Smart Retail Market:
The GMI Research forecasts that the smart retail market is witnessing an upsurge in demand during the forecast period. This is mainly due to the rising use of robots and automation to provide shopping convenience to customers and the growing adoption of machine learning, big data analytics, blockchain, and artificial intelligence technologies by retailers.
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Smart Retail Market’s leading Manufacturers:
- Intel Cooperation
- IBM Cooperation
- Microsoft Cooperation
- NVIDIA
- Amazon Web Services
- Samsung Electronics
- CISCO Systems
- Par Technology
- Verifone
Smart Retail Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global smart retail market is expected to grow at a significant rate during the forecast period due to the rising use of robots and automation to provide shopping convenience to customers and the growing adoption of machine learning, big data analytics, blockchain, and artificial intelligence technologies by retailers. According to smart retail industry overview, the increasing integration of technologies, which include virtual reality, artificial intelligence, augmented reality, and IoT to enhance store operations, improve consumer’s shopping experience, and enable accurate inventory management, are the emerging retail industry trends that are boosting the growth of the market. As per smart retail market report, these advanced retail technologies allow brick-and-mortar retailers to compete against online retailers to cater to the growth of the smart retail market, thereby attracting a large number of consumers towards the store and enhancing customer retention. According to smart retail industry analysis, there has been an upsurge in smartphone usage and ‘free’ availability of the mobile retail application, which will further bolster the market growth. For example, Verifone Holding Inc., introduced Carbon Mobile 5 in March 2018, which brings payment, commerce, and mobility all in one portable device. On the other hand, the factors hampering the growth of the smart retail market include the limited privacy of retailers and customers and the rising threat of data security.
Regional Drivers
Based on the region, the North-America region is predicted to dominate the smart retail market in the upcoming years due to the presence of smart retail solution suppliers and increased adoption of advanced ICT technology in the retail sector. On the other hand, Asia-Pacific is expected to increase at a higher CAGR during the forecast period due to the rising deployment of smart retail solutions like reception robots, shopping guide robots, big data analytics, and intelligent dressing mirrors in economies including Japan and China.
Smart Retail Market Segmentation:
Segmentation by Technology:
- Wi-Fi
- Bluetooth
- LAN
- Zigbee
- Others
Segmentation by Applications:
- Smart Payment Systems
- Smart Labels
- AR/VR
- Intelligent vending machine
- Data Analytics/ Artificial Intelligence
- Smart cart
- Visual Marketing
- Indoor Navigation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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