The global smart retail market is estimated to grow at a significant rate owing to the growth n integration of technologies such as augmented and virtual reality, IoT, and artificial intelligence. These technologies enhance store operation, improve shopping experience of consumers, and accelerate inventory management. The development of these technologies enable retailers to face competition with online retailers, hence leading to retain the lost market share and customers.
The report offers a comprehensive overview of the smart retail market, competitive vendor landscape, and growth drivers influencing the global market. It also highlights some of the challenges that the global market could face during the forecast period. The report offers valuable information on the key players which includes company overview, recent updates, innovation and research and development activities conducted by companies for product improvement. This data was further used to estimate the market size through information taken from reliable sources such as white papers, trade journals, news updates, and industry associations. The information in this report provides valuable information on the prominent players including company introduction, new launches, and research and development initiatives for product development.
Global Smart Retail Market: Key Drivers and Restraints
The global smart retail market is influenced by various growth factors which lead to the surge in demand for this market. Predictive equipment maintenance in smart retail market is very useful as it helps in predicting the equipment’s condition and accordingly schedule next maintenance services. In addition to this, the predictive equipment maintenance tool provides equipment support in monitoring and anticipating the future maintenance issues and the power saving so as to keep the food safe. Smart retail coupled with smart transportation helps in the movement of commodities from one place to another.
Not only this, the smart retail even involves robotics and warehouse automation for streamlining the operations and reducing human error. Furthermore, with the rising adoption of IoT, smart retail industries are also planning to implement it so as to offer a connected and richer experience while shopping. With this technology, the customers before entering the store can log into the store on their smartphones to check the availability and price of the products they wish to buy. Adding to this, in the near future they can also receive notifications about the product availability. All the aforementioned factors are expected to grow the smart retail market at a thriving pace during the forecast period.
However, smart retail market also has some challenges which are likely to hamper the growth of the market globally. One of the restraints is the database of customer stored on a cloud and if there is a malfunction then there are high chances of losing this data. Nonetheless, many companies are working on to develop safe and secure systems in smart retail which is anticipated to augment the global demand for smart retail market in the near future.
Global Smart Retail Market: Regional Outlook
The global market for smart retail systems is divided into Latin America, North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Among these, Europe and North America are anticipated to lead the smart retail market as per demand. At the same time, countries in Asia Pacific region are continuously focusing on infrastructure developments which is further estimated to surge demand for this market in the forecast period.
Global Smart Retail Market: Competitive Insight
Some of the leading players operating in the smart retail market globally include Intel Corporation, Samsung Electronics, IBM, Nvidia, Google Inc., Microsoft Corp., Amazon, Huawei Investment and Holding, NXP Semiconductors, Cisco Systems, and LG Display among others.