Report Feature
The future of the smart retail market looks promising with opportunities in various applications, such as foot-traffic monitoring, inventory management, loyalty management and payment, predictive equipment maintenance, brand protection, and smart fitting rooms. The global smart retail market is expected to decline in 2020 due to the global economic recession led by the COVID-19 pandemic. However, the market will witness recovery in the year 2021, and it is expected grow with a CAGR of 23% to 25% from 2020 to 2025. The major drivers for this market are increasing demand for big data analytics, machine learning, and artificial intelligence technologies by retailers and growing usage of robots and automation to provide better customer services.
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The study includes trends and forecasts for the global smart retail market by system, application, retail offering, solution, and region as follows:
By System [$M shipment analysis for 2014 – 2025]:
- Digital Signage Solutions
- Smart Labels
- Smart Payment Systems
- Intelligent Vending Machines
- Augmented Reality Solutions
- Virtual Reality Solutions
- POS Solutions
- Smart Carts
- Robotics
- Analytics
By Application [$M shipment analysis for 2014 – 2025]:
- Foot-Traffic Monitoring
- Inventory Management
- Loyalty Management and Payment
- Predictive Equipment Maintenance
- Brand Protection
- Smart Fitting Rooms
By Retail Offering [$M shipment analysis for 2014 – 2025]:
- Apparel and Accessories
- Fast-moving Consumer Goods
- Hardlines and Leisure Goods
- Others
By Solution [$M shipment analysis for 2014 – 2025]:
- Hardware
- Software
By Region [$M shipment analysis for 2014 – 2025]:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- South Korea
- The Rest of the World
Some of the smart retail companies profiled in this report include IBM, Intel Corporation, Cisco Systems, Samsung Electronics, Amazon, Google, Nvidia, NXP Semiconductors N.V., and Microsoft.
Lucintel forecasts that robotics will remain the largest system segment over the forecast period due to the growing use of robots in supermarkets, hypermarkets, and other retail stores to make shopping convenient for customers.
Foot-traffic monitoring will remain the largest application segment during the forecast period due to growing awareness of foot- traffic monitoring among retailers.
North America will remain the largest region during the forecast period due to increasing adoption of POS solutions, automatic storage and retrieval systems, smart carts, and self-checkout systems by supermarket, hypermarkets, and other retail stores.
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Features of Smart Retail Market |
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This report answers following 11 key questions |
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Q.1 What are some of the most promising potential, high-growth opportunities for the global smart retail market by system (digital signage solutions, smart labels, smart payment systems, intelligent vending machines, augmented reality solutions, virtual reality solutions, POS solutions, smart carts, robotics, analytics), application (foot-traffic monitoring, inventory management, loyalty management and payment, predictive equipment maintenance, brand protection, and smart fitting rooms), retail offering (apparel and accessories, fast-moving consumer goods, hardlines and leisure goods, and others), solution (hardware and software), and region (North America, Europe, Asia Pacific, and the Rest of the World)? Q.2 Which segments will grow at a faster pace and why? Q.3 Which regions will grow at a faster pace and why? Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the smart retail market? Q.5 What are the business risks and threats to the smart retail market? Q.6 What are emerging trends in this smart retail market and the reasons behind them? Q.7 What are some changing demands of customers in the smart retail market? Q.8 What are the new developments in the smart retail market? Which companies are leading these developments? Q.9 Who are the major players in the smart retail market? What strategic initiatives are being implemented by key players for business growth? Q.10 What are some of the competitive products and processes in the smart retail market, and how big of a threat do they pose for loss of market share via material or product substitution? Q.11 What M&A activities did take place in the last five years in the smart retail market? |
Table of Contents
1. Executive Summary
6.2 Emerging Trends in the Global Smart Retail Market
6.1.1 Growth Opportunities for the Global Smart Retail Market by System
6.1.2 Growth Opportunities for the Global Smart Retail Market by Application
6.1.3 Growth Opportunities for the Global Smart Retail Market by Retail Offering
6.1.4 Growth Opportunities for the Global Smart Retail Market by Solution
6.1.5 Growth Opportunities for the Global Smart Retail Market by Region
Methodology
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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