NEW YORK, 23 November 2021 / PRNewswire / – Global Smart Retail Market Size Expected to Reach $ 127.28 billion by 2028. according to a new study by Polaris Market Research. the market is anticipated to register a CAGR of 27.4% from 2021 to 2028. Rapid advancements in smart retail solutions such as advanced sales analytics, point-of-sale including wireless mobile devices, and better customer interaction with cloud computing integration are expected drive significant market growth. The growing use of technology and the internet, the growing adoption of smartphones, and the growing need for better service offerings are other factors that are expected to increase the progress of the market during the forecast period. The growing adoption of Internet of Things (IoT) for many applications such as smart retail automation and connected retail services is fueling market growth
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Key Strengths of the Smart Retail Market
- Based on the solution, the hardware segment represents a higher revenue share and is expected to register significant growth over the forecast period. An increase in the implementation of radio frequency identification (RFID) systems, Bluetooth virtual reality (VR) beacon, and point of sale (POS) systems are the growth engine of this segment.
- In terms of application, the visual marketing segment emerge as the fastest growing segment and is expected to dominate the market during the forecast period. As the main demand for the smart retail solution, suppliers engage customers with advanced lighting, digital signage, interior displays and storefronts.
- wonderl, a leading American company has announced the industry’s first commercial switching platforms with the tooth to help retailers and businesses build intelligent retail and enterprise edge infrastructure faster. Retailers can transform physical stores into smart retail environments that serve customers with new Marvell technologies developed in collaboration with the Dent ecosystem and the Linux Foundation.
- Axiomtek, a global manufacturer of high-performance industrial computers announced a partnership with Quividi, the first audience and campaign intelligence platform for DOOH and digital signage. Retailers and brands can now test, monitor, monetize and optimize contextualized content on in-store screens.
For example, In June 2021, Qualcomm announced the company’s seven new chip designs to support new IoT devices in the retail industry. In addition, the growing number of stores in emerging markets to deliver more conviction to end users and the growing strategic development of suppliers are propelling the growth of the retail industry.
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North America is expected to occupy the leading position in the global smart retail market during the forecast period as the region is technologically advanced and rapidly adopts the latest technologies available in the industry. The market in the Asia Pacific is expected to grow significantly over the forecast period, due to the increased deployment of smart retail solutions such as front desk bots, shopping guide bots, virtual mirrors and big data analytics in major economies such as China and Japan, as well as major advances in ICT infrastructure in the region.
The changing dynamics of the retail industry are a result of incentive spending by customers, as well as economic growth and major investments from global brands. The best companies in the smart retail industry are using new product launches, partnerships and collaborations as key strategies to increase their revenue generation. To strengthen their market positions, smart retail product manufacturers and service providers are focusing on product / service innovation. Market players such as: Amazon.com, Inc., AWM SMART SHELF, Bossa Nova Robotics, Broadcom Corporation, Cisco Systems, Estimote, Inc, Fiserv, Inc., Google LLC, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Ingenico , Intel Corporation, LG Display Co., Ltd., NCR Corporation, PAR Technology Corporation, PAX Global Technology Limited, Pricer, PTC, Robert Bosch GmbH, Samsung Electronics, SoftBank Robotics, Standard Cognition, Corp., Verifone Systems, Zippin
- Supply side: Software Solution Provider
- Demand side: Retailers
- Regulatory side: Food and drug administration
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Polaris Market Research has segmented the Smart Retail Market report on the basis of Solution, Application, and Region:
Smart Retail, Outlook Solution (Revenue – USD Billion, 2016 – 2028)
Smart Retail, Outlook Application (Revenue – Billions USD, 2016 – 2028)
- Visual marketing
- Smart label
- Intelligent payment system
- Intelligent system
- Others (Robotics, analytics)
Smart Retail, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence services and in-depth business research to our clientele spread across different companies. At Polaris, we are committed to serving our diverse customer base present in the healthcare, technology, semiconductor and chemicals industries among various other industries present around the world. We strive to provide our customers with up-to-date information on innovative technologies, high growth markets, emerging business environments and the latest business-centric applications, helping them to always make informed decisions and leverage new opportunities. With a team of highly knowledgeable, experienced and extremely skilled experts including SMEs, analysts and consultants, we at Polaris strive to provide value-added business solutions to our customers.
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