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Smart Retail Market Opportunities, Sales, Revenue, Gross Margin & Trends Analysis Report 2023-2023| Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics
Smart Retail Market Size
The Business Research Company's Smart Retail Global Market Report 2023 identifies The increasing use of robots and automation as the major driver for the smart retail market's growth in the forecast period. 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 are 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.
A key trend in the smart retail market includes Technological advancement. Major companies operating in the smart retail market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Amazon Inc., an American multinational e-commerce company, launched just Walk out technology for Amazon Fresh grocery store. Customers are given the option to use Just Walk Out shopping or the standard checkout lines at the store's entry gates. Customers who choose Just Walk Out shopping have three options for entering the store, they can input a credit or debit card connected to their Amazon account, scan a QR code with their Amazon app, or use Amazon One to scan their palm. Once inside, visitors can shop as they normally would. When they remove an item from the shelf, it is immediately added to their virtual cart, and when they return it, it is taken out. When finished shopping, customers who use the Just Walk Out service simply scan or re-insert their admittance method to exit.
Read More On The Global Smart Retail Market Report Here:
https://www.thebusinessresearchcompany.com/report/smart-retail-global-market-report
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.
The Business Research Company's "Global Smart Retail Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
30. Appendix
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