HOME Top Market Reports Smart Retail Market by application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System (Intelligent Vending Machine, Smart Cart, AR/VR, Interactive Kiosk), Robotics, Analytics), and Geography - Global Forecast to 2023

Smart Retail Market by application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System (Intelligent Vending Machine, Smart Cart, AR/VR, Interactive Kiosk), Robotics, Analytics), and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: July 2018
Report Code: SE 6479

 

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The smart retail market is projected to reach USD 38.51 billion by 2023 from USD 10.35 billion in 2017, at a CAGR of 24.12% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018–2023.

Study Objectives:

  • To describe and forecast the smart retail market, in terms of value and volume, by application
  • To describe and forecast the market, in terms of value, by region - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding major factors governing market growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies, along with detailing competitive landscape for market leaders

To analyze strategic approaches such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, product launches and developments, and research and developments (R&D) in the smart retail market

Research Methodology:

This research study incorporates the use of secondary sources, directories, and databases, such as D & B Hoovers, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect information useful for the extensive technical, market-oriented, and commercial study of the smart retail market. Primary sources mainly comprise several experts from core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, and standards and certification organizations related to various parts of this industry’s value chain. In-depth interviews with various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants have been conducted to obtain and verify critical qualitative and quantitative information, as well as assess prospects. The breakdown of the profiles of primaries has been depicted in the following figure:

Smart Retail Market

To know about the assumptions considered for the study, download the pdf brochure

This report provides valuable insights of the smart retail market ecosystem. Major players in this market include Intel (US), IBM (US), NVIDIA (US), Samsung Electronics (South Korea), Microsoft (US), Google (US), PTC (US), Amazon (US), Cisco System, (US), NXP Semiconductors (Netherlands), Par Technology Corporation (US), SoftBank Robotics Holdings Corp. (Japan), Ingenico Group (France), Verifone Holdings, Inc. (US), First Data Corporation (US), NCR Corporation (US), and, EVRY ASA (Norway).

Product Launches


Month & Year

Company

Description

March 2018

Verifone

Verifone launched Carbon Mobile 5, a commerce solution that brings mobility, payment, and commerce into one powerful, portable device. Carbon Mobile 5 enables checkout and the ability to run Android apps, such as point-of-sale, loyalty, and inventory management.

March 2018

NCR Corporation

NCR Corporation launched NCR WinEPTS payment solution developed specifically for retailers and restaurants in Europe. The product can be integrated with instant payments solutions of European banks.


Agreements, Partnerships, Collaborations, & Contracts


Month & Year

Company

Description

March 2018

Verifone

Verifone entered into a partnership with Ezetap (India), a software and payment-processing player to meet the needs of India's rapidly evolving and growing payments technology landscape. This partnership enables merchants to quickly and easily adopt both instore and online payments.

February 2018

Par Technology

Par Technology Corporation (US) entered into a partnership with Workpop (US). The technology partnership will now enable PAR’s cloud-based Brink POS Software to seamlessly connect with Workpop’s Applicant Hiring System. Shared customers will benefit from a seamless integration designed to help restaurants and retail businesses maintain up-to-date employee data via Brink software.


Acquisitions


Month & Year

Company

Description

April 2018

EVRY

EVRY acquired Findwise AB, a leading Nordic provider of advanced search, advanced analytics and big data services. EVRY and Findwise will jointly expand their capabilities to support their customers in unlocking new intelligence and insight as they seek faster and more precise decision-making. This deal helps them to accelerate its development of new industry-specific solutions, such as APIs for financial services, the public sector, healthcare sector, retail and logistics, and the automotive industry.

December 2017

Ingenico

Ingenico acquired Airlink (Taiwan), one of the leading value-added resellers. The acquisition has helped Ingenico expand its footprint in Asia.


Expansion

Month & Year

Company

Description

December 2017

Amazon

Amazon Web Services launched AWS in Paris to serve customers in the European Union. The advantage of the Paris Region is that it makes it easier for tech companies in France to comply with its data privacy regulations. The Paris Region also enables AWS customers to store user data in France with the reassurance that it will not be moved unless they do so.

August 2017

Par Technology

Par Technology Corporation (US) announced the expansion of EverServ 8000 portfolio. The new peripherals and accessories include 2x20 customer display, POP display, barcode scanner, and pole mounted payment device.


