Press release
Smart Retail Market is predicted to increase at 25.3% CAGR during 2022-2029, reaching USD 142.8 billion | Size, Share & Forecast
Smart Retail Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-smart-retail-market/
The factors driving the growth of Smart Retail Market includes rise in the number of retail stores around the world, increasing awareness about foot traffic in the retail sector, rapid growth in the e-commerce sector, growing influence of social media platforms and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI) by major corporations, rising focus by companies on enhancing the customer relationships, increase in the launch of innovative products and rapid urbanization, are some of the additional factors boosting the market growth. In addition, increasing investments by major players on research and development, rising disposable incomes and growing population growth rates, are further supplementing the market growth.
However, growth of the Smart Retail Market is hindered due to high maintenance cost of advanced computing systems.
The prominent players operating in the market are NXP semiconductors, Walmart Inc., Bosch Group, Google, NVIDIA, Amazon Web Services, Samsung Electronics, CISCO Systems, Par Technology, Intel Cooperation, IBM Cooperation, Microsoft Cooperation, Verifone Holding, Inc., Broadcom Limited, Analog Devices, Honeywell International Inc.
Based on Application, the Smart Payment Systems segment is predicted to expand at a remarkable CAGR during the forecast period
Rise in the volumes of cashless transactions and growing emphasis by major companies on enhancing customer's experience, are some of the factors responsible for the segment's growth.
On the Other hand, the Visual Marketing segment is projected to capture the largest market share over the forecast period. Growing influence of social media platforms on millennials, increasing focus by retailers on providing smooth shopping experience to customers and rapid growth in the e-commerce sector, are propelling growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Presence of the leading players such as Amazon Web Services, IBM Cooperation and Microsoft Cooperation, rising demand for smart retail solutions such as big data analytics and intelligent dressing mirrors and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Market Segmentation
Segmentation By Technology
Wi-Fi
• Bluetooth
• LAN
• Zigbee
• Others
Segmentation By Application
Smart Payment Systems
• Smart Labels
• AR/VR
• Intelligent Vending Machine
• Data Analytics/ Artificial Intelligence
• Smart Cart
• Visual Marketing
• Indoor Navigation
• Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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