The smart retail market is segmented by type (hardware, software, service), application (department stores, cinema complexes, stadiums, amusement parks, airports, others). The report covers global opportunity analysis and industry forecast from 2021 to 2027.
The global smart retail market size is expected to reach USD 785 billion by 2027, from USD 142 billion in 2020, at a compound annual growth rate (CAGR) of 28% during the period 2021-2027.
The future of retail requires tenacity and overcoming commercial complexity, as well as exploring the prospect of redefining the business model and role of the store. Advances in retail technology are being driven by powerful, contactless digital customer encounters and e-commerce, as well as safer workplaces and more flexible operations and supply networks.
Major factors driving the growth of the smart retail market are:
Analytics and artificial intelligence are at the heart of the digital transformation (AI) of retail. Retailers can create highly personalized, hyper-convenient experiences that lead to increased loyalty and profitability by translating vast amounts of data into actionable insights. This trend is expected to drive the growth of the smart retail market.
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Trends influencing the growth of the smart retail market:
The need to provide personalized shopping experiences is expected to drive the growth of the smart retail market. Retail analytics helps in creating hyper-personalized experiences as well as optimizing inventory, marketing and merchandising initiatives. Retail analytics can help retailers determine which marketing and merchandising initiatives are working and which are not by revealing the buyer’s journey through the store.
Additionally, customers expect fast and seamless experiences across all touchpoints in their buying journey. This in turn is expected to drive the growth of the smart retail market. Retailers that connect customers through many digital and physical touchpoints are called omnichannel retailers. Applications and data follow customers as they move through different channels. From start to finish, the experience is consistent and on-brand. Everything from e-commerce platforms to in-store digital signage, kiosks, and point-of-sale (POS) systems are integrated into a successful omnichannel retail strategy.
Interactive kiosk solutions speed up ordering, shopping, and other self-service tasks, allowing customers to get on with their day. They also help banks, restaurants, smart cities, transit companies, healthcare, and retail businesses automate their businesses. This means faster service and more time for employees to focus on creating high-value experiences. These features are expected to drive the growth of the smart retail market.
The need to maintain accurate inventory is expected to drive the growth of the smart retail market. Retailers face a significant problem in maintaining proper inventory. Smart shelves are used in AI inventory management to quickly discover out-of-stock items and pricing issues. For more up-to-date inventories, inventory robots can notify staff of low stock or misplaced products. Additionally, computer vision-enabled payment systems can help mitigate real-time product loss. As a result, merchants can run their stores more efficiently and give their employees more time to focus on improving the customer experience.
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Smart Retail Market Share Analysis:
On the basis of type, software segment is expected to be the most lucrative during the forecast period. A key driver of the segment’s growth is retailers’ increasing use of analytics software to better understand the unique needs and behavior of end users to increase customer engagement and experience. of purchase. With increased retail spending comes an increased need to study changing consumer preferences and focus on customer-centric marketing. This should open many doors for analytics in smart retail.
According to region, North America is expected to hold one of the largest market shares owing to the deployment of smart retail solutions such as big data analytics, self-service kiosks and smart shelves . By contrast, Asia-Pacific is expected to experience the strongest growth.
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Main market players
– Cisco system
– NXP Semiconductors
– Technology By
– Soft Bank
– First data
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