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At 6.1% CAGR, the Global Smart Retail Devices Market is projected to be worth US$ 26,349.44 million by 2027, says The Insight Partners

07-19-2022 02:22 PM CET | IT, New Media & Software

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to The Insight Partner's research, the global Smart Retail Device Market was valued at US$ 17,043.48 million in 2019 and is estimated to reach US$ 26,3349.44 million by 2027, expanding at a CAGR of 6.1% during 2019-2027. Growing demand for smart transportation and rising use of animatronics and robotics are the factors aiding the market expansion.

Rising use of robotics and animatronics is another factor driving the market growth. Robotics is the process of constructing, designing, and operating robots, while animatronics is the procedure of operating and manufacturing lifelike robots that are used for several purposes in films and entertainment. Robots provide several services such as data collection for understanding customer behavior, enhance in-store services, improves logistics and delivery of goods and many others. Additionally, robotics is prominently adopted by retail chains that is another aspect of increasing market growth.

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The retail segment is rapidly adopting smart transportation due to the increasing demand for efficient asset tracking system while in-transit. Smart transportation monitors driver's activity, manages the route, fuel consumption analysis, and vehicle monitoring. The growing emergence of smart transportation solutions in the logistics and transportation industries have further fuelled the market with the integration of real-time sensors to collect data, send alerts to optimize delivery routes together with monitoring the performance and streamlining logistics operations. The smart transportation in retail permits users to track the trucks and also improve the routes with the help of GPS navigation. The adoption of smart devices in retail is enhancing the market growth globally. The Government of Singapore launched Smart Mobility 2020 initiative that aims to develop intelligent transport systems for the retail sector.

On the contrary, the high cost of development and maintenance of small retail devices hinders the growth of the global small retail device market.

Based on technology, the market is categorized into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment led the smart retail device market with a share of 29.0% and valued at US$ 4,940.28 million in 2019. It is projected that the market share will increase to 28.5% and will be valued at US$ 7,504.23 million by 2027. The market is estimated to grow at a CAGR of 5.8% during 2019-2027.

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According to application, the global small retail device market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. In 2019, the predictive equipment maintenance dominated the market growth with a market share of 42.1%; it is estimated to garner 40.6% market share by 2027. It amassed at US$ 7,174.48 million in 2019 and is assessed to reach US$ 10,690.99 million by 2027, witnessing a CAGR of 5.6% during 2019-2027.

Our regional analysis states that North America led the domain by capturing a share of 34.25% with a value at US$ 5,838.00 million in 2019. It is further expected to dominate the market during 2019-2027 by accounting 33.56% market, i.e., US$ 8,842.87 million by 2027. Meanwhile, Asia Pacific exhibited a rapid growth of 6.9% CAGR. The region's market value was US$ 3327.87 million in 2019 and is projected to reach US$ 5467.51 million by 2027.

Smart Retail Devices Market Analysis: Competitive Landscape and Key Developments

Key players of the global small retail device market report are Intel Corporation; Samsung Group; NVIDIA corporation; LG Electronics; Zebra Technologies Corporation; Caper Inc; Panasonic Corporation; Diebold Nixdorf, Incorporated; PAX Global Technology Limited; and SoftBank Robotics, among others.

In January 2021, Intel Corporation launched new Intel RealSense Touch Control Software (TCS) that helps in converting a touch-based kiosk into touchless systems.

In January 2020, Samsung Group introduced an innovation at NRF 2020. The company launched products such as behaviour-sensing technologies, mobile devices, and display solutions for the retail industry.

In May 2020, NVIDIA Corporation developed a new EGX Edge AI platform for commercial off-the-shelf servers.

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Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

About Us:

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 specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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