Smart Retail Market: Size, Share, Trends, Growth Prospects, Key Opportunities And Forecast To 2032
As per the smart retail market report by The Business Research Company, the increasing use of robots and automation is expected to propel the smart retail market growth going forward. Automation refers to the employment of autonomous physical devices, computer programmes, and other technology to carry out tasks that are typically completed by humans. Robotics is the design, development, and use of machines to carry out tasks. Robots and automation improve collaboration between the R&D, manufacturing, and marketing departments by automating processes related to the alerts and monitoring client opinions in real-time. The use of robots and automation offer exceptional shopping convenience to customers, that increase the demand for smart retail market.
The global smart retail market size grew from $34.73 billion in 2022 to $43.73 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart retail market size is expected to grow to $108.37 billion in 2027 at a CAGR of 25.5%.
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Major competitors in the smart retail market include Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics, Verifone Systems, IBM Corporation, Cisco Systems, Ingenico, Amazon.com Inc., NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, and Bossa Nova Robotics
The smart retail market is segmented -
By System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
By Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
By Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the smart retail market.
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Smart retail refers to the use of intelligent technologies in commerce to offer consumers a better, faster, safer, and more convenient purchase experience. It applies new technologies to digitally enhance traditional shopping for customers and businesses.
The Table Of Content For The Smart retail market Include:
1. Executive Summary
2. Smart Retail Market Characteristics
3. Smart Retail Market Trends And Strategies
4. Smart Retail Market - Macro Economic Scenario
5. Smart Retail Market Size And Growth
26. Africa Smart Retail Market
27. Smart Retail Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Retail Market
29. Smart Retail Market Future Outlook and Potential Analysis
The "Global Smart retail market Report 2023" from The Business Research Company is a comprehensive report that covers every facet of a market covering over 60 geographies and over 2500 market segments. The regional and country breakdowns section analyzes the market in each geography and the market size by region and country. Furthermore, it assesses the market's historical and projected growth and identifies significant trends and strategies that companies can leverage for business expansion.
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