Key Target Audience:

  • Original equipment manufacturers (OEMs)
  • Semiconductor component manufacturers and distributors
  • Technology consultants and system integrators
  • Equipment distributors and suppliers
  • Suppliers of related accessories for smart retail devices
  • Suppliers of standard devices and technologies to system integrators
  • Research organizations and consulting companies
  • Government bodies such as regulating authorities and policymakers
  • Venture capitalists and private equity firms
  • Associations, organizations, and alliances related to smart retail

Scope of the Report:

The research report segments the smart retail market into the following subsegments:

Smart Retail Market, by Application

  • Visual Marketing
  • Smart Label
  • Smart Payment System
  • Intelligent System
  • Robotics
  • Analytics

Smart Retail Market, by Region

  • North America
  • Europe
  • APAC
  • RoW

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report.

Company Information

  • Detailed analysis and profiling of additional market players (up to 10) 

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Opportunities in the Smart Retail Market
    4.2 Smart Retail Market, By Processor for Artificial Intelligence
    4.3 Smart Retail Market for Virtual Reality, By Device Type
    4.4 Smart Retail Market, By Region
    4.5 Smart Retail Market, By Country

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Adoption of Smartphones
                    5.2.1.2 Growing Need for Better Customer Services and Shopping Experience
                    5.2.1.3 Decreasing Cost of Electronics Components
                    5.2.1.4 Emerging New Technologies Creates New Revenues for Retailers
           5.2.2 Restraints
                    5.2.2.1 Data Security and Privacy Concerns With New Advanced Technologies
                    5.2.2.2 High Maintenance of Advanced Computing Systems
           5.2.3 Opportunities
                    5.2.3.1 Increasing Investment in Retail Industry
                    5.2.3.2 Directly Connect With End Users
           5.2.4 Challenges
                    5.2.4.1 Reluctance of Retailers
    5.3 Case Study
           5.3.1 Amazon Go (US): Automated Retail Store
           5.3.2 Walmart Inc.(US): Shelf Scanning Robots
           5.3.3 Galeries Lafayette (France): Intelligent Systems (Artificial Intelligence)
           5.3.4 Pricer Ab (Sweden): Electronic Shelf Labels (ESL)
           5.3.5 R. H. Macy & Co (US): RFID Tag
           5.3.6 Target Corporation (US): Wireless Beacons
           5.3.7 Argo Ltd (UK): Digital Signage

6 Smart Retail Market, By Application (Page No. - 44)
    6.1 Introduction
    6.2 Visual Marketing
           6.2.1 Digital Signage
    6.3 Smart Label
           6.3.1 Smart Beacon
           6.3.2 Electronic Shelf Label
    6.4 Smart Payment System
    6.5 Intelligent System
           6.5.1 Intelligent Vending Machine
           6.5.2 Augmented Reality
           6.5.3 Virtual Reality
           6.5.4 POS
           6.5.5 Interactive Kiosk
           6.5.6 Smart Cart
    6.6 Robotics
    6.7 Analytics
           6.7.1 Artificial Intelligence

7 Geographic Analysis (Page No. - 78)
    7.1 Introduction
    7.2 North America
           7.2.1 US
           7.2.2 Canada
           7.2.3 Mexico
    7.3 Europe
           7.3.1 UK
           7.3.2 Germany
           7.3.3 France
           7.3.4 Italy
           7.3.5 Spain
           7.3.6 Rest of Europe
    7.4 APAC
           7.4.1 China
           7.4.2 Japan
           7.4.3 South Korea
           7.4.4 Rest of APAC
    7.5 RoW
           7.5.1 South America
           7.5.2 Middle East & Africa

8 Competitive Landscape (Page No. - 92)
    8.1 Overview
    8.2 Ranking Analysis of Key Players By Application in Smart Retail Market
    8.3 Competitive Situations and Trends
           8.3.1 Product Launches (2015–2018)
           8.3.2 Agreements, Partnerships, Collaborations, & Contracts (2015–2018)
           8.3.3 Acquisitions (2015–2018)
           8.3.4 Expansion (2015–2017)

