Market Overview

The Global Smart Retail Market is Forecast to Grow at 24.12% CAGR to Reach $38.51 Billion by 2023

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The Global Smart Retail Market is Forecast to Grow at 24.12% CAGR to Reach $38.51 Billion by 2023

PR Newswire

DUBLIN, Aug. 3, 2018 /PRNewswire/ --

The "Smart Retail Market by Application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System (Intelligent Vending Machine, Smart Cart, AR/VR, Interactive Kiosk), Robotics, Analytics), and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

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The smart retail market is projected to reach USD 38.51 billion by 2023 from USD 13.07 billion in 2018, at a CAGR of 24.12% during the forecast period.

Growth in this market is mainly driven by factors such as increasing adoption of smartphones, growing need for better customer service and shopping experience, decreasing cost of electronic components, and emerging new technologies creating new revenues for retailers. The major restraint for the market is data security and privacy concern with advanced technologies.

However, data security and privacy concerns with new advanced technologies for smart retail is a major factor restraining the growth of the market.

In this report, the size of the smart retail market has been arrived based on segments such as application and region.

The smart retail market, by application, is segmented into visual marketing, smart label, smart payment system, intelligent system, robotics, and analytics. The market for robotics is growing at a significant rate. A robot makes the shopping experience easier for consumers as it simplifies the process of finding the product one is looking for, as well as manages back-end and shelf-keeping inventory up-to-date for a retailer. Also, the robot uses inventory scanning and auditing software with autonomous navigation capabilities and uses voice recognition software.

Retailers are able to target customers through various technologies, such as Bluetooth and NFC. These technologies can be used for various purposes, such as providing information related to products, price, and location within the retail store, as well as enable self-checkouts by communicating with store's payment systems to facilitate the payment process. These can also map shopping behavior, preferences, and drive targeted promotions. Furthermore, various smartphone-compatible technologies, e.g., beacon technology, also help retailers promote their products.

Also, the current and future expectations of consumers, in terms of retailing, can be met with the help of advanced automated machines, such as kiosk and intelligent trolley. Throughout the process of consumer product purchase, automation helps in meeting the demands of customers by providing error-free services. Unattended terminals, such as self-service kiosks, are also a smart way for retailers to be more visible in busy locations such as airports, malls, and big stores. Interactive kiosks deployed at the entrance of several sections of retail stores are extremely useful smart solutions for customers.

The smart retail market has been segmented into North America, Europe, APAC, and RoW. The smart retail market in North America is expected to grow at the highest CAGR during the forecast period. Market growth can be attributed to customers' need for sophisticated and efficient retail services, the need to save time, need for accuracy and high living standards. Moreover, the presence of major players in the smart retail ecosystem results in the increasing adoption of smart retail in North America.

Key players in this market focus on organic strategies, such as product launches, to expand their business and related offerings.

Key Topics Covered

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Smart Retail Market
4.2 Smart Retail Market, By Processor for Artificial Intelligence
4.3 Smart Retail Market for Virtual Reality, By Device Type
4.4 Smart Retail Market, By Region
4.5 Smart Retail Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Smartphones
5.2.1.2 Growing Need for Better Customer Services and Shopping Experience
5.2.1.3 Decreasing Cost of Electronics Components
5.2.1.4 Emerging New Technologies Creates New Revenues for Retailers
5.2.2 Restraints
5.2.2.1 Data Security and Privacy Concerns With New Advanced Technologies
5.2.2.2 High Maintenance of Advanced Computing Systems
5.2.3 Opportunities
5.2.3.1 Increasing Investment in Retail Industry
5.2.3.2 Directly Connect With End Users
5.2.4 Challenges
5.2.4.1 Reluctance of Retailers
5.3 Case Study
5.3.1 Amazon Go (US): Automated Retail Store
5.3.2 Walmart Inc.(US): Shelf Scanning Robots
5.3.3 Galeries Lafayette (France): Intelligent Systems (Artificial Intelligence)
5.3.4 Pricer Ab (Sweden): Electronic Shelf Labels (ESL)
5.3.5 R. H. Macy & Co (US): RFID Tag
5.3.6 Target Corporation (US): Wireless Beacons
5.3.7 Argo Ltd (UK): Digital Signage

6 Smart Retail Market, By Application
6.1 Introduction
6.2 Visual Marketing
6.2.1 Digital Signage
6.3 Smart Label
6.3.1 Smart Beacon
6.3.2 Electronic Shelf Label
6.4 Smart Payment System
6.5 Intelligent System
6.5.1 Intelligent Vending Machine
6.5.2 Augmented Reality
6.5.3 Virtual Reality
6.5.4 POS
6.5.5 Interactive Kiosk
6.5.6 Smart Cart
6.6 Robotics
6.7 Analytics
6.7.1 Artificial Intelligence

7 Geographic Analysis
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 UK
7.3.2 Germany
7.3.3 France
7.3.4 Italy
7.3.5 Spain
7.3.6 Rest of Europe
7.4 APAC
7.4.1 China
7.4.2 Japan
7.4.3 South Korea
7.4.4 Rest of APAC
7.5 RoW
7.5.1 South America
7.5.2 Middle East & Africa

8 Competitive Landscape
8.1 Overview
8.2 Ranking Analysis of Key Players By Application in Smart Retail Market
8.3 Competitive Situations and Trends
8.3.1 Product Launches (2015-2018)
8.3.2 Agreements, Partnerships, Collaborations, & Contracts (2015-2018)
8.3.3 Acquisitions (2015-2018)
8.3.4 Expansion (2015-2017)

9 Company Profiles

9.1 Key Players
9.1.1 Intel
9.1.2 IBM
9.1.3 Nvidia
9.1.4 Samsung Electronics
9.1.5 Microsoft
9.1.6 Google
9.1.7 PTC
9.1.8 Amazon
9.1.9 NXP Semiconductors
9.1.10 Cisco Systems
9.1.11 LG Display
9.1.12 Huawei Investment & Holding
9.1.13 Par Technology
9.1.14 Texas Instruments
9.1.15 Stmicroelectronics
9.1.16 Honeywell
9.1.17 Bosch Group
9.1.18 Softbank Robotics Holdings
9.1.19 Broadcom Limited
9.1.20 Ingenico
9.1.21 Verifone
9.1.22 First Data
9.1.23 PAX Global Technology
9.1.24 NCR
9.1.25 Evry
9.1.26 Kontakt.Io
9.1.27 Aruba (A Hewlett Packard Enterprise Company)
9.2 Other Companies
9.2.1 Analog Devices
9.2.2 Infineon Technologies
9.2.3 Invensense
9.2.4 Wincor Nixdorf
9.2.5 Pricer Ab
9.2.6 Probiz Technologies
9.2.7 Ses-Imagotag
9.2.8 E Ink Holdings Inc.
9.2.9 Bossa Nova Robotics
9.2.10 Fellow Inc.
9.2.11 Five Elements Robotics
9.2.12 Xi'an Chaohi Network Technology Co., Ltd
9.2.13 Focal Systems Inc.
9.2.14 Smartcart
9.2.15 Intellivision
9.2.16 Memomi Labs Inc.
9.2.17 Estimote, Inc.

For more information about this report visit https://www.researchandmarkets.com/research/dv9p7v/the_global_smart?w=5

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