Smart Retail Market

Smart Retail Market worth $38.5 billion by 2023 growing with a CAGR of 24.1%

According to the new market research report "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", The smart retail market is expected to grow from USD 13.0 billion in 2018 to USD 38.5 billion by 2023, at a CAGR of 24.1% from 2018 to 2023. 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 is one of the major driver for the growth of market. The smart retail market is driven by the increasing number of connected devices, and these devices are connected/linked through components such as sensors, RFID tags, NFC tags, gateways, and beacons. The cost of certain RFID tags and sensors has reduced exponentially in the past decade. For instance, the average cost of sensors reduced from USD 1.50 per unit to USD 0.50 per unit in the last 10 years. The major restraint for the market is high maintenance of advanced computing systems, data security, and privacy concerns with new advanced technologies.

Browse 71 market data Tables and 53 Figures spread through 197 Pages and in-depth TOC on "Smart Retail Market - Global Forecast to 2023"

Smart Retail Market

Robots are gaining traction in the smart retail market. The use of robots in the retail industry highlights retailers’ willingness to invest in automation to remain relevant and competitive. Retail robots are relatively new and still in their early stages; however, as competition heats up, robots are expected to become more prevalent in retail stores. Amazon has been a major disruptor in the retail space. Its warehouses increasingly use robots to speed up logistics operations while maintaining efficiency.

The market for head-mounted displays is expected to grow at the highest CAGR during the forecast period.

A number of leading consumer electronics companies, such as Samsung and HTC, have launched their VR head-mounted display devices. Companies such as Google, Facebook, and Apple are also set to launch their own head-mounted displays for VR and AR applications in the near future. Both Google and Facebook recently acquired leading players in this market; Google acquired Magic Leap for USD 542 million, and Facebook acquired Oculus for USD 2 billion. Head-mounted displays are the most commonly used devices for virtual reality. Many big players are investing heavily in virtual reality, thereby increasing the growth of the market for head-mounted displays.

Europe to hold largest market share during the forecast period

Europe is expected to hold the largest share and dominate the smart retail market from 2018 to 2023. Europe, being technologically advanced, is a leader in the market. Europe is the early adopter of the latest technology. Big retailers leading the existing retail market are investing in automated programs and devices for creating efficient output. Various retailers, such as Lidl Stiftung & Co. KG (Germany), Aldi (Germany), Metro AG (Germany), Edeka Group (Germany), and REWE Group (Germany), are contributing to this growth. The smart retail market in Europe is driven by various drivers, such as the need for advanced retail, faster retail process, and sophistication in shopping. Germany, France, the UK, Spain, and Italy are the major countries contributing to the growth of the smart retail market in Europe.

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