9 Company Profiles (Page No. - 100)
(Business Overview, Products/Services/ Solutions Offered, Recent Developments, SWOT Analysis, and MnM View)*
    9.1 Key Players
           9.1.1 Intel
           9.1.2 IBM
           9.1.3 Nvidia
           9.1.4 Samsung Electronics
           9.1.5 Microsoft
           9.1.6 Google
           9.1.7 PTC
           9.1.8 Amazon
           9.1.9 NXP Semiconductors
           9.1.10 Cisco Systems
           9.1.11 LG Display
           9.1.12 Huawei Investment & Holding
           9.1.13 Par Technology
           9.1.14 Texas Instruments
           9.1.15 Stmicroelectronics
           9.1.16 Honeywell
           9.1.17 Bosch Group
           9.1.18 Softbank Robotics Holdings
           9.1.19 Broadcom Limited
           9.1.20 Ingenico
           9.1.21 Verifone
           9.1.22 First Data
           9.1.23 PAX Global Technology
           9.1.24 NCR
           9.1.25 Evry
           9.1.26 Kontakt.Io
           9.1.27 Aruba (A Hewlett Packard Enterprise Company)
    9.2 Other Companies
           9.2.1 Analog Devices
           9.2.2 Infineon Technologies
           9.2.3 Invensense
           9.2.4 Wincor Nixdorf
           9.2.5 Pricer Ab
           9.2.6 Probiz Technologies
           9.2.7 Ses-Imagotag
           9.2.8 E Ink Holdings Inc.
           9.2.9 Bossa Nova Robotics
           9.2.10 Fellow Inc.
           9.2.11 Five Elements Robotics
           9.2.12 Xi'an Chaohi Network Technology Co., Ltd
           9.2.13 Focal Systems Inc.
           9.2.14 Smartcart
           9.2.15 Intellivision
           9.2.16 Memomi Labs Inc.
           9.2.17 Estimote, Inc.

*Details on Business Overview, Products/Services/ Solutions Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

10 Appendix (Page No. - 191)
     10.1 Insights From Industry Experts
     10.2 Discussion Guide
     10.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     10.4 Available Customization
     10.5 Related Reports
     10.6 Author Details


List of Tables (71 Tables)

