Smart Retail Market

Market Leader - Smart Retail Market

The smart retail market is expected to grow from USD 13.07 billion in 2018 to USD 38.51 billion by 2023, at a CAGR of 24.12%. Major drivers for the market are the increasing adoption of smartphones, growing need for better customer service and shopping experience, decreasing cost of electronic components, and emerging new technologies create new revenues for retailers. Major restraint for the market is data security and privacy concerns with new advanced technologies. Moreover, the reluctance of retailers in adopting new technologies poses a major challenge to the smart retail market. Underlying opportunities in the smart retail market include the increase in investments in the retail industry and direct connections with end users.

Retailers are adopting various latest technologies such as artificial intelligence, augmented reality, virtual reality,  IoT solutions for enabling their retail stores to be smart across a number of applications that improve store operations, reduce theft, increase purchases through cross selling, enable precise inventory management, and most importantly enhance consumer shopping experience. The IoT enables physical retailers to compete strongly against online challengers to regain lost market share and continually attract consumers into the store, thus making it easier for them to buy more while saving money. Moreover, major tech giants and digital native companies, such Microsoft (US), Google (US), and PTC (US), invest a large amount of money in artificial intelligence, as well as in AR/VR.

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The smart retail market, by applications, has been segmented into visual marketing, smart label, smart payment system, intelligent system, robotics, and analytics. Among all, the market for robotics is expected to grow at the highest CAGR during the foracast period. Robot makes 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. Such advantages of robots help the smart retail market to grow in the near future.

Moreover, the smart retail market has been segmented into 4 main regions—North America, Europe, APAC, and RoW. Europe is expected to dominate the smart retail market during the forecast period, while the market in North America is expected to grow at the highest rate. The smart retail market in North America is driven by various factors such as customers’ need for sophisticated and efficient retail services, need to save time, need for accuracy, and high living standards.

Related 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

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Report Code
SE 6479
RI Published ON
7/24/2018
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