According to our latest market study on “Smart Retail Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others),” the market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID printers across several industries are the key driving factors for the growth of the smart retail devices market. The escalating demand of omnichannel retailing is offering various advantages to the overall smart retail devices market. With the help of smart retail devices, customers can easily check in the in-store availability and pricing of products from their mobile phones before visiting the stores.
Follow The Link to Get PDF Sample Copy @ https://www.theinsightpartners.com/sample/TIPRE00019107/
These factors are supporting the growth of the smart retail devices market significantly and anticipated to create huge opportunities for the market during the forecast period. The smart retail devices market is segmented on the basis of technology, application, and geography. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The predictive equipment maintenance segment is projected to dominate the market during the forecast period. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment accounted for the largest revenue share in 2019, whereas the smart payments segment is projected to register the fastest CAGR during the forecast period.
The retail industry is getting evolved at a rapid rate as a retail stores are transforming toward digitalization. The surging demand for contactless, cashless, and online payment solutions is anticipated to influence the smart retail devices market growth. Supporting infrastructure development of communication networks and IoT technology is boosting the smart retail devices market. Increasing use of smartphones, kiosks, and cloud platforms with supporting infrastructural growth has transformed the retail industry. The advent of 5G, AI, IoT, and other advanced technology has enhanced the growth of smart retail stores in developed as well as developing nations. The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID scanners across several retail stores are the key driving factors for the growth of the smart retail devices market.
The increasing adoption of smart payment solutions amid the COVID-19 situation is getting promoted by the growing sale of smartphones and other network-connected devices. The global smart retail devices market is segmented in terms of technology, application, and geography. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Rising Penetration of Smart Payment Devices
Change in the retail payment systems is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving the service quality. Customers always adopt services that offer greater benefits at a low cost; similarly, smart retail devices offer enhanced benefits for retailers. Smart retail devices have improvised the retail store operation and shopping experience for consumers. Also, strong communication infrastructure development offers seamless connectivity for smart IoT devices which helped market to increase its footprint in global market. Various supporting factors, such as faster Internet service, low-cost systems, and a rise in 5G, are accelerating the smart retail devices market growth.
Technology-Based Market Insights
Large chain stores, supermarkets, specialty shops, and other retail stores are transforming their store facilities with new connected technologies to meet continuously changing consumer demands. These technologies include smart devices, digital sensors, and online transacting solutions, among others, to enhance the customers’ buying experience. The implementation of smart labels enables retailers to enhance customer engagements and provide a better shopping experience. The technology helps them update product information and pricing in real-time. Further, customers can access the product information on their smartphones by merely tapping the smart labels.
Application-Based Market Insights
Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Predictive equipment maintenance is adopting the smart retail devices solution at a higher rate as maintaining machine performance for continuous operation and food safety is of utmost importance, for which smart connected retail device is a crucial element. Smart retail devices offer wider benefits, such as cost-saving, enhanced customer experience, and improved operations for retailers.
Smart Retail Devices Market – Company Profiles
- Intel Corporation
- Samsung Group
- NVIDIA CORPORATION
- LG Electronics
- Zebra Technologies Corporation
- Caper Inc.
- Panasonic Corporation
- Diebold Nixdorf, Incorporated
- PAX Global Technology Limited
- SoftBank Robotics
Order A Copy Of This Research Study @ https://www.theinsightpartners.com/buy/TIPRE00019107/
The Smart Retail Devices Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get the value of their money along with better quality data and analysis.
Our research content is majorly focused on market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis etc. We provide a detailed break-up of segmentation in terms of geography, technology, product and services etc.; which helps our clients to get deeper analysis on various research topics.
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email