New York, NY, Sept. 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Smart Retail Market By Technology (ZigBee, Wi-Fi, Bluetooth Smart (BLE), LPWAN, And Others) and By Application (Smart Payment System, Robotics, Analytics, Indoor Navigation, Visual Marketing, Smart Label, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2017 – 2024”. According to the report, global smart retail market was valued at approximately USD 9.83 billion in 2017 and is expected to reach approximately USD 43.76 billion by 2024 growing at a CAGR of around 23.78% between 2018 and 2024.
Retailers have been facing an increased conflict against e-commerce companies in capturing the customer attention. Most of the leading retailers today have their own websites that meet the responsive web design and also have mobile apps in order to retain their existing consumers. One of the biggest challenges is to convince shop visitors who compare retail shopping and then end up buying items on e-commerce websites. The smart retail solution is the answer to this challenge. The hardware part of smart retail solution consists of beacons, sensors, and cloud-based technologies that are managed in the backend.
Browse through 29 Tables & 30 Figures spread over 179 Pages and in-depth TOC on “Global Smart Retail Market Size & Share 2017: Industry by Trends, Applications, Technology Segments and Forecast 2024”.
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Increasing need for better customer service in order to tackle the e-commerce shopping is driving the growth of smart retail market across the globe. Consumers often talk about their shopping experience when they buy items from retail outlets, especially if it is uncommonly good or poor. With strong customer service, retailers can make use of word-of-mouth advertising which is the effective marketing tool. Decreasing cost of electronic components is further expected to spur the demand for global smart retail solutions. Furthermore, an increasing number of connected consumers will fuel the growth of smart retail market globally. Connected consumers do not want to find their shopping store online or in their neighborhood. They want a consistent store presence with consistent service every time. The smart retail system helps retailers to find these consumers. However, the high maintenance cost of advanced computer systems and infrastructure may restrain the adoption of smart retail solutions across the globe.
The smart retail market is segmented based on technology, application, and region. On the basis of technology, the market is segmented into ZigBee, Wi-Fi, Bluetooth Smart (BLE), LPWAN, and others. Applications of the smart retail solutions are smart payment system, robotics, analytics, indoor navigation, visual marketing, smart label, and others. Among applications, robotics segment is anticipated to grow significantly in the global smart retail market. A robot simplifies the process of finding the right product for the customer, and it also manages the shelf inventory and backend process for the retailer. Additionally, robots make use of inventory scanning and auditing software to analyze the retailing process.
North America is anticipated to have the largest market share in the global smart retail market. This is primarily due to the increasing adoption of omnichannel retailing across the U.S. Most of the American retailers have adopted an omnichannel retailing strategy to increase their sales. According to a market study conducted by Happiest Minds Technologies, 64% of the U.S. retailers had adopted omnichannel retailing by 2015. Total retail sales in the U.S. have reached USD 5.7 trillion with a growth rate of 6.4% in 2017. Furthermore, increased adoption of IoT in the retail sector has boosted the growth of the smart retail market in North America. Retailers in North America are investing in the IoT components from beacons to radio frequency recognition tags which help in tracking the inventory in order to customize the shopping experience, reduce cost, and generate revenue.
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Europe region experienced a moderate growth in the global smart retail market. Growing adoption of wireless technologies in the retail sector is expected to trigger the smart retail market in Europe. Wirelessly connected solutions such as vending machines, POS systems, kiosks, and RFID systems improve customers' shopping experience by automating manual processes, reduction in cost, and expanding product portfolios into new markets. Furthermore, increasing use of smart tags in grocery and other retail shopping is propelling the growth for European smart retail market.
Asia Pacific is expected to have the highest CAGR in the global smart retail market. Increasing adoption of the click-and-collect system is driving the growth of the smart retail market in the Asia Pacific region. According to a recent study, 88% of retailers have planned to implement the click-and-collect system, i.e., order online and collect from store by 2021. While using this system, retailers will identify their potential customers and offer them a customized shopping experience. Moreover, the rising popularity of smart sensors in retail stores has boosted the smart retail solutions in the Asia Pacific region. Many of the retailers have intended to adopt smart sensing technology for their inventory management in the coming years.
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Latin America is expected to witness moderate growth in the smart retail market in forecasted period. Prioritizing the consumer preferences has led the retailers in Latin America to boost their sales. For instance, Brazilian retailer Carrefour has taken advantage of consumer preference by providing an exclusive alcoholic drinks section called “Bar em Casa”, in its stores as well as on their website. Furthermore, increasing adoption of smart stores in shopping malls by retailers in the UAE is propelling smart retail market growth in the Middle East and Africa.
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Major players operating in the smart retail market are Nvidia, Samsung Electronics, Intel Corporation, IBM, Microsoft Corporation, Amazon, NXP Semiconductors, Google Inc., PTC Inc., Cisco Systems, Huawei Investment & Holding, and LG Display, among others.
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The report segments the smart retail market into:
Global Smart Retail Market: Technology Segment Analysis
- ZigBee
- Wi-Fi
- Bluetooth Smart (BLE)
- LPWAN
- Others
Global Smart Retail Market: Application Segment Analysis
- Smart Payment System
- Robotics
- Analytics
- Indoor navigation
- Visual Marketing
- Smart Label
- Others
Global Smart Retail Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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