Global Smart Retail Market – Invention Analysis, Size, Share, Evolution, Styles & Prediction 2024

The Smart Retail Market’s segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR’s report also covers drivers and restraints in the smart retail market.

Infinium Global Research’s report covers the annual growth of the global smart retail market. It also includes chapters on the global smart retail industry trends, geographic analysis, and competitive landscape.

The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.

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Smart Retail Market: Industry Insight

Smart retail is a set of smart technologies designed to give the consumer a greater, safer, faster, and smarter experience while shopping. Smart retailing provides huge benefits to businesses and enhances the customer experience. It uses technology to allow retailers to optimize operations by responding quickly to customer needs and market trends. It also uses RFID's, sensors and consumer devices for data mining and predictive analytics.

Smart Retail Market: Drivers and Opportunities

The growing demand for improving functionality, reducing inventory damage and revenue loss primarily drives the smart retail market. The growing adoption of smart devices and technologies in retail businesses owing to the several benefits offered by it drives the growth of the smart retail market. McDonalds and Walmart have collaborated with smart retail providers to use the toll-pass system as the means for consumers to pay by voice and improve their shopping experience. The smart retail decreases the technology and implementation costs provide competitive advantages in businesses, improve ROI and sales revenue and enhanced customer satisfaction and experience. In addition, the increasing usage of smartphones in store management and increased demand for better customer service contributes to the growth of the market. Furthermore, the increasing adoption of IoT in retail sectors presents growth opportunities for the smart retail market. Moreover, the advances in voice technology and a rapid rise in contactless cards present profitable opportunities for smart retail providers looking to differentiate and grow.

Smart Retail Market: Segmentation

The smart retail market is bifurcated into solution, technology, and application. By technology, the market is segmented into NFC, ZigBee, WI-Fi, RFID, and several others. The RFID segment holds a significant share in the smart retail market. RFID tags change the way stores track inventory and deal with loss prevention. In addition, they are being widely implemented in the retail sectors for security and access control applications, which in turn contributes to the growth of the RFID segment in the smart retail market over the forecast period.

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Smart Retail Market: Regional Insights

North America dominates the global smart retail market. The rising demand for secure and cost-effective inventory management from the retail sector drives the growth of the smart retail market. In, U.S. retailers have adopted smart retailing technologies such as the Internet of things and Big Data Analytics at the retail stores to target and gain more customers. The Asia Pacific is anticipated to grow at the fastest rate during the forecast period. In the Asia Pacific, the retailing industry is undergoing transformative changes that are creating new opportunities for the smart retail market. China and Japan are the strongest growth markets in the Asia Pacific regions. The Asian retailers are adopting cloud-based store suites to empower business and increase customer experiences that in turn promotes the growth of the Asia Pacific smart retail market. In addition, the rapidly growing digital commerce favors the growth of the smart retail market in the Asia Pacific region over the forecast period.

Smart Retail Market: Competitive Analysis

The global smart retail market is highly competitive. The prominent players in the global smart retail market are LG Display Co., Cisco Systems, Inc., PTC, NXP Semiconductors, Amazon.com, Microsoft, SAMSUNG, NVIDIA Corporation, Robert Bosch GmbH, and Broadcom among others. The technology providers are increasing their product offerings to remain competitive in the market. A smart retail company, Softdel has developed unique solutions for traditional retail, from frictionless checkout to smart baskets and theft detection.

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