Table 1 Smart Retail Market, By Application, 2015–2023 (USD Million)
Table 2 Smart Retail Market for Digital Signage, By Offering, 2015–2023 (USD Million)
Table 3 Smart Retail Market for Digital Signage, By Hardware, 2015–2023 (USD Million)
Table 4 Smart Retail Market for Digital Signage, By Display, 2015–2023 (USD Million)
Table 5 Smart Retail Market for Digital Signage, By Display, 2015–2023 (Thousand Units)
Table 6 Smart Retail Market for Digital Signage, By Application, 2015–2023 (USD Million)
Table 7 Smart Retail Market for Digital Signage, By Region, 2015–2023 (USD Million)
Table 8 Smart Retail Market for Smart Beacon, By Type, 2015–2023 (USD Million)
Table 9 Smart Retail Market for Smart Beacon, By Offering, 2015–2023 (USD Million)
Table 10 Smart Retail Market for Smart Beacon, By Hardware, 2015–2023 (USD Million)
Table 11 Smart Retail Market for Smart Beacon, By Software, 2015–2023 (USD Million)
Table 12 Smart Retail Market for Smart Beacon, By Region, 2015–2023 (USD Million)
Table 13 Smart Retail Market for Electronic Shelf Labels, By Product, 2015–2023 (USD Million)
Table 14 Smart Retail Market for Electronic Shelf Labels, By Communication Technology, 2015–2023 (USD Million)
Table 15 Smart Retail Market for Electronic Shelf Labels, By Component, 2015–2023 (USD Million)
Table 16 Smart Retail Market for Electronic Shelf Labels, By Region, 2015–2023 (USD Million)
Table 17 Smart Retail Market for Electronic Shelf Labels, By Region, 2015–2023 (Million Units)
Table 18 Smart Retail Market, By POS Terminal, 2015–2023 (USD Million)
Table 19 Smart Retail Market, By POS Terminal, 2015–2023 (Million Units)
Table 20 Smart Retail Market for POS Terminals, By Region, 2015–2023 (USD Million)
Table 21 Smart Retail Market for Intelligent Vending Machines, By Region, 2015–2023 (USD Million)
Table 22 Smart Retail Market for Augmented Reality, By Offering, 2015–2023 (USD Million)
Table 23 Smart Retail Market for Augmented Reality, By Device Type, 2015–2023 (USD Million)
Table 24 Smart Retail Market for Augmented Reality, By Device Type, 2015–2023 (Thousand Units)
Table 25 Smart Retail Market for Augmented Reality, By Application, 2015–2023 (USD Million)
Table 26 Smart Retail Market for Augmented Reality, By Retail Type, 2015–2023 (USD Million)
Table 27 Smart Retail Market for Augmented Reality, By Region, 2015–2023 (USD Million)
Table 28 Smart Retail Market for Virtual Reality, By Device Type, 2015–2023 (USD Million)
Table 29 Smart Retail Market for Virtual Reality, By Device Type, 2015–2023 (Thousand Units)
Table 30 Smart Retail Market for Virtual Reality, By Region, 2015–2023 (USD Million)
Table 31 Smart Retail Market for POS, By System, 2015–2023 (USD Million)
Table 32 Smart Retail Market for POS, By System, 2015–2023 (Thousand Units)
Table 33 Smart Retail Market for POS, By Region, 2015–2023 (USD Million)
Table 34 Smart Retail Market for Interactive Kiosks, By Region, 2015–2023 (USD Million)
Table 35 Smart Retail Market for Self-Checkout, By Region, 2015–2023 (USD Million)
Table 36 Smart Retail Market for Smart Carts, By Region, 2015–2023 (USD Million)
Table 37 Smart Retail Market for Smart Carts, By Region, 2015–2023 (Units)
Table 38 Smart Retail Market for Robotics, By Application, 2015–2023 (USD Million)
Table 39 Robotics in Smart Retail Market, By Technology, 2015–2023 (Units)
Table 40 Smart Retail Market for Robotics, By Region, 2015–2023 (USD Million)
Table 41 Smart Retail Market for Robotics, By Offering, 2015–2023 (USD Million)
Table 42 Smart Retail Market for Artificial Intelligence, By Offering, 2015–2023 (USD Million)
Table 43 Smart Retail Market for Artificial Intelligence, By Hardware, 2015–2023 (USD Million)
Table 44 Smart Retail Market for Artificial Intelligence, By Processor, 2015–2023 (USD Million)
Table 45 Smart Retail Market for Artificial Intelligence in Hardware, By Region, 2015–2023 (USD Million)
Table 46 Smart Retail Market for Artificial Intelligence, By Software, 2015–2023 (USD Million)
Table 47 Smart Retail Market for Artificial Intelligence in Software, By Deployment Type, 2015–2023 (USD Million)
Table 48 Smart Retail Market for Artificial Intelligence, By Platform, 2015–2023 (USD Million)
Table 49 Smart Retail Market for Artificial Intelligence, By Services, 2015–2023 (USD Million)
Table 50 Smart Retail Market for Artificial Intelligence, By Technology, 2015–2023 (USD Million)
Table 51 Smart Retail Market for Artificial Intelligence in Machine Learning, By Type, 2015–2023 (USD Million)
Table 52 Smart Retail Market for Artificial Intelligence in Context-Awareness, By Process, 2015–2023 (USD Million)
Table 53 Smart Retail Market for Artificial Intelligence, By Solution, 2015–2023 (USD Million)
Table 54 Smart Retail Market for Artificial Intelligence in Shelf Monitoring, By Region, 2015–2023 (USD Million)
Table 55 Smart Retail Market for Artificial Intelligence in Customer Relationship Management, By Region, 2015–2023 (USD Million)
Table 56 Smart Retail Market for Artificial Intelligence in Visual Monitoring, By Region, 2015–2023 (USD Million)
Table 57 Smart Retail Market for Artificial Intelligence in Price Optimization, By Region, 2015–2023 (USD Million)
Table 58 Smart Retail Market for Artificial Intelligence in Location-Based Marketing, By Region, 2015–2023 (USD Million)
Table 59 Smart Retail Market for Artificial Intelligence in Self-Checkout Systems, By Region, 2015–2023 (USD Million)
Table 60 Smart Retail Market for Artificial Intelligence, By Region, 2015–2023 (USD Million)
Table 61 Smart Retail Market, By Region, 2015–2023 (USD Million)
Table 62 Smart Retail Market in North America, By Country, 2015–2023 (USD Million)
Table 63 Smart Retail Market in Europe, By Country, 2015–2023 (USD Million)
Table 64 Smart Retail Market in APAC, By Region, 2015–2023 (USD Million)
Table 65 Smart Retail Market in RoW, By Region, 2015–2023 (USD Million)
Table 66 Smart Retail Market: Ranking Analysis of Key Companies for Visual Marketing
Table 67 Smart Retail Market: Ranking Analysis of Key Companies for Smart Label
Table 68 Smart Retail Market: Ranking Analysis of Key Companies for Smart Payment System
Table 69 Smart Retail Market: Ranking Analysis of Key Companies for Intelligent System
Table 70 Smart Retail Market: Ranking Analysis of Key Companies for Robotics
Table 71 Smart Retail Market: Ranking Analysis of Key Companies for Analytics


List of Figures (53 Figures)

Figure 1 Smart Retail Market: Research Design
Figure 2 Process Flow of Market Size Estimation
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 Market Breakdown and Data Triangulation
Figure 6 Smart Retail Market for Software in Robotics to Grow at Higher CAGR During 2018–2023
Figure 7 Smart Retail Market for Head-Mounted Displays in Augmented Reality to Grow at Highest CAGR During 2018–2023
Figure 8 Smart Retail Market for Direct-View Fine-Pixel Led in Digital Signage to Grow at Highest CAGR During 2018–2023
Figure 9 Smart Retail Market for Robotics to Grow at Highest CAGR During Forecast Period
Figure 10 Smart Retail Market in Europe to Hold the Largest Share in 2018
Figure 11 Smart Retail Market in North America to Grow at Highest CAGR During 2018–2023
Figure 12 GPU to Grow at Highest CAGR During Forecast Period
Figure 13 Gesture-Tracking Devices in Virtual Reality to Grow at Highest CAGR During Forecast Period
Figure 14 Europe to Hold Largest Share of Smart Retail Market in 2018
Figure 15 Canada to Grow at Highest CAGR During Forecast Period
Figure 16 Smart Retail Market: Drivers, Restraints, Opportunities, & Challenges
Figure 17 Continuous Growth in Mobile Nfc Payments
Figure 18 Declining Price of Sensors From Past 2 Decades
Figure 19 Smart Retail Market for Robotics to Grow at Highest CAGR During Forecast Period
Figure 20 Full-Graphic E-Paper ESL to Dominate Smart Retail Market During Forecast Period
Figure 21 Smart Retail Market in APAC for Augmented Reality to Grow at Highest CAGR During Forecast Period
Figure 22 Smart Retail Market in APAC for Self-Checkout to Grow at Highest CAGR During Forecast Period
Figure 23 Smart Retail Market for GPU to Grow at Highest CAGR During Forecast Period
Figure 24 Smart Retail Market in North America to Grow at Highest CAGR From 2018 to 2023
Figure 25 Smart Retail Market in Canada to Grow at Highest CAGR From 2018 to 2023
Figure 26 North America: Snapshot of Smart Retail Market
Figure 27 Europe: Snapshot of Smart Retail Market
Figure 28 APAC: Snapshot of Smart Retail Market
Figure 29 Companies Adopted Product Launches as Key Growth Strategy From 2015 to 2017
Figure 30 Intel: Company Snapshot
Figure 31 IBM: Company Snapshot
Figure 32 Nvidia: Company Snapshot
Figure 33 Samsung Electronics: Company Snapshot
Figure 34 Microsoft: Company Snapshot
Figure 35 Google: Company Snapshot
Figure 36 PTC: Company Snapshot
Figure 37 Amazon: Company Snapshot
Figure 38 NXP Semiconductors: Company Snapshot
Figure 39 Cisco Systems: Company Snapshot
Figure 40 LG Display: Company Snapshot
Figure 41 Huawei Investment & Holding: Company Snapshot
Figure 42 Par Technology: Company Snapshot
Figure 43 Texas Instruments: Company Snapshot
Figure 44 Stmicroelectronics: Company Snapshot
Figure 45 Honeywell: Company Snapshot
Figure 46 Bosch Group: Company Snapshot
Figure 47 Broadcom Limited: Company Snapshot
Figure 48 Ingenico: Company Snapshot
Figure 49 Verifone: Company Snapshot
Figure 50 First Data: Company Snapshot
Figure 51 PAX Global Technology: Company Snapshot
Figure 52 NCR: Company Snapshot
Figure 53 Evry: Company Snapshot

The smart retail market is projected to reach USD 38.51 billion by 2023 from USD 13.07 billion in 2018, at a CAGR of 24.12% during the forecast period. Growth in this market is mainly driven by factors such as increasing adoption of smartphones, growing need for better customer service and shopping experience, decreasing cost of electronic components, and emerging new technologies creating new revenues for retailers. The major restraint for the market is data security and privacy concern with advanced technologies.

