The global smart retail market size is expected to reach USD 127.28 billion by 2028 according to a new study by Polaris Market Research. The report “Smart Retail Market Share, Size, Trends, Industry Analysis Report, By Solution (Hardware, Software), By Application, By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant factors that propel the market growth are the technological development in real-time data analytics coupled with the increasing adoption of automation and robotics in the retail sector fuel demand of smart retail globally. In addition, the growing penetration and product launch of AR, VR, AI, and IoT helps improve customer experiences, as business operations will further drive the retail market demand.
For instance, In June 2021, Qualcomm declared the company’s seven new chips designs for supporting new IoT devices across the retail sector. Furthermore, escalating number of stores in the emerging markets for offering more convince to the end-users and increasing strategic development by the vendors propel the retail industry growth.
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Based on application, the visual marketing segment is leading the industry across the globe. The rising influence of social media among the population and the growing focus on providing a better experience to the end-users boost the segment growth.
The continuous development of the technologies such as smart retail store technologies, AI facial recognition technology, and smart retail communication technology in the trading sector is propelling market growth. Also, digital and online platforms are providing significant opportunities for the growth of retail as they enhance better communication between the customer and retailers. It also assists retailers in organizing their value chain and processes.
For instance, in September 2019, the Ingenico Group declared the company’s collaboration with a British multinational retailer company-M&S. the partnership aims to introduce a new payment service that occupies all M&S touch-points and customer digital channels, which is essential to manage sale goals and customer experience.
Market participants such as Amazon.com, Inc., Bossa Nova Robotics, AWM SMART SHELF, Broadcom Corporation, Estimote, Inc, Fiserv, Inc., Cisco Systems, Google LLC, Huawei Technologies Co., Ltd., Honeywell International Inc., IBM Corporation, Intel Corporation, Ingenico, LG Display Co., Ltd., PAR Technology Corporation, NCR Corporation, Verifone Systems, PAX Global Technology Limited, PTC, Pricer, Robert Bosch GmbH, SoftBank Robotics, Samsung Electronics, Standard Cognition, Corp., Zippin are some of the key players operating in the global market.
Numerous manufactures are opting for different policies or marketing strategies for expanding their business operations worldwide. For instance, in January 2021, Sensormatic Solutions introduced its new retail platform for Sensormatic IQ, assisting retailers with artificial intelligence, IoT, and machine learning at scale.
Sensormatic IQ integrates data from third-party sources & retailers to transport total visibility into shopper insights and operations, impels data-driven outcomes for retailers, and creates value opportunities moves for the retailers.
Polaris Market Research has segmented the smart retail market report on the basis of solution, application, and region:
Smart Retail, Solution Outlook (Revenue – USD Billion, 2016 – 2028)
Smart Retail, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others (Robotics, analytics)
Smart Retail, Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa