Smart Retail Devices Market is anticipated to record a valuation of US$ 26,349.44 billion by 2027, a recent study by The Insight Partners

According to our latest market study on "Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others),"the market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlightskey factors driving the market growthand prominent players withtheir developments inthe market.

The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID printers across several industries are the key driving factors for the groth of the smart retail devices market. The escalating demand of omnichannel retailing is offering various advantages to the overall smart retail devices market. With the help of smart retail devices, customers can easily check in the in-store availability and pricing of products from their mobile phones before visiting the stores. These factors are supporting the growth of smart retail devices market significantly and anticipated to create huge opportunities for the market during the forecast period. The smart retail devices market is segmented on the basis of technology, application, and geography. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The predictive equipment maintenance segment is projected to dominate the market during the forecast period. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment accounted for the largest revenue share in 2019, whereas the smart payments segment is projected to register the fastest CAGR during the forecast period.

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Retail 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.

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).

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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. The COVID-19 might have its impact in the first six months of 2021 as well.

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.

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.

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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