In this report, the size of the smart retail market has been arrived based on segments such as application and region. The smart retail market, by application, is segmented into visual marketing, smart label, smart payment system, intelligent system, robotics, and analytics. The market for robotics is growing at a significant rate. A robot makes the shopping experience easier for consumers as it simplifies the process of finding the product one is looking for, as well as manages back-end and shelf-keeping inventory up-to-date for a retailer. Also, the robot uses inventory scanning and auditing software with autonomous navigation capabilities and uses voice recognition software.

Retailers are able to target customers through various technologies, such as Bluetooth and NFC. These technologies can be used for various purposes, such as providing information related to products, price, and location within the retail store, as well as enable self-checkouts by communicating with store’s payment systems to facilitate the payment process. These can also map shopping behavior, preferences, and drive targeted promotions. Furthermore, various smartphone-compatible technologies, e.g., beacon technology, also help retailers promote their products.

Also, the current and future expectations of consumers, in terms of retailing, can be met with the help of advanced automated machines, such as kiosk and intelligent trolley. Throughout the process of consumer product purchase, automation helps in meeting the demands of customers by providing error-free services. Unattended terminals, such as self-service kiosks, are also a smart way for retailers to be more visible in busy locations such as airports, malls, and big stores. Interactive kiosks deployed at the entrance of several sections of retail stores are extremely useful smart solutions for customers.

Smart Retail Market

The smart retail market has been segmented into North America, Europe, APAC, and RoW. The smart retail market in North America is expected to grow at the highest CAGR during the forecast period. Market growth can be attributed to customers’ need for sophisticated and efficient retail services, the need to save time, need for accuracy and high living standards. Moreover, the presence of major players in the smart retail ecosystem results in the increasing adoption of smart retail in North America.

However, data security and privacy concerns with new advanced technologies for smart retail is a major factor restraining the growth of the market. Key players in this market focus on organic strategies, such as product launches, to expand their business and related offerings. Intel (US), NVIDIA (US), IBM (US), Samsung Electronics (South Korea), Google (US), Microsoft (US), Amazon (US), Par Technology Corporation (US), SoftBank Robotics Holdings Corp. (Japan), Ingenico Group (France), Verifone Holdings, Inc. (US), First Data Corporation (US), NCR Corporation (US), and, EVRY ASA (Norway) are among the players in the smart retail market.

Drivers

Increasing adoption of smartphones

Smartphones have witnessed tremendous growth in the past decade owing to the declining cost, improved standard of living, and Internet ubiquity. The worldwide smartphone shipment reached 1.52 billion units in 2017 from 1.47 billion units shipped in 2016. The rising acceptance of smartphones has led to a variety of new smartphone applications play an integral role, with retail being among the top applications in smartphones.

Growing need for better customer services and shopping experience

Over the past few years, retailers have started acknowledging the importance of customer services and response. Customer service has evolved from addressing customers’ queries to understanding customer needs and preferences. The rising demand for high-quality retail services significantly drives the growth of the smart retail market. The emergence of advanced technologies, such as IoT, augmented and virtual reality (AR&VR), radio-frequency identification (RFID) tags, and near-field communication (NFC) devices, has raised the expectations of customers in terms of highly efficient services.

Opportunities

Increasing investment in retail industry

Investments in retail owing to the leading and innovative technologies such as AR, VR, artificial intelligence, smart beacons, and IoT have witnessed huge growth over the past few years. Companies such as Facebook, Intel, Qualcomm, Alphabet/Google Ventures, Comcast Ventures, and Samsung Group are investing heavily in these technologies. For instance, a number of research institutes are carrying out research in the AR application market for various products and applications. There are schools of applications available with respect to AR. Some research institutes are being funded by companies and some by governments. The companies such as Amazon, Ikea, Sephora, and Victoria Secret have invested heavily in AR and VR technology.

Directly connect with end users

One of the biggest hurdles of getting customers to buy online is that many shoppers prefer to hold, touch, or try on their purchase in real life. Both virtual reality (VR), and augmented reality (AR) are helping to close this gap by empowering consumers to “experience” the object without holding in their hands. While many consumers still lack access to VR or AR technology, it is clear that the technology holds tremendous potential, especially for those who are unable to reach physical stores to purchase products.

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