Smart Retail Devices Market Outlook - 2027
The global smart retail devices market size 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. According to smart retail devices market trends, smart retail devices industry takes the assistance of internet of things (IoT) in its operation. Smart devices and IoT in retail help retailers enhance the customer experience and drive more enhanced consumer engagement which significantly alters the day-to-day store operations. Energy management, theft prevention, in-store navigation, and customer engagement are few advantages of utilizing IoT in retail industry.
Retail stores are focusing on using the emerging technologies such as cloud, mobile, RFID, beacons, and others, to provide connected retail services and better shopping experience to customers. For instance, store owners are integrating sensors in the key zones of retail stores and connecting them to cloud through a gateway that enables real-time data analysis related to products, sales, and customers from the sensors.
Identifying in-store navigation is one of the common problems in retail stores in the current time. Therefore, smart retail devices with smart technologies such as Bluetooth, Wi-Fi, magnetic positions and augmented reality, and others, assist in facilitating in-store navigation to help customers navigate through the store and find the desired product.
Predictive equipment maintenance in the smart retail devices market trends are very useful as it helps in predicting the equipment’s condition and accordingly schedule the next maintenance services. In addition to this, the predictive equipment maintenance tool provides equipment support in monitoring and anticipating the future maintenance issues and the power saving so as to keep the food safe. With the rising adoption of IoT, smart retail industries are also planning to implement it so as to offer a connected and richer experience while shopping. With this technology, the customers before entering the store can log into the store on their smartphones to check the availability and price of the products they wish to buy. Further, they can also receive notifications about the product availability. All the aforementioned factors are expected to grow the smart retail devices market at a thriving pace during the smart retail devices market forecast period.
Factors such as increasing use of robotics and automation in retail industry, rising adoption of big data analytics & IoT in retail industry and surge in purchasing power of consumers and economic growth are the major drivers significantly affecting the smart retail devices market growth. However, increased maintenance costs of advanced high-end computing systems and high risks of customer data thefts have a significant negative impact on the market growth. Furthermore, technological advancements with real-time data analysis and increase in number of smart stores are expected to offer lucrative smart retail devices market opportunity globally.
By Technology
Electronic Shelf Labels segment will dominate the market during 2020 - 2027
Segmentation
The global smart retail devices market share is segmented on the basis of technology, application, and region. Based on technology, the market is analyzed across digital signage, smart labels, smart payments, smart carts, electronic shelf labels, and others. By application, the market is classified into smart transportation, predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Region-wise, the market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Application
Foot Traffic Monitoring segment would grow at a highest CAGR of 22.0% during the forecast period
Competitive Analysis
The prominent key players profiled in the smart retail devices market analysis include IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA Corporation, Samsung Electronics, Texas Instrument, Softbank Robotics and PAX global technology. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.
By Region
Asia-Pacific region would exhibit the highest CAGR of 20.2% during 2020 - 2027
Top Impacting Factors
Factors affecting the growth of the global smart retail devices market size include increase in use of robotics and automation in retail industry, rise in adoption of big data analytics & IoT in retail industry and surge in purchasing power of consumers and economic growth. However, increased maintenance costs of advanced high-end computing systems and high risks of customer data thefts have a significant negative impact on the market growth. Furthermore, technological advancements with real-time data analysis and increase in number of smart stores are expected to offer lucrative smart retail devices market opportunity globally.
Increase in Use of Robotics and Automation in the Retail Industry
At present, market is filled with research and adoption of numerous automation techniques to increase productivity, accuracy, and eliminate human errors and for safety. Smart retail is considered to be one of the advancements in automatic system as it provides innovative solutions in the direction of retail automation for consumer experience enhancement.
Increased Maintenance Cost
Smart retail devices enable fast, reliable & precise control, effective production, and increased delivery reliability. However, it incurs high investment in maintenance, which is essential to help the technology enter new markets. The system enables flexibility to inspect multiple products on the same smart camera, which is often difficult.
Technological Advancement in Real-Time Data Analytics
In the current IT-dominant world, people are moving toward automation-based solution and services. This has led to increased focus on IoT-based devices, real-time data analytics and AI due to their innovative and advanced applications. Real-time data analytics provides a common network for successful information transfer.
