Portland.OR, March 30, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart retail devices market was pegged at $17.43 billion in 2019 and is estimated to hit $74.68 billion by 2027, registering a CAGR of 17.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in use of robotics and automation in the retail industry, increasing adoption of big data analytics & IoT in the sector, and surge in purchasing power of consumers drive the growth of the global smart retail devices market. On the other hand, soaring maintenance cost of high-end devices and risks toward consumer data thefts impede the growth to some extent. However, technological advancement with real-time data analytics and rising number of smart stores are expected to pave the way for lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of covid-19 led to closure of a number of retail outlets across the world, which in turn decreased the demand for smart retail devices, impacting the global market negatively.
- On the other hand, the pandemic situation made the retail stores emphasize on using the emerging technologies such as cloud, mobile, RFID, beacons, and others to cater to the social distancing norms. This, accordingly, seems to boost the market to some extent.
The smart retail devices market report is analyzed across technology, application, and region.
Based on technology, the digital signage segment accounted for nearly one-fourth of the total market share in 2019, and is expected to rule the roost by the end of 2027. The smart payments segment, on the other hand, would register the fastest CAGR of 20.7% during 2020 to 2027.
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Based on application, the smart transportation segment contributed to more than one-fifth of the total market revenue in 2019, and is expected to lead the trail by 2027. Simultaneously, the foot traffic monitoring segment would grow at the fastest CAGR of 22.0% throughout the forecast period.
Based on region, Europe held the major share in 2019, generating around one-third of the global market. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 20.2% during the forecast period. The other two provinces studied in the report include North America and LAMEA.
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The leading market players analyzed in the global smart retail devices market report include IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA Corporation, Samsung Electronics, Texas Instrument, Softbank Robotics, and PAX global technology. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.