVINO toolkits, as well as Intel models for delivering its solutions to retailers.
In January 2020: Walmart Inc. entered into a partnership with Bossa Nova Robotics, a Bay area-based company, to deliver shelf-scanning inventory robots to 1,000 Walmart stores in the US.
Retail Offerings Covered:
• Hardlines and Leisure Goods
• Fast-Moving Consumer Goods
• Apparel and Accessories
Systems Covered:
• Smart Label
• Visual Marketing (Digital Signage)
• Smart Payment System
• Intelligent System
• Other Systems
Solutions Covered:
• Software
• Hardware
Technologies Covered:
• Mobiles
• Visual Recognition
• Blockchain
• Artificial Intelligence
Applications Covered:
• Brand Protection
• Foot-Traffic Monitoring
• Inventory Management
• Loyalty Management and Payment
• Predictive Equipment Maintenance
• Smart Fitting Rooms
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Retail Market, By Retail Offering
5.1 Introduction
5.2 Hardlines and Leisure Goods
5.3 Fast-Moving Consumer Goods
5.4 Apparel and Accessories
6 Global Smart Retail Market, By System
6.1 Introduction
6.2 Smart Label
6.2.1 Smart Beacon
6.2.2 Electronic Shelf Labels/Smart Shelf
6.3 Visual Marketing (Digital Signage)
6.3.1 Displays
6.3.2 Mounts and Cables
6.3.3 Media Players
6.3.4 Set-Top Boxes
6.3.5 Personal Computer (PCs)
6.4 Smart Payment System
6.4.1 Point-of-Sale (POS) System
6.4.2 Mobile Payment Application
6.4.3 E-Payment System
6.4.4 Near Field Communication (NFC)-Ready Mobile Point-of-Sale (MPOs) Terminals
6.4.5 Near Field Communication (NFC)-Ready Point-of-Sale (POS) Terminals
6.5 Intelligent System
6.5.1 Virtual Reality
6.5.2 Smart Carts
6.5.3 Interactive Kiosk
6.5.4 Augment Reality
6.6 Other Systems
6.6.1 Analytics
6.6.2 Robotics
7 Global Smart Retail Market, By Solution
7.1 Introduction
7.2 Software
7.3 Hardware
8 Global Smart Retail Market, By Technology
8.1 Introduction
8.2 Mobiles
8.3 Visual Recognition
8.4 Blockchain
8.5 Artificial Intelligence
9 Global Smart Retail Market, By Application
9.1 Introduction
9.2 Brand Protection
9.3 Foot-Traffic Monitoring
9.4 Inventory Management
9.5 Loyalty Management and Payment
9.6 Predictive Equipment Maintenance
9.7 Smart Fitting Rooms
10 Global Smart Retail Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Amazon
12.2 Ingenico
12.3 Intel
12.4 LG Display
12.5 Par Technology
12.6 PAX Global Technology
12.7 Softbank Robotics Holdings
12.8 Verifone
12.9 Bosch Group
12.10 Broadcom Limited
12.11 Cisco Systems
12.12 First Data
12.13 Google LLC
12.14 Honeywell
12.15 Huawei Investment & Holding
12.16 IBM Corporation
12.17 Walmart Inc
List of Tables
1 Global Smart Retail Market Outlook, By Region (2020-2028) ($MN)
2 Global Smart Retail Market Outlook, By Retail Offering (2020-2028) ($MN)
3 Global Smart Retail Market Outlook, By Hardlines and Leisure Goods (2020-2028) ($MN)
4 Global Smart Retail Market Outlook, By Fast-Moving Consumer Goods (2020-2028) ($MN)
5 Global Smart Retail Market Outlook, By Apparel and Accessories (2020-2028) ($MN)
6 Global Smart Retail Market Outlook, By System (2020-2028) ($MN)
7 Global Smart Retail Market Outlook, By Smart Label (2020-2028) ($MN)
8 Global Smart Retail Market Outlook, By Smart Beacon (2020-2028) ($MN)
9 Global Smart Retail Market Outlook, By Electronic Shelf Labels/Smart Shelf (2020-2028) ($MN)
10 Global Smart Retail Market Outlook, By Visual Marketing (Digital Signage) (2020-2028) ($MN)
11 Global Smart Retail Market Outlook, By Displays (2020-2028) ($MN)
12 Global Smart Retail Market Outlook, By Mounts and Cables (2020-2028) ($MN)
13 Global Smart Retail Market Outlook, By Media Players (2020-2028) ($MN)
14 Global Smart Retail Market Outlook, By Set-Top Boxes (2020-2028) ($MN)
15 Global Smart Retail Market Outlook, By Personal Computer (PCs) (2020-2028) ($MN)
16 Global Smart Retail Market Outlook, By Smart Payment System (2020-2028) ($MN)
17 Global Smart Retail Market Outlook, By Point-of-Sale (POS) System (2020-2028) ($MN)
18 Global Smart Retail Market Outlook, By Mobile Payment Application (2020-2028) ($MN)
19 Global Smart Retail Market Outlook, By E-Payment System (2020-2028) ($MN)
20 Global Smart Retail Market Outlook, By Near Field Communication (NFC)-Ready Mobile Point-of-Sale (MPOs) Terminals (2020-2028) ($MN)
21 Global Smart Retail Market Outlook, By Near Field Communication (NFC)-Ready Point-of-Sale (POS) Terminals (2020-2028) ($MN)
22 Global Smart Retail Market Outlook, By Intelligent System (2020-2028) ($MN)
23 Global Smart Retail Market Outlook, By Virtual Reality (2020-2028) ($MN)
24 Global Smart Retail Market Outlook, By Smart Carts (2020-2028) ($MN)
25 Global Smart Retail Market Outlook, By Interactive Kiosk (2020-2028) ($MN)
26 Global Smart Retail Market Outlook, By Augment Reality (2020-2028) ($MN)
27 Global Smart Retail Market Outlook, By Other Systems (2020-2028) ($MN)
28 Global Smart Retail Market Outlook, By Analytics (2020-2028) ($MN)
29 Global Smart Retail Market Outlook, By Robotics (2020-2028) ($MN)
30 Global Smart Retail Market Outlook, By Solution (2020-2028) ($MN)
31 Global Smart Retail Market Outlook, By Software (2020-2028) ($MN)
32 Global Smart Retail Market Outlook, By Hardware (2020-2028) ($MN)
33 Global Smart Retail Market Outlook, By Technology (2020-2028) ($MN)
34 Global Smart Retail Market Outlook, By Mobiles (2020-2028) ($MN)
35 Global Smart Retail Market Outlook, By Visual Recognition (2020-2028) ($MN)
36 Global Smart Retail Market Outlook, By Blockchain (2020-2028) ($MN)
37 Global Smart Retail Market Outlook, By Artificial Intelligence (2020-2028) ($MN)
38 Global Smart Retail Market Outlook, By Application (2020-2028) ($MN)
39 Global Smart Retail Market Outlook, By Brand Protection (2020-2028) ($MN)
40 Global Smart Retail Market Outlook, By Foot-Traffic Monitoring (2020-2028) ($MN)
41 Global Smart Retail Market Outlook, By Inventory Management (2020-2028) ($MN)
42 Global Smart Retail Market Outlook, By Loyalty Management and Payment (2020-2028) ($MN)
43 Global Smart Retail Market Outlook, By Predictive Equipment Maintenance (2020-2028) ($MN)
44 Global Smart Retail Market Outlook, By Smart Fitting Rooms (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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