A recent report published by Infinium Global Research on the smart retail market provides an in-depth analysis of segments and sub-segments in the global as well as a regional smart retail market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart retail market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart retail market. According to the report, the global smart retail market is projected to grow at a CAGR of 21.3% over the forecast period of 2018-2024.
A set of smart technologies designed to give the consumer a
faster, greater, safer, and smarter experience while shopping is known as smart
retail. Smart retailing provides several advantages to the businesses and
enhances the customer experience. It uses RFID's, sensors and consumer devices
for data mining, predictive analytics and to optimize operations by responding
quickly to customer needs and market trends.
The growing adoption of smart devices and technologies in
retail businesses owing to increasing demand for improved functionality reduced
inventory damage and revenue drives the growth of the smart retail market.
Industrial giants such as McDonalds and Walmart has also collaborated with
smart retail providers to use the toll-pass system as the means for consumers
to pay by voice and improve their shopping experience. The smart retail
decreases the implementation costs of technology to improve ROI and sales
revenue, provide competitive advantages in businesses, and enhances customer
satisfaction and experience. Furthermore, the increasing adoption of IoT and
smartphones in retail sectors for store management and increased demand for
better customer service presents growth opportunities for the smart retail
market. Moreover, the growing use of
voice-pay technology and a rapid rise in contactless cards presents profitable
opportunities for smart retail providers looking to differentiate and grow.
Geographically, North America region holds the dominant
share in the global smart retail market and is anticipated to remain dominant
over the forecast period. The increasing demand for secure and cost-effective
inventory management from the retail sector drives the growth of the smart
retail market. In North American countries such as the U.S. and Canada, retailers
have adopted smart retailing technologies such as the Internet of things and
Big Data Analytics at the retail stores to improve the revenue of business and
gain more customers. The Asia Pacific is
also anticipated to grow at the fastest rate during the forecast period. The
transformative changes in the Asia Pacific retail industries are creating new
opportunities for smart retail market players. In addition, the rapidly growing
fashion industry and e-commerce favor the growth of the smart retail market in
the Asia Pacific region over the forecast period.
The report on global smart retail market covers segments such as solution, technology, and application. On the basis of the solution, the sub-markets include software and hardware. On the basis of technology, the sub-markets include NFC, ZigBee, Wi-Fi, RFID, and others. On the basis of application, the sub-markets include foot-traffic monitoring, predictive equipment maintenance, inventory management, GPS tracking, and route optimization, smart fitting rooms, brand protection, loyalty, and others.
The report provides profiles of the companies in the market such as LG Display Co., Cisco Systems, Inc., PTC, NXP Semiconductors, Amazon.com, Microsoft, SAMSUNG, NVIDIA Corporation, Robert Bosch GmbH, and Broadcom.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart retail market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.