New York, Jan. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Smart Retail Market” published by Reports Insights, the market is anticipated to surpass USD 219.9 billion by the year 2030 from the value of USD 23.7 billion in 2022.
Smart retail is the term used to describe several smart technologies which are specifically designed to offer a great consumer experience via fast and smart shopping services. Retailers opt to dispose of the technologies such as QR codes, RFID technology, augmented and virtual reality, store management, and smart checkout to streamline store operations.
Furthermore, smart retail is not confined to checkout desks, rather the concept has the potential to explore untapped areas of customer shopping preferences. The smart technology incorporated by retailers comprises artificial intelligence, IoT, and cloud computing that provides lucrative opportunities in terms of asset tracking, buyer behavior tracking, and facility management.
Get Sample Report @ https://www.reportsinsights.com/sample/673644
| Report Attributes | Report Details |
| Market Size By 2030 | USD 219.9 Billion |
| Forecast Period | 2022-2030 |
| CAGR (2022-2030) | 27.5 % |
| Market Size By 2022 | USD 23.7 Billion |
| Study Timeline | 2016-2030 |
| Key Players | Amazon.com, Inc., IBM Corporation, NCR Corporation, PAX Global Technology Limited, Ingenico, Fiserv, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., LG Display Co., Ltd., Intel Corporation, Samsung Electronics, Verifone System and Others. |
| By Retail Offering | Apparel and Accessories, Hardlines and Leisure Goods, Fast-moving Consumer Goods, and Others |
| By Solution | Hardware, and Software |
| By System | Intelligent Vending Machines, Digital Signage Solutions, Smart Payment Systems, Robotics, POS Solutions, Augmented Reality and Virtual Reality Solutions, Smart Carts |
| By Application | Foot-Traffic Monitoring, Smart Label, Visual Marketing, Brand Protection, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, and Smart Fitting Rooms |
| Report Coverage | Total Revenue Forecast, Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Business Strategies, and more. |
| By Geography | Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru] |
Immediate Delivery Available, Buy Now @ https://www.reportsinsights.com/buynow/673644
Key Market Highlights
- The global smart retail market is estimated to witness a CAGR of 27.5% during the forecast period (2022-2030) to surpass USD 219.9 billion by 2030.
- Globally, the smart retail solution is bifurcated into hardware and software.
- In the context of systems, the market is separated into smart payment systems, POS solutions, intelligent vending machines, digital signage solutions, robotics, augmented reality and virtual reality solutions, and smart carts.
- The market is also categorized as per the applications: predictive equipment maintenance, foot-traffic monitoring, loyalty management and payment, smart label, visual marketing, inventory management, brand protection, and smart fitting rooms.
- Based on the retail offering, the market is divided into four groups: apparel and accessories, hardlines and leisure goods, fast-moving consumer goods, and others.
- The market is geographically categorized into five regions: North America, the Asia-Pacific, Europe, South America, and the Middle East and Africa.
- North America and Asia Pacific are expected to support industry growth during the forecast period in terms of surging expenditures on technological integration, especially in retail chains.
Smart Retail Market Segmentation Details:
Based on the solution, the hardware segment is anticipated to contribute a substantial market share during the forecast period. The rising availability and adoption of hardware devices such as digital media signage, point-of-sale (POS) systems, interactive kiosk solutions, radio-frequency identification (RFID) systems, and others boost the market growth in terms of volume. Thus, the increased emphasis by retailers in terms of improved customer shopping experience supports the growth of the hardware segment during the projected period.
Based on the system, the point-of-sale (POS) solution segment is expected to significantly augment the market growth in terms of value. Multiple retail businesses integrate POS systems into their operations to optimize the checkout processes, eliminate the chances of human errors, and effective staff management. Thus, the adoption of smart retail beyond the concepts of transaction management at checkout counters is projected to support the high adoption of such POS solutions.
Based on services, security operation services are estimated to have the largest share contribution to the market share. Such services aid in the provision of network security measures via continuous monitoring of the activities and interconnected, secured collaboration of cybersecurity prevention measures. Thus, organizations opt for such services to protect their assets such as personnel data, intellectual property, brand integrity, and business systems.
Based on application, the visual marketing segment is expected to account for a substantial contribution to the smart retail market share during the forecast period. This marketing approach comprises features such as POS displays, store layouts, interactive displays, and others. The core idea is to enhance the brand identity which results in a boost in sales with repurchases and existing customers. Thus, the segment is estimated to support market growth in terms of large adoption by established retail businesses.
Based on retail offerings, the apparel and accessories segment is projected to accelerate market growth during the forecast period. The leading contributor to the segment growth is the high collaboration of augmented reality and virtual reality to improve the in-store customer experience. Thus, smart retail is especially integrated by the fashion industry for improved customer service, customized recommendations, and optimized product assortment.
Based on region, North America is anticipated to support market growth during the forecast period. The surging competition in the retail industry is boosting large enterprises such as Walmart, Amazon, and Kroger to invest in smart technologies like robots for detailed analysis of customer behavior. Thus, the increased prevalence of smart retail is expected to bolster the market presence in terms of the enhanced shopping experience, ensured inventory management, and reduced time and costs related to logistics and delivery.
