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Editing: 7; Published: February 2022
Executive Pool: 4539
Companies: 61 – Players covered include Amazon.com, Inc.; Cisco Systems, Inc.; Google LLC; Honeywell International Inc.; IBM; intel company; Microsoft Corporation; NVIDIA Corporation; NXP Semiconductors SA; PAX Global Technology Limited; PTC, Inc.; Samsung Electronics Co., Ltd. ; SoftBank Robotics Holdings Corp. ; Texas Instruments, Inc. and others.
Cover: All major geographies and key segments
segments: Component (Hardware, Software); Application (visual marketing, smart system, smart payment system, smart label, other applications)
Geographies: World; UNITED STATES; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.
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ABSTRACT-
Global smart retail market to reach $48.2 billion by 2025
Smart retail is a new retail concept that strives to combine conventional shopping methods with modern smart technologies. By leveraging the Internet of Things (IoT), data is collected through the communication between computers and implanted devices, which somehow allows consumers to enjoy a more personalized experience, faster and smarter. The full-fledged implementation of intelligent retail-related processes holds immense potential to change the dynamics of the retail industry. In fact, many conventional retailers and industry leaders have already recognized that Retail 4.0 (the Industry 4.0 version of the retail industry), smart retail and their key features are the reliable solution to various endemic problems. retail business operations. For example, factors such as transparency, decentralization, and optimization all play a vital role in a modern smart retail platform.
The Smart Retail ecosystem, comprising visual marketing technologies, smart labels, smart payment systems and intelligent systems, strives to enable physical retailers to attract more consumers to the store, improve loyalty customers and compete effectively with online retailers and focus on regaining lost market share. By integrating smart retail technology, physical retailers can easily attract, engage and convert potential visitors into buyers. Smart retail technology allows brick-and-mortar retailers to display pop-ups and targeted promotional messages on in-store screens specific to shopper and visitor preferences, while creating awareness and improving engagement by store. Implementing an end-to-end smart retail solution typically helps retailers realize the benefits of quality, production sustainability, and overall efficiency. The smart retail platform will typically impact supply chain adaptation, workforce skill change, and IT security, among others.
Amid COVID-19 Crisis, Global Smart Retail Market is Expected to Reach US$48.2 billion by 2025, registering a compound annual growth rate (CAGR) of 22.4% over the analysis period. Europe represents the largest regional market for Smart Retail, accounting for an estimated 34.6% share of the global total. The market should reach US$15.9 billion at the end of the analysis period. United States is expected to become the fastest growing regional market with a CAGR of 26.1% over the analysis period.
Growing investments in digital technologies by retailers around the world and increasing integration of technologies such as Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI) and IoT in retail environments at the retail to improve store operations and simplify accurate inventory management, and increase consumer shopping experience, will have a major impact on the growth and progress of the smart retail market. IoT is one such new technology that has laid a solid foundation for the continued transformation of industry operations and the rise of the Smart Retail concept. A growing number of retailers are actively investing in an IoT solution to capitalize on the potential of the retail industry. For example, Amazon rolled out Amazon Go, a smart grocery store that leverages IoT technology to provide customers with a superior shopping experience while negating the need for checkout lines or physical cashiers. IoT technology is poised to gain momentum in the retail industry with the tremendous benefits it offers, despite data security concerns. While IoT is likely to cement its role in the smart retail ecosystem, other new technologies such as AR, VR and AI are likely to proliferate more aggressively in the coming years. coming.
The increase in investment in the retail sector, the growing use of smartphones, the growing emphasis of retailers on connecting directly with customers, and the increasing focus on improving the shopping experience. Purchasing and customer services are some of the major factors likely to drive the growth of the market.
As large retailers increasingly adopt Smart Retail technology to better meet their customers’ needs and seamlessly improve their business operations, and small and medium-sized retailers follow suit, opportunities galore for the smart-retail solutions. Physical retailers proactively collect customer data and assess customer behavior to personalize shopping experience models. Simultaneously, retailers are also adopting technologies such as NFC payments, mPOS and beacons to greet customers by name and also to provide them with relevant in-store information. Incremental improvements in next-generation and next-generation computing solutions that facilitate real-time messaging, communication, and engagement in retail environments are also contributing to the incremental growth of the smart retail market.
A major challenge in enticing customers to shop online is that most of them prefer to touch or try on the item they purchased. In this scenario, smart retail solutions such as augmented reality and virtual reality help solve this problem by allowing customers to experience the product without holding it. Although several customers do not yet have access to AR or VR technology, the technology has significant potential, especially for customers who cannot visit physical stores to make purchases. Over the past few years, retailers’ focus on customer service has increased, paving the way for wider adoption of smart retailing. Customer service has evolved from answering customer questions to understanding customer preferences and needs. The growing need for sophisticated retail services is significantly fueling the smart retail market. New and next-generation retail concepts such as “Connected Retail”, “Retail Automation” and “Retail 4.0”, all of which focus on improving customer service and ultimately experiences and loyalty quotient, are poised to accelerate the adoption of Smart Retail technologies. After
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