Major players in the smart retail market are Honeywell International Inc. , Huawei Technologies Co. Ltd. , LG Display Co. Ltd. , Intel Corporation, Samsung Electronics, Verifone Systems, IBM Corporation, Cisco Systems, Ingenico, Amazon.
New York, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Retail Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06377801/?utm_source=GNW
com Inc., NCR Corporation, PAX Global Technology Limited, Fiserv Inc., Google LLC, AWM Smart Shelf, and Bossa Nova Robotics.
The global smart retail market is expected to grow from $27.46 billion in 2021 to $34.51 billion in 2022 at a compound annual growth rate (CAGR) of 25.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The smart retail market is expected to reach $82.68 billion in 2026 at a CAGR of 24.4%.
The smart retail market includes revenues earned by entities by data management, business consulting, data analytics, internet of things ( IoT), and cloud.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Smart retail refers to the use of intelligent technologies in commerce to offer consumers a better, faster, safer, and more convenient purchase experience. It applies new technologies to digitally enhance traditional shopping for customers and businesses.
North America was the largest region in the smart retail market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the smart retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main systems in smart retail are digital signage solutions, smart labels, smart payment systems, intelligent vending machines, augmented reality solutions, virtual reality solutions, and others.Digital signage is a type of signage that uses a digital screen rather than an acrylic or polycarbonate board to show information, advertising, or any other content.
Digital signage is used for wayfinding, communications, marketing, and outdoor advertising. The different technologies include visual recognition, blockchain, artificial intelligence, and mobiles that are used in foot-traffic monitoring, inventory management, loyalty management and payment, predictive equipment maintenance, brand protection, and other applications.
The increasing use of robots and automation is expected to propel the smart retail market growth going forward.Automation refers to the employment of autonomous physical devices, computer programmes, and other technology to carry out tasks that are typically completed by humans.
Robotics is the design, development, and use of machines to carry out tasks.Robots and automation improve collaboration between the R&D, manufacturing, and marketing departments by automating processes related to the alerts and monitoring client opinions in real-time.
The use of robots and automation offer exceptional shopping convenience to customers, that increase the demand for smart retail market. For instance, according to a report released by the International Federation of Robotics in September 2020, 2.7 million industrial robots were in use in industries worldwide, which showed an increase of 12%. Therefore, the increasing use of robots and automation is driving the growth of the smart retail market.
Technological advancement is a key trend gaining popularity in the smart retail market.Major companies operating in the smart retail market are focused on developing new technological solutions to strengthen their position.
For instance, in June 2021, Amazon Inc, an American multinational e-commerce company, launched just Walk out technology for Amazon Fresh grocery store.Customers are given the option to use Just Walk Out shopping or the standard checkout lines at the store’s entry gates.
Customers who choose Just Walk Out shopping have three options for entering the store, they can input a credit or debit card connected to their Amazon account, scan a QR code with their Amazon app, or use Amazon One to scan their palm.Once inside, visitors can shop as they normally would.
When they remove an item from the shelf, it is immediately added to their virtual cart, and when they return it, it is taken out. When finished shopping, customers who use the Just Walk Out service simply scan or re-insert their admittance method to exit.
In October 2021, Instacart, a US-based online grocery platform, acquired Caper AI for an undisclosed amount.This acquisition widens the scope of Instacart’s comprehensive retailer enablement platform, and assist shops in integrating the in-store and online shopping experiences for customers, supporting their operations regardless of the method of shopping chosen by customers.
Caper AI is a US-based software technology company that provides AI-based software applications for retailers and other general merchandising store formats.
The countries covered in the smart retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The smart retail market research report is one of a series of new reports that provides smart retail market statistics, including smart retail industry global market size, regional shares, competitors with a smart retail market share, detailed smart retail market segments, market trends and opportunities, and any further data you may need to thrive in the smart retail industry. This smart retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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