Continuous developments and implementation of new technologies, such as RFID technology, artificial intelligence, and cloud computing have had a positive impact on both, workers and shoppers in the smart retail market. Smart retail technology is designed to improve inventory control and retail management in implementing IoT-based solutions more efficiently. Smart retail offers various benefits for both, retailers and supply chains, such as enhanced efficiency, quality, and output sustainability.
The value of the global smart retail market is anticipated to witness a CAGR of nearly 11% during the forecast period of 2020 to 2030.
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Key Takeaways of Smart Retail Market Study
- The smart retail software segment is expected to witness notable growth during the forecast period, owing to increasing demand for retail management and inventory management solutions.
- East Asia is expected to create lucrative growth opportunities for players in the smart retail market, attributed to rapid growth of departmental stores and supermarkets in the region.
- Increasing demand for connected devices, including smartphones and tablets having connectivity and multimedia capabilities, propels the demand for higher smart retail technologies, and creates growth opportunities for smart retail hardware manufacturers, and software and service providers in the global market.
“Smart retail manufacturers and service providers can improve revenues by upgrading existing technologies to improve operational efficiency, reduce retail security problems, and also offer a better customer service and shopping experience,” says a PMR analyst.
Smart Retail Market: Competition Landscape
The global smart retail market is highly competitive, due to the presence of a large number of medium- and large-sized smart retail manufacturers, and software and service providers. Tier-I participants in the smart retail market are estimated to hold around 55%-60% of the market share. Product development and innovation is the key strategy of hardware manufacturers in the smart retail market, to increase their market presence and enhance end user experience.
For instance, in January 2020, the Alphabet (Google) acquired Pointy, an Irish retail start-up company that helps regular mortar and brick retailers in listing inventory online. Retailers use this software to automatically track the store inventory.
This report provides valuable insights at the company level, focusing on product innovation in the smart retail market, along with the business and marketing strategies of emerging market players. Some market players included in the report are Intel Corporation, IBM Corporation, Alphabet (Google), Microsoft Corporation, Huawei Technologies Co., Ltd., Cisco Systems, Inc., Ingenico Group, Samsung Electronics Co. Ltd., and NCR Corporation.
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Impact of COVID-19 Pandemic on Smart Retail Market
The COVID-19 pandemic outbreak has disrupted many industries, including the retail industry. The continuous spread of COVID-19 across the world has had a significant impact on consumer behavior, product demand, retail stores, factories, and logistic services. For instance, global consumer retail has witnessed a decrease in sales by 46 percent, and 55 percent fall in the number of customers per store from March 2020. The widespread shutdown of physical stores across the globe is increasing the adoption of smart retail solutions such as e-Commerce, contactless payments, network infrastructure, and IoT for stores, among others. COVID-19 and the onset of an economic slowdown may well reshape the landscape of retail deals, with a shift to shopping online and digital purchasing. The existing situation will inspire retail vendors and smart retail solution providers to improve their R&D investments in AI, acting as a core technology for enabling various initiatives.
Future Outlook of Smart Retail Market
Smart retail solutions are used in at departmental stores, supermarkets, and specialty stores, among others. Increasing usage of smart retail technology for the tracking of movements, such as in-store and out-of-store analysis, is expected to offer lucrative growth opportunities in the smart retail market. AI facial recognition and IP surveillance solutions for analyzing customer information such as gender, VIP status, emotion, age, and name, are factors driving the growth of the smart retail market.
More Valuable Insights on Smart Retail Market Report
A new market research report published by Persistence Market Research (PMR) on the global smart retail market includes global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. This report provides a valuable analysis of the global smart retail market through four different categories – component (hardware, software, and services), retailer size (small- & mid-sized retailers, and large retailers), and end user (departmental stores, supermarkets, specialty stores and others), and across six major regions.
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