The global smart retail market is estimated to grow from USD 21.6 billion in 2020 to USD 62.5 billion by 2025; growing at a CAGR of 23.6%. The key factors fueling the growth of this market are the increasing use of robots and automation to offer shopping convenience to customers and changing customer expectations leading to the increased use of smart technologies by retailers.
Key players in the smart retail market include smart retail system manufacturing and technology providing companies. These companies are IBM (New York, US), Intel Corporation (California, US), Cisco Systems, Inc. (California, US), NXP Semiconductors N.V. (The Netherlands), Microsoft (Washington, US), Huawei Investment & Holding Co., Ltd (China), NVIDIA Corporation (California, US), Samsung Electronics (Suwon, South Korea), Google Inc. (California, US), PTC, Inc. (Massachusetts, US), Trigo (Israel), Standard Cognition (California, US), Caper Inc. (New York, US), Zippin (San Francisco, US), Walmart Inc. (Arkansas, US), Alibaba Group Holding Limited (Hangzhou, China), Amazon.com, Inc. (Washington, US), Albert Heijn BV (Ahold Delhaize) (Zaandam, the Netherlands), LOTTE (Seoul, South Korea), Estimote, Inc. (New York, US), AWM SMART SHELF (California, US), Smartcart (Helsinki, Finland), Cozy Infosystems Inc. (US), and Focal Systems Inc (California, US). These companies focus on adopting both organic and inorganic growth strategies, such as product launches & product developments, expansions, joint ventures, partnerships, collaborations, agreements, and acquisitions to strengthen their position in the market.
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Top Players in Smart Retail Market:
IBM held the first position in the global smart retail market in 2019. The company is a technology company, which produces and sells software and hardware products, as well as services. The company adopted organic growth strategies such as product launches and inorganic growth strategies such as agreements, collaborations, acquisitions, and partnerships to maintain its position and remain a competitive threat to other players in the market. The company has a strong product portfolio, which is used for analytics and content management. Moreover, it has a global presence, which helps it to cater to customer requirements.
Intel Corporation is the leading smart retail hardware and software solution provider in the global smart retail market. The company is a global-leading technology company focused on intelligent sensing solutions for retail, industrial, commercial, and consumer electronics applications. It adopted product launches and collaborations as a growth strategy to maintain its position in the market. Along with strong product offerings, it also has geographical footprints spread across the world. The company operates through its more than 40 subsidiaries, including Intel Asia Holding Limited (Hong Kong), Intel China Ltd. (Peoples Republic of China), Intel Kabushiki Kaisha (Japan), Intel Benelux B.V. (Netherlands), Intel Mobile Communications GmbH (Germany), Intel Electronics Ltd (Israel), Habana Labs Ltd (Poland), Wind River Systems (US), and Foundstone (US).
Smart Retail Market by System (Smart Payment Systems, Intelligent Vending Machines), Application (Foot-traffic Monitoring, Inventory Management), Retail Offering (Fast-moving Consumer Goods, Hardlines & Leisure Goods), & Geography - Global Forecast to 2025
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