The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global smart retail market is estimated to grow from USD 21.6 billion in 2020 to USD 62.5 billion by 2025; growing at a CAGR of 23.6%. The increasing adoption of robotics and automation in the retail sector is one of the key factors fueling the growth of this market.
“Robotics segment is expected to grow at highest CAGR during forecast period”
Among systems, the market for robotics is expected to grow at the highest CAGR during the forecast period. Robots simplify the process of finding suitable products for customers. Thus, the growth of this segment can be attributed to the increase in the deployment of robots in supermarkets, hypermarkets, and other retail stores to make the shopping experience easy for consumers.
“ Market for smart fitting rooms, by application, is expected to grow at highest CAGR during forecast period”
Smart fitting rooms are specially designed rooms wherein customers can try clothes without wearing them. This reduces the shopping time, as well as the displeasure of customers. Moreover, smart mirrors in these rooms also recommend different colors and patterns to customers and enhance their experience. Owing to this, the market for smart fitting rooms is expected to grow at the highest CAGR during the forecast period.
“Smart retail market for fast-moving consumer goods is expected to grow at highest CAGR during forecast period”
The smart retail market for fast-moving consumer goods is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising demand for fast-moving consumer goods from the continuously increasing global population.
“Europe held second-largest share of smart retail market in 2019”
Europe was the second-largest market for smart retail solutions in 2019. The growth of the local retail market and the increased number of consumers purchasing products from supermarkets and hypermarkets are factors driving the growth of the market in the region.
Breakdown of profiles of primary participants:
- By Company: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
- By Designation: C Level – 35%, Managers – 25%, Others – 40%
- By Region: North America – 25%, Europe – 42%, APAC – 21%, RoW – 12%
- IBM (New York, US)
- Intel Corporation (California, US)
- Cisco Systems, Inc. (California, US)
- NXP Semiconductors N.V. (Eindhoven, Netherlands)
- Microsoft (Washington, US)
- Huawei Investment & Holding Co., Ltd. (Shenzhen, China)
- NVIDIA Corporation (California, US)
- Samsung Electronics (Suwon, South Korea)
- Google Inc. (California, US)
- PTC, Inc. (Massachusetts, US)
This report offers detailed insights into the smart retail market based on system, application, retail offering, and region. Based on system, the smart retail market has been segmented into digital signage solutions, smart labels, smart payment systems, intelligent vending machines, augmented reality solutions, virtual reality solutions, pos solutions, smart carts, robotics, and analytics. Based on application, the smart retail market has been classified into foot-traffic monitoring, inventory management, loyalty management and payment, predictive equipment maintenance, brand protection, and smart fitting rooms. Based on retail offering, the market is segmented into apparel and accessories, fast-moving consumer goods, hardlines and leisure goods, and others. The market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the smart retail market comprehensively and provides the closest approximations of the overall size of the market, as well as its segments and subsegments.
- The report is expected to help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
- This report aims at helping stakeholders in obtaining an improved understanding of their competitors and gaining insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem of the market, as well as growth strategies such as product launches and developments, expansions, joint ventures, partnerships, collaborations, agreements, and acquisitions adopted by major market players.