Dublin, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Retail Market (2021-2026) by System, Application, Retail Offering, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Retail Market is estimated to be USD 24.02 Bn in 2021 and is expected to reach USD 63.07 Bn by 2026, growing at a CAGR of 21.3%.
Technological innovation is changing the shopping experience of the customer, so the distributor can concentrate on particular consumer needs and boost business. To understand consumer behavior and their needs, retailers carry out surveys. They also use smart retail solutions to attract, acquire, and turn customers into sales, such as NFC (Near Field Communication). The use of such technology allows retailers to encourage and improve sales with a better brand image.
The main factors driving the growth of this market are the growing use of robotics and automation to provide consumers with shopping comfort and the increasing adoption by retailers of big data analytics, machine learning, blockchain, and AI technologies.
Similarly, the main factor expected to hamper the growth of the global smart retail industry is data protection issues related to online transactions. Moreover, a growing number of brick and mortar retailers may, to some degree, restrict market growth over the forecast period.
It is also anticipated that rising Internet of Things (IoT) participation in various business avenues would create lucrative opportunities for players operating in the global smart retail industry.
Lack of compliance of IoT solution providers and integrators, and lack of user knowledge and awareness for smart retail, are creating challenges for the adoption of the smart retail market.
Market Dynamics
Drivers
- Rising Internet Usage
- Technological Advancements
- Reducing Cost of Electronic Components
- Rising Adoption of Global Smartphones
- The Increasing Pursuit of Providing Better Service
Restraints
- Data Security Concerns in Online Transactions
- Chances of Data Loss in case of any Malfunction
- Increasing Number of Brick & Mortar Retailers
Opportunities
- Rising Entanglement of Internet of Things (IoT)
- Growing Number for Global Smart Stores Leading to Rising in Adoption of Self Delivery Vehicles
Challenges
- Lack of compliance of IoT solution providers and integrators
- Lack of user knowledge and awareness
Segments Covered
Based on System, the Robotic Segment had the largest share of the global smart retail market. Robots automate the process of identifying and segregating clients according to their purchase patterns. Thus, in supermarkets, hypermarkets, and other retail stores, an increase in robots' deployment is seen to make the shopping experience simple for customers.
Based on the Application, the Foot Traffic Monitoring Segment accounted for the highest share of the global smart retail industry. Dominance is due to the rise in awareness among retailers of foot-traffic monitoring. In-store foot-traffic tracking is essential because it provides retailers with insights into various facets of stores, including the effects of marketing campaigns, and helps them plan growth strategies based on consumer buying history.
Based on Consumer Offering, The smart retail market for fast-moving consumer goods is anticipated to grow at the highest rate during the forecast period. This segment's growth can be attributed to the rising demand for fast-moving consumer goods from the continuously increasing global population.
There are a significant number of supermarkets, hypermarkets, department stores, and other types of retail stores in North America, that have introduced on-site POS solutions, automated storage and retrieval systems, Global Smart carts, electronic shelf labels (ESLs), and self-checkout systems. As a result, the largest share of the Global Smart retail market was held by North America.
Company Profiles
Some of the companies covered in this report are IBM, Intel Corporation, Cisco Systems Inc., NXP Semiconductors N.V., Microsoft, Huawei, Investment & Holding Co., Ltd., Nvidia Corporation, Samsung Electronics, Google Inc., PTC Inc., Trigo, LG Display Co., Ltd., Par Technology Corporation, Texas Instruments Inc., ST Microelectronics N.V., Honeywell International Inc., Robert Bosch GmbH, Softbank Robotics Group Corp., etc.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance Score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Smart Retail Market.
- The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
- The report also contains the competitive analysis using Competitive Quadrant, the analyst's proprietary competitive positioning tool.
Report Highlights
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Trends
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Smart Retail Market, By System
6.1 Introduction
6.2 Digital Signage Solution
6.2.1 Displays
6.2.2 Media Players, Pcs, and Set-Top Boxes
6.2.3 Mounts & Cables
6.3 Smart Labels
6.3.1 Smart Beacons
6.3.1.1 BLE
6.3.1.2 Hybrid
6.3.2 Electronic Shelf Labels
6.3.2.1 LCD electronic shelf labels
6.3.2.2 Segmented E-paper electronic shelf labels
6.3.2.3 Full-graphic E-paper electronic shelf labels
6.4 Smart Payment Systems
6.4.1 NFC-READY POS TERMINALS
6.4.2 NFC-READY MPOS TERMINALS
6.5 Intelligent Vending Machines
6.6 Augmented Reality Solutions
6.7 Virtual Reality Solutions
6.8 POS solutions
6.9 Smart carts
6.10 Robotics
6.11 Analytics
7 Global Smart Retail Market, By Application
7.1 Introduction
7.2 Foot-Traffic Monitoring
7.3 Predictive Equipment Maintenance
7.4 Inventory Management
7.5 Smart Fitting Rooms
7.6 Brand Protection
7.7 Loyalty Management and Payments
8 Global Smart Retail Market, By Retail Offering
8.1 Introduction
8.2 Apparel and Accessories
8.3 Fast-Moving Consumer Goods
8.4 Hardlines and Leisure Goods
8.5 Others
9 Global Smart Retail Market, By Technology
9.1 Introduction
9.2 Visual Recognition
9.3 Blockchain
9.4 Artificial Intelligence (AI)
9.5 Mobile
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 UK
10.3.2 France
10.3.3 Germany
10.3.4 Italy
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia-Pacific
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4 Indonesia
10.4.5 Malaysia
10.4.6 South Korea
10.4.7 Australia
10.4.8 Russia
10.4.9 Rest of APAC
10.5 Rest of the World
10.5.1 Qatar
10.5.2 Saudi Arabia
10.5.3 South Africa
10.5.4 United Arab Emirates
10.5.5 Latin America
11 Competitive Landscape
11.1 Competitive Quadrant
11.2 Market Share Analysis
11.3 Competitive Scenario
11.3.1 Mergers & Acquisitions
11.3.2 Agreements, Collaborations, & Partnerships
11.3.3 New Product Launches& Enhancements
11.3.4 Investments & Fundings
12 Company Profiles
12.1 IBM
12.2 Intel Corporation
12.3 Cisco
12.4 NXP Semiconductors
12.5 Microsoft
12.6 Huawei Investment & Holding Co., Ltd.
12.7 Nvidia Corporation
12.8 Samsung Electronics
12.9 Google Inc.
12.10 Ptc Inc.
12.11 Trigo
12.12 LG Display
12.13 Par Technology Corporation
12.14 Texas Instruments Inc.
12.15 Stmicroelectronics N.V.
12.16 Honeywell International Inc.
12.17 Robert Bosch Gmbh
12.18 Softbank Robotics Group Corp.
12.19 Roadcom Inc.
12.20 Ingenico
12.21 Verifone, Inc.
12.22 First Data Corporation
12.23 NCR Corporation
12.24 Infineon Technologies
12.25 Diebold Nixdorf
12.26 Pricer
12.27 Probiz Technologies
12.28 Ses-Imagotag
12.29 E Ink Holdings Inc.
12.30 Bossa Nova Robotics
12.31 Five Elements Robotics
12.32 Standard Cognition
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/qud7bu