Browse Full Report @ https://www.reportsinsights.com/industry-forecast/global-smart-retail-market-statistical-analysis-673644
Recent Developments
- In January 2020, the American hypermarket multinational named Walmart collaborated with Bossa Nova Robotics to introduce technology integration throughout physical stores. The deal included the terms that Bossa Nova is expected to deliver the shelf-scanning robots to over 1000 Walmart stores across the US.
- In February 2020, Intel Corporation partnered with the Johnson subsidiary called Sensormatic Solutions to deliver AI-powered and scalable solutions to retailers. Additionally, the Sensormatic Solutions get to utilize the Intel Distribution of OpenVINO toolkits along with the Intel models.
- In October 2019, one of the established grocery chains in North America, Sobeys Inc. made a collaboration with Caper Inc. to deploy the smart cart technology. This partnership is expected to commercialize the product assortment of Caper’s to enter into the smart retail market.
List of Major Smart Retail Market Players
The market research report on the smart retail industry provides an inclusive evaluation of the insights that offer an overall glimpse of market trends. Major factors are included such as industry trends, business strategies, possible future scope, and customer behavior are analyzed to draft insightful market actions. Furthermore, the regional analysis, market definition, research methodology, and market segmentation are evaluated in detail to offer a comprehensive market analysis. Mentioned are the major players currently operating in the market —
• Amazon.com, Inc.
• IBM Corporation
• NCR Corporation
• PAX Global Technology Limited
• Ingenico
• Fiserv, Inc.
• Google LLC
• Honeywell International Inc.
• Huawei Technologies Co., Ltd.
• LG Display Co., Ltd.
• Intel Corporation
• Samsung Electronics
• Verifone System
Global Market Segmentation:
By Solution
-
-
- Hardware
- Software
-
By System
-
-
- Intelligent Vending Machines
- Smart Payment Systems
- Digital Signage Solutions
- Smart Payment Systems
- Augmented Reality and Virtual Reality Solutions
- POS Solutions
- Smart Carts
- Robotics
-
By Application
-
-
- Foot-Traffic Monitoring
- Inventory Management
- Visual Marketing
- Smart Label
- Loyalty Management and Payment
- Predictive Equipment Maintenance
- Brand Protection
- Smart Fitting Rooms
-
By Retail Offering
-
-
- Apparel and Accessories
- Fast-moving Consumer Goods
- Hardlines and Leisure Goods
- Others
-
Table Of Content
1. Global Smart Retails Market Segmentation, Revenue (USD Billion), (2022-2030)
1.1. By Solution
1.1.1. Hardware
1.1.2. Software
1.2. By System
1.2.1. Intelligent Vending Machines
1.2.2. Smart Payment Systems
1.2.3. Digital Signage Solutions
1.2.4. Smart Payment Systems
1.2.5. Augmented Reality and Virtual Reality Solutions
1.2.6. POS Solutions
1.2.7. Smart Carts
1.2.8. Robotics
1.3. By Application
1.3.1. Foot-Traffic Monitoring
1.3.2. Inventory Management
1.3.3. Visual Marketing
1.3.4. Smart Label
1.3.5. Loyalty Management and Payment
1.3.6. Predictive Equipment Maintenance
1.3.7. Brand Protection
1.3.8. Smart Fitting Rooms
1.4. By Retail Offering
1.4.1. Apparel and Accessories
1.4.2. Fast-moving Consumer Goods
1.4.3. Hardlines and Leisure Goods
1.4.4. Others
2. Global Smart Retails Market Overview, By Region
Continue...
Our Others Research Report
Smart Retail Systems Market Size & Trends By Regional(Europe, America, Asia Pacific, Middle East And Africa), Industry Statistics, Growth Potential, Price Trend, Competitive Market Share, Market Statistics & Forecast 2021 - 2027
Automotive Engineering Services Outsourcing (ESO) Market Size, Share & Trends Analysis, By Application (Autonomous Driving/ADAS, Body & Chassis, Powertrain And After-Treatment, Infotainment & Connectivity, Others), By Service (Designing, Prototyping, System Integration, Testing, Others), By Location (On-shore, Off-shore), By Region and Segments, Growth, Forecast Period 2022 - 2030
Health Intelligent Virtual Assistant Market Size, Share & Trends Analysis, By Technology (Automatic Speech Recognition, Text to Speech, Text-based), By Products (xlChatbots, Smart Speakers), By End User (Payers, Providers, Others), By Region and Segments, Growth, Forecast Period 2022 - 2030
Virtual Prototype Market Size, Share & Trends Analysis, By Type (Finite Element Analysis (FEA), Computational Fluid Dynamic (CFD), Computer Aided Machining (CAM)), By Deployment type (Cloud/Host, On-Premises), By End user industry (Automotive, Aerospace, Petroleum, Chemical, Government or Military, Healthcare, Telecommunications, Electronics, Government or Military, Entertainment), By Region and Segments, Growth, Forecast Period 2022 - 2030
AC Voltage Transducers Market Size, Share & Trends Analysis Report by Type (Single Function, Multi-Function), By Application (Industrial Use, Commercial Use), and Region, ), by End-use, by Region, And Segment, Forecast Period-2022 – 2028
About Reports Insights Consulting Pvt Ltd
ReportsInsights Consulting Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domain. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by ReportsInsights Consulting Pvt Ltd. Our reports comprise in depth analytical and statistical analysis on various industries in foremost countries around the globe.