COVID-19 Impact Analysis
The COVID-19 crisis is creating uncertainty in the stock market due to immense slowdown in the supply chain of various businesses, falling business confidence, and increasing panic among the customer segments. The overall impact of the pandemic is impacting the production process of several industries, including semiconductor, electronics, and others. Trade barriers are further constraining the demand and supply outlook. As the governments of different countries have already declared total lockdown and temporary shutdown of industries, the overall production process has been adversely affected.
COVID-19 is having a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily shut down to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the semiconductor market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on shareholder returns and revenue, which are expected to create financial disruptions in the smart retail devices industry.
To stimulate the local economy, several governments have already announced subsidies and incentives, which are varying by region. For instance, China declared extended state subsidies and tax breaks for consumers purchasing new electric vehicles. In addition, the U.S. has reduced fuel-efficiency standards for automakers. Retail companies are expected to track such regional variation, as it may affect the demand patterns of consumers and anticipate government evolution.
However, the COVID-19 crisis is expected to accelerate automation and the adoption of Industry 4.0 technologies. Remote manufacturing, diagnostics, and maintenance could all become permanent features. If that occurs, smart retail companies might become smart workspaces, with technologies that facilitate remote work for most of the employees. The companies are also expected to adopt and encourage a hybrid model in their manufacturing processes in which a certain number of employees work remotely and the rest remain on site. The efficiencies gained through such changes as well as their start-up costs could influence future smart retail devices revenues.
Key Benefits For Stakeholders
- This study includes the analytical depiction of the global smart retail devices market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the market.
- The global smart retail devices market trends are quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Smart Retail Devices Market Report Highlights
| Aspects | Details |
 By Technology |
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 By Application |
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 By Region |
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 Key Market Players | MICROSOFT, PAX GLOBAL TECHNOLOGIES, SOFTBANKS ROBOTICS, NVIDIA CORPORATION, TEXAS INSTRUMENTS, INTEL, IBM, NXP SEMICONDUCTOR, CISCO, SAMSUNG ELECTRONICS |
Analyst Review
The global smart retail devices market is highly competitive, owing to strong presence of the existing vendors. Smart retail devices technology vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the global market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by the key vendors.
The global smart retail devices market possesses high growth potential in the digital signage and electronic shelf label industry. The current business scenario is witnessing an increase in demand for smart wearable devices, particularly in the developing regions such as China, India, and others, due to upsurge in population and rise in demand for consumer electronics. Companies in this industry are adopting various innovative techniques, such as mergers and acquisition, to strengthen their business position in the competitive matrix.
The market growth is supplemented by proactive industrialization efforts and surge in the manufacturing output due to technological advancements. These factors have allowed the emerging markets to evolve as the largest markets during the forecast period both from the demand as well as the supply side. Public & private organizations have substantially invested in R&D activities to promote smart retail chains and industry globally.
Asia-Pacific is the major revenue contributor to the global market, followed by Europe. The market growth in Asia-Pacific and Europe is expected to significantly increase during the forecast period. The smart retail devices market provides numerous growth opportunities to the market players such as IBM, Intel, Cisco, NXP semiconductors, Microsoft, and others. These companies are engaged in the process of product innovation, collaboration, and acquisition to expand their services across various regions.
The Smart Retail Devices Market is estimated to grow at a CAGR of 17.2% from 2020 to 2027.
The Smart Retail Devices Market is projected to reach $74.68 billion by 2027.
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Increasing use of robotics and automation in retail industry, rising adoption of big data analytics & IoT in retail industry etc. drives the growth of Smart Retail Devices Market.
The key players profiled in the report include IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA corporation, Samsung Electronics, Texas Instrument, Softbank Robotics and PAX global technology, and many more.
On the basis of top growing big corporations, we select top 10 players
The Smart Retail Devices Market is segmented on the basis of technology, application, and region.
The key growth strategies of Smart Retail Devices market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Smart Payments segment will grow at a highest CAGR of 20.7% during 2020 - 2027.
Smart Transportation segment will maintain the lead throughout the forecast period.
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