Grand View Research, Inc. - Market Research And Consulting. According to report published by Grand View Research, The global smart retail market size is expected to reach USD 58.23 billion by 2025. In present day retail industry, conventional bricks-and-mortar stores are facing intense competition from rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers.
The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In present day retail industry, conventional bricks-and-mortar stores are facing intense competition from rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to internet environment.
Main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improve customer experience and retention. The hardware segment held significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.
Growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailer can help enhance customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with product and assistance in the better manner.
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Further key findings from the report suggest:
The visual marketing segment emerged as the largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
The software segment is anticipated to witness the highest CAGR of 26.1% over the forecast period
The Asia Pacific smart retail market is expected to experience the highest CAGR during the same period. Growing adoption of smart retail solutions such as RFID, facial recognition, and big data analytics by retailers in China and Japan in order to provide ease of online shopping experience within a physical store
Key players include Intel Corporation; IBM; Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.
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Grand View Research has segmented global smart retail market on the basis solution, application, and region:
Smart Retail Solution Outlook (Revenue, USD Million, 2015 - 2025)
Hardware
Software
Smart Retail Application Outlook (Revenue, USD Million, 2015 - 2025)
Visual Marketing
Digital signage
Smart Label
Smart beacon
Smart shelf
Smart Payment System
e - payment system
Mobile Payment application
POS system
Intelligent System
Augment reality
Virtual reality
Smart carts
Interactive kiosk
Others
Others (Robotics, analytics)
Smart Retail Regional Outlook (Revenue, USD Million, 2015 - 2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
MEA
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/
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