Press release
Smart Retail Devices Market CAGR, Key Players, Applications, Products and Regions Till 2027
The smart retail devices market was valued at US$ 17,043.48 billion in 2019 and is projected to reach US$ 26,349.44 billion by 2027. The smart retail devices market is expected to grow at a CAGR of 6.1% during 2020–2027.etail industry is getting evolved at a rapid rate as retail store are transforming toward digitalization. The surging demand for contactless, cashless, and online payment solutions is anticipated to influence the smart retail devices market growth. Supporting infrastructure development of communication network and IoT technology is boosting the smart retail devices market. Increasing use of smartphones, kiosks, and cloud platforms with supporting infrastructural growth have transformed the retail industry. Advent of 5G, AI, IoT, and other advanced technology has enhanced the growth of smart retail stores in developed as well as developing nations. The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID scanners across several retail stores are the key driving factors for the growth of the smart retail devices market.
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Increasing adoption of smart payment solution amid COVID-19 situation is getting promoted by the growing sale of smartphones and other network connected devices. The global smart retail devices market is segmented in terms of technology, application, and geography. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Smart Retail Devices Market
The COVID-19 pandemic has hampered the economic growth of almost every country. The retail and transportation & logistics industries have witnessed a decline in their operations due to the temporary shutdown of activities. The smart retail device market players also experienced a slowdown in the volumes because the retail facilities were operating with a limited workforce. Additionally, temporary closure has also resulted in reduced procurement of smart retail device among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well. On other hand, post lockdown, the market is emerged with a new growth model as retail business shifted toward contactless payments, kiosk for interaction, smart kart adoption, and other models. Large retail giants have evolved with smart retail devices with supporting software and apps for retail operators. For instance, Lowe’s company introduced a new app for their smart mobile devices, which helps store associates to monitor foot traffic and limit entrance. Integrated with smartphones, this new app helps retailers maintain social distancing in-stores, thereby meeting the regulatory guidelines, such as those imposed by the Centers for Disease Control and Prevention (CDC) in the US.
Smart Retail Devices Market Insights
Rising Penetration of Smart Payment Devices
Change in retail payment system is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving the service quality. Customers always adopt services that offer greater benefits at low cost; similarly, smart retail devices offer enhanced benefits for retailers. Smart retail devices have improvised the retail store operation and shopping experience for consumers. Also, strong communication infrastructure development offers seamless connectivity for smart IoT devices which helped market to increase its footprint in global market. Various supporting factors, such as faster Internet service, low-cost systems, and rise in 5G, are accelerating the smart retail devices market growth.
Technology-Based Market Insights
Large chain stores, supermarkets, specialty shops, and other retail stores are transforming their store facilities with new connected technologies to meet continuously changing consumer demands. These technologies include smart devices, digital sensors, and online transacting solutions, among others, to enhance the customers' buying experience. The implementation of smart labels enables retailers to enhance customer engagements and provide better shopping experience. The technology helps them update product information and pricing in real time. Further, customers can access the product information on their smartphones by merely tapping the smart labels.
Application-Based Market Insights
Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Predictive equipment maintenance is adopting the smart retail devices solution at higher rate as maintaining machine performance for continuous operation and food safety is utmost importance, for which smart connected retail device is a crucial element. Smart retail devices offer wider benefits, such as cost saving, enhanced customer experience, and improved operations for retailers.
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Strategic Insights
Players operating in the smart retail devices market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the smart retail devices market. A few developments by key players of the smart retail devices market are:
In January 2021, The Intel Corporation introduced new advancements such as touchless interaction in a digital kiosk. New software developed by the company is converting a touch-based kiosk into touchless systems.
In January 2020, Samsung introduced new products such as mobile devices, behavior-sensing technologies, and display solutions for the retail industry. The new solutions are developed to enhance the in-store experience.
Smart Retail Devices Market – Technology
Digital Signage
Smart Labels
Smart Payments
Smart Carts
Others
Smart Retail Devices Market – by Application
Predictive Equipment Maintenance
Inventory Management
Smart Fitting Room
Foot Traffic Monitoring
Others
Smart Retail Devices Market – by Geography
North America
US
Canada
Mexico
Europe
UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific (APAC)
China
Japan
India
Australia
South Korea
Rest of APAC
Middle East & Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM
Smart Retail Devices Market – Company Profiles
Intel Corporation
Samsung Group
NVIDIA CORPORATION
LG Electronics
Zebra Technologies Corporation
Caper Inc.
Panasonic Corporation
Diebold Nixdorf, Incorporated
PAX Global Technology Limited
SoftBank Robotics
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
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