The retail industry is getting evolved at a rapid rate as retail stores are transforming toward digitalization. The surging demand for contactless, cashless, and online payment solutions is anticipated to influence the smart retail devices market growth. Supporting infrastructure development of communication networks and IoT technology is boosting the smart retail devices market. Increasing use of smartphones, kiosks, and cloud platforms with supporting infrastructural growth has transformed the retail industry. The advent of 5G, AI, IoT, and other advanced technology has enhanced the growth of smart retail stores in developed as well as developing nations.
Smart Retail Devices Market: Key Insights
According to our latest market study on “Smart Retail Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others),” the market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players withtheir developments in the market.
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Rising Penetration of Smart Payment Devices
Change in the retail payment system is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving service quality. Customers always adopt services that offer greater benefits at low cost; similarly, smart retail devices offer enhanced benefits for retailers. Smart retail devices have improvised the retail store operation and shopping experience for consumers. Also, strong communication infrastructure development offers seamless connectivity for smart IoT devices which helped the market to increase its footprint in the global market. Various supporting factors, such as faster Internet service, low-cost systems, and a rise in 5G, are accelerating the smart retail devices market growth.
The increasing adoption of smart payment solutions amid the COVID-19 situation is getting promoted by the growing sale of smartphones and other network-connected devices. The global smart retail devices market is segmented in terms of technology, application, and geography. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Smart Retail Devices Market: Competitive Landscape and Key Developments
- Intel Corporation
- Samsung Group
- NVIDIA CORPORATION
- LG Electronics
- Zebra Technologies Corporation
- Caper Inc.
- Panasonic Corporation
- Diebold Nixdorf, Incorporated
- PAX Global Technology Limited
- SoftBank Robotics
In January 2021, The Intel Corporation introduced new advancements such as touchless interaction in a digital kiosk. New software developed by the company is converting a touch-based kiosk into touchless systems.
In January 2020, Samsung introduced new products such as mobile devices, behavior-sensing technologies, and display solutions for the retail industry. The new solutions are developed to enhance the in-store experience.
The report segments the global Smart Retail Devices Market as follows:
Smart Retail Devices Market – by Technology
- Digital Signage
- Smart Labels
- Smart Payments
- Smart Carts
Smart Retail Devices Market – by Application
- Predictive Equipment Maintenance
- Inventory Management
- Smart Fitting Room
- Foot Traffic Monitoring
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