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

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

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances