At a CAGR of 23.6% Smart Retail Market is Expected to Reach USD 62.5 billion by 2025 Globally – Report by MarketsandMarkets™
Chicago, Nov. 07, 2022 (GLOBE NEWSWIRE) — The report “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″, 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.
“[199 Pages Report] 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%.”
Key players in the smart retail market include smart retail system manufacturing and technology providing companies.
- 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) among others
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.
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Browse in-depth TOC on “Smart Retail Market“
77 – Tables
55 – Figures
199 – Pages
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).
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This report categorizes the smart retail market based on system, application, retail offering, and region.
Smart retail Market, By System:
- Digital Signage Solutions
- Smart Labels
- Smart Payment Systems
- Intelligent Vending Machines
- Augmented Reality Solutions
- Virtual Reality Solutions
- POS Solutions
- Smart Carts
- Robotics
- Analytics
Smart retail Market, By Application:
- Foot-traffic Monitoring
- Inventory Management
- Loyalty Management and Payment
- Predictive Equipment Maintenance
- Brand Protection
- Smart Fitting Rooms
Smart retail Market, By Retail Offering:
- Apparel and Accessories
- Fast-moving Consumer Goods
- Hardlines and Leisure Goods
- Others
Robotics segment accounted for largest share of smart retail market in 2019
The robotics segment accounted for the largest share of the smart retail market in 2019. Robots simplify the process of finding suitable products for customers. Thus, an increase in the deployment of robots is observed in supermarkets, hypermarkets, and other retail stores to make the shopping experience easy for consumers. This leads to the growth of the robotics segment.
Foot-traffic monitoring segment accounted for largest share of smart retail market in 2019
The market for foot-traffic monitoring accounted for the largest share of the smart retail market in 2019. The dominance is attributed to the increase in awareness regarding foot-traffic monitoring among retailers. In-store foot-traffic monitoring is essential as it provides insights to retailers about different aspects of stores, including the effect of marketing efforts, as well as helps them plan growth strategies based on the purchase history of customers.
Market for foot-traffic monitoring segment is expected to grow at highest CAGR during forecast period
The market for the foot-traffic monitoring segment is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the continuous increase in population, which is expected to contribute to the growth of this segment of the market.
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