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 the present day retail industry, conventional brick-and-mortar stores are facing intense competition from the rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance the 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 the internet environment.
The 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 improves customer experience and retention. The hardware segment held a 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.
The 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 retailers can help enhance the customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with products and assistance in a better manner.
Click the link below:
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.