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Smart Retail Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation
Smart Retail Global Market Report
The Business Research Company offers in-depth market insights through Smart Retail Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart retail market size has grown exponentially in recent years. It will grow from $44.09 billion in 2023 to $55.44 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to consumer demand, data analytics, mobile connectivity.
The smart retail market size is expected to see exponential growth in the next few years. It will grow to $143.36 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to 5g implementation, contactless solutions, sustainability initiatives. Major trends in the forecast period include augmented reality (ar) and virtual reality (vr), technology advancements, expanded use of internet of things (iot), localization and personalization, blockchain for supply chain transparency, multi-channel retailing.
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Market Segmentation:
The smart retail market covered in this report is segmented -
1) By System: Digital Signage Solutions, Smart Labels, Smart Payment Systems, Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, Other Systems
2) By Technology: Visual Recognition, Blockchain, Artificial Intelligence, Mobiles
3) By Application: Foot-Traffic Monitoring, Inventory Management, Loyalty Management and Payment, Predictive Equipment Maintenance, Brand Protection, Other Applications
Major Driver - Robots And Automation Drive Smart Retail Market Growth
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 programs, 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. For instance, according to a report released by the International Federation of Robotics in October 2022, 517,385 industrial robots were in use in industries worldwide, which showed an increase of 31% year-on-year. Therefore, the increasing use of robots and automation is driving the growth of the smart retail market.
Competitive Landscape:
Major companies operating in the smart retail market report are Honeywell International Inc., Huawei Technologies Co. Ltd., LG Display Co. Ltd., Intel Corporation, Samsung Electronics Co. Ltd., Verifone Inc., International Business Machines Corporation (IBM), Cisco Systems Inc., Ingenico Group S. A., Amazon. com Inc., NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, Bossa Nova Robotics Inc., Robert Bosch GmbH, Microsoft Corporation, NVIDIA Corporation, NXP Semiconductors NV, Trigo Vision Ltd., PTC Inc., Prismview LLC, NEC Display Solutions Ltd., Elo Touch Solutions Inc., E Ink Holdings Inc., Diebold Nixdorf Inc., ComQi Inc., Bluebird Inc., Advantech Co. Ltd., 3M Company
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Top Trend - Technological Advancements Drive Smart Retail Innovation
Technological advancement is a key trend gaining popularity in the smart retail market. 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.
The Table Of Content For The Market Report 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
…..
27. Smart Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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