According to a recent report published by Allied Market Research, titled, “Smart Retail Devices Market By Technology and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, The global smart retail devices market was valued at $17.43 billion in 2019, and is projected to reach $74.68 billion by 2027, registering a CAGR of 17.2% from 2020 to 2027.
The smart retail devices market holds a substantial scope for growth in the global market. Currently, it is in its growing stage; however, its contribution to the global market is expected to witness significant growth within the next few years. High maintenance cost associated with smart retail devices is a major limitation for the market growth. However, recent innovations, which implant high efficiency and innovative features in smart devices, have enabled the technology to reach a wider audience base. Numerous players are entering the market with innovative products. Emerging development in IoT and growth of autonomous products are expected to drive the smart retail devices market growth in the future.
North America is the second largest region, in terms of revenue generation, in the market. The retail industry is well-established in North America, which has led to increased adoption of enhanced technologies. In addition, rapid growth in the sales of smart consumer electronic products supplements the market growth. Moreover, increasing adoption of big data analytics and cloud computing to enhance consumer experience in various chain stores across the world drives the global smart retail devices market share.
According to smart retail devices market trends, smart mirrors used within smart fitting rooms suggests other items based on what you’re trying on from data of what others have bought using an RFID label-scanning system. Smart mirrors have also been put into use by brands such as Burberry with an augmented reality element, allowing the shopper to virtually dress themselves without having to physically put on a thing. Incorporation of such smart technologies create lucrative opportunities in the market.
According to global smart retail devices market analysis, North America is the second largest region, in terms of revenue generation, in the market. The retail industry is well-established in North America, which has led to increased adoption of smart retail devices in the region. In addition, rapid growth in automation supplements the market growth. Moreover, widespread use of enhanced electronics and technology in the industry drives the market growth.
COVID-19 Impact Analysis
According to the global market trends, the outbreak of COVID-19 had a major impact on both customers and companies. Electronics manufacturing hubs have temporarily been shut down to limit the virus spread. This is affecting the global supply chain, which is further expected to impact the suppliers and manufacturers across the world. COVID-19 is highlighting potential risk and vulnerability of the electronics industry and semiconductor value chain model.
The key players in the market are shifting toward agile supply chain network model that has multiple pathways to prevent single points of failure. This can help them to balance costs with better assurance for business continuity and sustainability. Shifting from single country hubs to more extensive regional supply networks is expected to initiate collaborative partnerships and industry associations. Stakeholders are anticipated to invest in resources and infrastructure that can quickly enable new manufacturing and supply nodes when required.
It is expected that the demand for innovative products could surge once the economy begins to recover. Rather than simply improving products using the current state-of-the-art technology, companies are looking forward to invest in next-generation products using new technologies as it is expected to amplify its goodwill, once customer demand surges.
Key Findings of the Study
- By technology, the digital signage segment generated the highest revenue in the global smart retail devices market forecast in 2019.
- By application, the smart transportation segment generated the highest revenue in the global smart retail devices market size in 2019.
The key smart retail devices market leaders profiled in the report include IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA corporation, Samsung Electronics, Texas Instrument, Softbank Robotics and PAX global technology. These key players adopt several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their market penetration and strengthen their foothold in the industry.