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The Global Ambient Commerce Market size is expected to reach $33.6 billion by 2028, rising at a market growth of 32.4% CAGR during the forecast period
With ambient commerce, also known as checkout-free retail, customers can leave stores with their desired goods in hand. Without the use of lines or cash registers, a variety of artificial intelligence (AI) technologies monitor their movements and automatically charge their accounts.
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Ambient Commerce Market Size, Share & Industry Trends Analysis Report By End-use, By Component, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06364318/?utm_source=GNW
Retailers are getting more inventive as they work to entice customers back into physical stores after the lockdown restrictions were relaxed. By implementing this method of shopping in a few of their branches, retailers like Amazon, Tesco, and Aldi are influencing the future of grocery shopping.
To give customers a multisensory purchasing experience, ambient commerce blends the internet of things (IoT), artificial intelligence (AI), augmented reality (AR), sensors, actuators, as well as other cutting-edge technology. The ease of purchasing, restocking, and cheaper store operating expenses are a few advantages of ambient commerce that can be used to explain the market’s expansion. Additionally, it offers various e-commerce information, including data on financial transactions, consumer preferences, and behavioral trends.
Due to the fact that ambient commerce enables customers to leave businesses with the merchandise they want without waiting for the checkout procedure, it is sometimes referred to as checkout-free retail. There is no need to wait in long lines because a variety of AI technologies and cameras monitor the customer’s activities and charge them for the purchased items immediately from their account or digital wallets.
COVID-19 Impact Analysis
The COVID-19 pandemic outbreak is anticipated to further stimulate the ambient commerce business. The pandemic has accelerated the adoption of online and contactless payment methods, leading many merchants to embrace cutting-edge technology like ambient computing. Retailers are implementing long-term strategies that can give their customers a sensory shopping experience while also providing the highest levels of safety and ease. Following the pandemic, consumer awareness of ambient products has increased.
Market Growth Factors
Rising demand for smart gadgets
Smart devices are distinctive electronic devices that can communicate, share, and collaborate with the user as well as other smart devices nearby. World’s population growth has increased the use of smart cities and smart spaces for cost- and energy-effectiveness, which has increased the acceptance of smart houses. In smart homes, ambient intelligence can be used for a wide range of purposes, including music playback, voice interaction, podcast streaming, playing audiobooks, giving real-time information, and more. Owing to this, the ambient commerce market would grow over the projection period.
Demand for contactless shopping is rising
Numerous of these key elements of the consumer experience such as the absence of fitting rooms, interactions with retail associates, acceptance of cash payments, and in-store product testing were put to the ultimate test during the Covid-19 pandemic and the resulting social isolation. In-store checkout automation now heavily relies on radio-frequency identification (RFID) tags. As their name implies, RFID tags are very small strips of metal that send information via radio waves about the object to which they are attached. All these factors are supporting the market growth for ambient commerce.
Market Restraining Factors
Inadequate infrastructure
Numerous retailers lack the necessary network and infrastructure components that the vast volumes of IoT data demand. Retailers need a cloud solutions, a robust network, and end-user solutions such as tablets, barcode scanners, and mPOS to digitalize their physical stores. The retailers must make a significant investment in these items. Owing to these elements, the ambient commerce market growth may decline over the projection period.
Component Outlook
Based on components, the ambient commerce market is segmented into sensors, actuators, cameras and others. In 2021, the sensors segment dominated the ambient commerce market with the maximum revenue share. Various characteristics, including light, temperature, closeness, pressure, and movement, are detected by ambient sensors. These criteria enable ambient commerce to design a setting that can provide its clients with sensory purchasing experiences.
End-use Outlook
On the basis of end-use, the ambient commerce market is divided into grocery stores, convenience stores, supermarkets, department stores and others. In 2021, the convenience stores covered a substantial revenue share in the ambient commerce market. Despite the fact that in the preceding part the idea of ambient intelligence was still developed as a vision, some of the fundamental ideas have already been incorporated into business procedures. Simple AmI technologies are already utilized in the supply chain & manufacturing process to identify and track things. Due to this, the market would expand in this segment.
Regional Outlook
Region wise, the ambient commerce market is analyzed across the North America, Europe, Asia Pacific and LAMEA. The North America region led the ambient commerce market with the largest revenue share in 2021. Some significant market participants are present in North America, including Apple Inc. and Amazon.com. Businesses in North American nations are making significant investments in cutting-edge technologies like IoT, AI, and big data. Additionally, customers have shown to be more open to new technologies than in the past, which is encouraging the region’s adoption of ambient commerce.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Amazon.com, Inc., Tesco PLC, Alibaba Group Holding Limited, Trigo Vision Ltd., Adroit Worldwide Media, Inc., Grabango Co., Zippin, Standard Cognition, Corp., and Sensei.
Strategies Deployed in Ambient Commerce Market
Jun-2022: Trigo came into a partnership with REWE Group, German diversified retail, and tourism. This partnership would be a step forward to the previous partnership under which both companies together opened the first hybrid autonomous grocery store in Europe with a checkout-free experience.
May-2022: Amazon introduced Smart Commerce. This launch would enable stores to develop their online storefronts along with in-store shopping experiences for their walk-in consumers. The latest offering includes Smart Stores, another program Apple had further introduced two years ago with an aim to help neighborhood outlets serve their walk-in consumers.
Apr-2022: Amazon launched Amazon View, an augmented virtual room. The Amazon View would enable consumers to easily swipe the items in the virtual room accurately. Further, it would help buyers who require a quick interior design check & review the aesthetics as well as the ambiance of the room.
Feb-2021: Apple entered into a partnership with Target, an American big box department store chain. This partnership focused on offering a new shopping experience both online as well as at select stores. Through this partnership, Apple would expand its footprint in select Target stores. It would bring displays for a broad range of products that include Apple Watch, iPhone, HomePod, iPad, AirPods, Apple TV, and Apple accessories.
Oct-2021: Tesco expanded its geographical footprint in London by opening its first checkout-free store. This expansion would allow consumers to shop & pay with a checkout-free experience. This latest innovation would offer a seamless checkout for consumers on the go which would enable them to save even more time.
Sep-2020: Apple launched an online store in India. By this launch, Apple aimed at offering assistance to consumers in Hindi & English while enabling users to customize a few devices such as iPads, with engravings.
Sep-2018: Alibaba partnered with several Russian firms. This partnership would form a new e-commerce platform and utilize Russia’s payment system. The partnership further focused on integrating Russia’s key customer internet & e-commerce platforms.
Jul-2018: Tesco signed an agreement with Carrefour, a French multinational retail and wholesaling corporation. This agreement would cover the strategic relations with global suppliers in regions like marketing services or data collection and the joint purchasing of own-brand products and goods not for resale.
Scope of the Study
Market Segments covered in the Report:
By End-Use
• Department Stores
• Convenience Stores
• Supermarkets
• Grocery Stores
• Others
By Component
• Sensors
• Cameras
• Actuators
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Apple, Inc.
• Amazon.com, Inc.
• Tesco PLC
• Alibaba Group Holding Limited
• Trigo Vision Ltd.
• Adroit Worldwide Media, Inc.
• Grabango Co.
• Zippin
• Standard Cognition, Corp.
• Sensei
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06364318/?utm_source=GNW
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