The global smart retail market size is expected to reach USD
58.23 billion by 2025, according to a new report by Grand View Research, Inc.,
progressing at a CAGR of 23.9% during the forecast period. In present day
retail industry, conventional bricks-and-mortar stores are facing intense
competition from rapidly expanding e-commerce sector. Therefore, traditional
retailers need to incorporate smart retail technology to bring back their
customers. The technology helps enhance digital shopping experience in physical
stores. Of late, customers demand personalized, high-quality assistance in a
store as well as end-to-end connected experience to internet environment.
Main components of a smart retail system are
integration, connectivity, and big-data analytics. This allows retailers to
provide their customers with products and services tailored to their
preferences and help in effective client communication, which further improve
customer experience and retention. The hardware segment held significant share
in the market in 2017. On the basis of application, the others segment, which
includes robotics and analytics application, is estimated to gain traction over
the forecast period and is expected to reach over USD 12.14 billion by 2025.
Growing use of big data analytics in order to
understand the need of customers, improve customer engagement, and their
shopping experience is anticipated to contribute to the growth of the market.
Surging use of advanced technology such as BLE beacons, near field
communications (NFC), and mPOS retailer can help enhance customer experience as
well as increase in-store data collection. This collected data can be further
utilized to provide customers with product and assistance in the better manner.
Browse full research report on Smart
Retail Market:
https://www.grandviewresearch.com/industry-analysis/smart-retail-market
Further key
findings from the report suggest:
- The visual marketing segment emerged as the
largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
- The software segment is anticipated to witness
the highest CAGR of 26.1% over the forecast period
- The Asia Pacific smart retail market is
expected to experience the highest CAGR during the same period. Growing
adoption of smart retail solutions such as RFID, facial recognition, and
big data analytics by retailers in China and Japan in order to provide ease
of online shopping experience within a physical store
- Key players include Intel Corporation; IBM;
Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank
Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.
Browse request sample of this report by
Grand View Research:
https://www.grandviewresearch.com/industry-analysis/smart-retail-market/request/rs1
Grand
View Research has segmented global smart retail market on the basis solution,
application, and region:
Smart Retail
Solution Outlook (Revenue, USD Million, 2015 - 2025)
- Hardware
- Software
Smart Retail
Application Outlook (Revenue, USD Million, 2015 - 2025)
- Visual Marketing
- Digital signage
- Smart Label
- Smart beacon
- Smart shelf
- Smart Payment System
- e - payment system
- Mobile Payment
application
- POS system
- Intelligent System
- Augment reality
- Virtual reality
- Smart carts
- Interactive kiosk
- Others
- Others (Robotics,
analytics)
Smart Retail
Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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