Technology
November 18, 2020

DUBLIN–(BUSINESS WIRE)–The “Smart Retail – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

The global market for Smart Retail is projected to reach US$48.1 billion by 2025, driven by the growing role of data, digital technologies and internet platforms in improving decision making and making businesses simply smart.

These technologies include block chain, mobile/5G, Internet of Things, big data & analytics, advanced logistics with built-in RFID tags & GPS, iBeacons & smart inventory management. Smart technologies are the way forward for the retailers to capitalize on the emerging US$32.7 trillion global retail market opportunity.

Benefits of smart technologies include faster information delivery, personalization of shopping experience, socialization while shopping, better supply chain management, among others. In the U. S alone, investments in IoT in the domestic retail industry will jump to over US$13.1 billion by 2026 from the US$5.2 billion estimated in the year 2019.

Smart Retail ecosystem, comprising visual marketing technologies, smart labels, smart payment systems, and intelligent systems, strives to empower brick-and-mortar retailers to attract more number of consumers into the store, improve customer retention, and effectively compete with online retailers and focus on recapturing lost market share.

By incorporating smart retail technology, physical retailers can seamlessly attract, engage, and convert prospective visitors into shoppers. Smart retail technology enables physical retailers to display pop-ups and targeted promotional messages on in-store screens specific to preferences of shoppers and visitors, while creating awareness and enhancing in-store engagement.

Implementation of end-to-end Smart Retail solution typically aids retailers to gain from quality, output sustainability, and overall efficiency benefits. Smart retail platform will typically have its impact on supply chain adaptation, workforce skill alteration, and IT security, among others.

Smart retail leads to a decentralized, transparent and optimized sales process for retailers and the supply chain. Some of the primary tangible benefits of the concept include better quality, enhanced efficiency and sustainable output. The ability of smart retail to timely identify and address potential issues results in superior output quality in comparison to the output for traditional approaches. One of the major benefits of smart retail is self-adaptation along with its positive impact on efficiency.

Smart retail leverages real-time data for analyzing and self-correcting to support adaptation and sales while improving the output in an efficient manner. Traditional sale and retail often face various disruptions caused by a number of labor, accidental and environmental factors. On the other hand, smart retail`s self-correction and adaptability eliminate the chances of human error. In addition, the automation leads to higher level of safety and enhanced output sustainability.

These advantages are driving various retailers including leading restaurant chains and other outlets to embrace the concept of smart retail. Various supermarket chains are using smart retail for rewarding customers with discounts on the basis of their shopping habits. These chains use dedicated smart phone apps to track shopper`s purchases with their registered mobile phone numbers. Retailers present customized deals and offers on the app for attracting shoppers back to supermarkets.

In addition to improving consumer experience, smart retail is used to track shopping patterns and inventory for efficient item, display and shelf placement for individual stores. Moreover, the availability of comprehensive data related to each store allows these retail chains to boost profitability for every store.

Key Topics Covered:

1. MARKET OVERVIEW

  • An Introduction to Smart Retail
  • Smart Retail: Current Market Scenario and Outlook
  • Smart Payment Technologies Bode Significant Potential for Smart Retail Model
  • AI-Enabled Intelligent Systems Make Their Way Into Smart Retail Domain
  • Smart Labels Gain Traction in the Retail Sector
  • Visual Marketing: A Viable Tool for Smart Retailing
  • Robotics & Analytics Seek Role in Smart Retail Ecosystem
  • While Developed Regions Remain Major Revenue Contributors, Developing Regions Exhibit Fast Paced Growth
  • World Smart Retail Market (2019 & 2025): Percentage Breakdown of Revenues for Developed and Developing Regions
  • World Smart Retail Market – Geographic Regions Ranked by CAGR (Revenues) for 2018-2025: USA, China, Canada, Europe, Asia-Pacific, Japan, and Rest of World
  • COMPETITIVE LANDSCAPE
  • Leading Players in the Smart Retail Market
  • RECENT MARKET ACTIVITY
  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

  • Amazon.com, Inc. (USA)
  • Cisco Systems, Inc. (USA)
  • Google LLC (USA)
  • Honeywell International Inc. (USA)
  • IBM (USA)
  • Intel Corporation (USA)
  • Microsoft Corporation (USA)
  • NVIDIA Corporation (USA)
  • NXP Semiconductors N.V. (The Netherlands)
  • PAX Global Technology Limited (Hong Kong)
  • PTC, Inc. (USA)
  • Samsung Electronics Co., Ltd. (South Korea)
  • SoftBank Robotics Holdings Corp. (Japan)
  • Texas Instruments, Inc. (USA)

3. MARKET TRENDS & DRIVERS

  • Emergence of New Consumer and Changing Face of Retail Industry Create Fertile Environment for Smart Retail Technologies
  • A Note of New Smart Technologies & Concepts Proliferating the Retail Environment
  • Increasing Adoption of Smartphones Instigates Robust Momentum
  • Smartphone Adoption Worldwide by Region (in %): 2018 & 2025
  • Current Scenario in mCommerce Vertical Strongly Favors Smart Retail Model
  • Global Retail MCommerce Market: Sales in $ Trillion for the Years 2017, 2019, 2021 and 2023
  • Rising Trend of Improving Customer Retail Experience Broadens Addressable Market for Smart Retail Solutions
  • Widening Scope & Span of IoT in Retail Sphere Bolsters Market Prospects
  • Integration of Smart Retail with Industry 4.0 to Trigger Broad-based Opportunities
  • Rise of Connected Retail Creates Conducive Scenario
  • Growing Relevancy of Omni-Channel Commerce Augurs Well
  • World Omni-Channel Commerce Platform Market (in US$ Million) for Years 2018 through 2025
  • Lenience Towards Blockchain for Retail Enthuses Smart Retail Market
  • Improvements in Location & Voice Technologies Augur Well
  • Prevailing Socio-Economic & Demographic Trends Favor Robust Growth
  • Stable Economy
  • Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2018 through 2021
  • Urban Sprawl
  • World Urban Population in Thousands: 1950-2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Growing Affluence of Expanding Middle Class Population
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Rising Living Standards & Changing Lifestyle Trends
  • Cyber Security, Data Transparency & Privacy: Key Issues

4. GLOBAL MARKET PERSPECTIVE

For more information about this report visit https://www.researchandmarkets.com/r/6x5vgw