Smart Retail Market Size to Reach USD 785 Bn by 2027 at CAGR 28%

By PRNewswire
January 21, 2022

The Smart Retail Market is Segmented by Type (Hardware, Software, Service), Application (Departmental Stores, Cinema Complexes, Stadiums, Amusement Parks, Airports, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.

The global Smart Retail market size is projected to reach USD 785 Billion by 2027, from USD 142 Billion in 2020, at a Compound Annual Growth Rate (CAGR)of 28% during 2021-2027.

The future of retail requires tenacity and overcoming commercial complexity, as well as exploring the prospect of redefining the business model and the role of the shop. Retail technology advancements are being driven by powerful, contactless digital customer encounters and e-commerce, as well as safer workplaces and more flexible operations and supply networks.

Major Factors Driving The Growth Of The Smart Retail Market Are:

Analytics and artificial intelligence are at the heart of retail’s digital transformation (AI). Retailers can build very tailored, hyper-convenient experiences that lead to increased loyalty and profitability by translating vast amounts of data into actionable information. This trend is expected to drive the growth of the smart retail market.

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Trends Influencing The Growth Of The Smart Retail Market:

The need to deliver personalized shopping experiences is expected to drive the growth of the smart retail market. Retail analytics aids in the creation of hyper-personalized experiences as well as the optimization of inventory, marketing, and merchandising initiatives. Retail analytics can help retailers determine which marketing and merchandising initiatives work—and which don’t—by revealing the shopper’s path across the store.

Furthermore, customers expect fast and seamless experiences across all touchpoints in their purchase journey. This in turn is expected to drive the growth of the smart retail market. Retailers who connect customers through numerous digital and physical touchpoints are known as omnichannel retailers. Applications and data follow clients as they move via different channels. From beginning to end, the experience is consistent and on-brand. Everything from e-commerce platforms to in-store digital signage, kiosks, and point-of-sale (POS) systems is integrated into a successful omnichannel retail strategy.

Interactive kiosk solutions make ordering, purchasing, and other self-service tasks go faster, allowing customers to get on with their day. They also help banks, restaurants, smart cities, transit companies, healthcare, and retail businesses automate activities. This means faster service and more time for employees to focus on creating high-value experiences. These features are expected to drive the growth of the smart retail market.

The need to maintain accurate inventory is expected to drive the growth of the smart retail market. Retailers face a significant issue in maintaining proper inventory. Smart shelves are used in AI inventory management to swiftly discover out-of-stock items and pricing problems. For more up-to-date inventories, inventory robots can warn personnel about low stock or misplaced products. In addition, computer vision-enabled checkout systems can aid in real-time product loss mitigation. As a result, merchants can run their stores more efficiently and give their employees more time to focus on improving the customer experience.

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Smart Retail Market Share Analysis:

Based on Type, the Software segment is expected to be the most lucrative during the forecast period. One of the key drivers driving the segment’s rise is retailers’ increasing usage of analytics software to better understand unique end-user needs and behavior in order to increase customer engagement and the shopping experience. With expanding retail expenditure comes a greater need to study shifting consumer preferences and place a significant emphasis on customer-centric marketing. This is expected to open up a lot of doors for analytics in smart retailing.

Based on region, North America is expected to hold one of the largest market shares due to the deployment of smart retail solutions such as big data analytics, Self Service Kiosks, and smart shelves. On the other hand, Asia-pacific is expected to witness the highest growth.

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Key Market Players