DUBLIN--(BUSINESS WIRE)--The "Smart Retail Market by System (Smart Payment Systems, Intelligent Vending Machines), Application (Foot-traffic Monitoring, Inventory Management), Retail Offering (Fast-moving Consumer Goods, Hardlines & Leisure Goods), & Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart retail market is estimated to grow from USD 21.6 billion in 2020 to USD 62.5 billion by 2025; growing at a CAGR of 23.6%. The increasing adoption of robotics and automation in the retail sector is one of the key factors fueling the growth of this market.
Robotics segment is expected to grow at highest CAGR during forecast period
Among systems, the market for robotics is expected to grow at the highest CAGR during the forecast period. Robots simplify the process of finding suitable products for customers. Thus, the growth of this segment can be attributed to the increase in the deployment of robots in supermarkets, hypermarkets, and other retail stores to make the shopping experience easy for consumers.
Market for smart fitting rooms, by application, is expected to grow at highest CAGR during forecast period
Smart fitting rooms are specially designed rooms wherein customers can try clothes without wearing them. This reduces the shopping time, as well as the displeasure of customers. Moreover, smart mirrors in these rooms also recommend different colors and patterns to customers and enhance their experience. Owing to this, the market for smart fitting rooms is expected to grow at the highest CAGR during the forecast period.
Smart retail market for fast-moving consumer goods is expected to grow at the highest CAGR during forecast period
The smart retail market for fast-moving consumer goods is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising demand for fast-moving consumer goods from the continuously increasing global population.
Europe held second-largest share of smart retail market in 2019
Europe was the second-largest market for smart retail solutions in 2019. The growth of the local retail market and the increased number of consumers purchasing products from supermarkets and hypermarkets are factors driving the growth of the market in the region.
- Increasing Use of Robots and Automation to Offer Shopping Convenience to Customers
- Rising Adoption of Big Data Analytics, Machine Learning, Blockchain, and Artificial Intelligence Technologies by Retailers
- Changing Customer Expectations Leading to Increased Use of Smart Technologies by Retailers
- Increased Maintenance Costs of Advanced High-End Computing Systems
- High Risks of Customer Data Thefts
- Increase in the Number of Smart Stores to Lead to a Rise in Adoption of Self-Delivery Vehicles
- Rise in Use of Technologies by Retailers to Directly Connect With End-users
- Increase in Instances of Shoplifting
Major Players Profiled
- IBM (New York, US)
- Intel Corporation (California, US)
- Cisco Systems, Inc. (California, US)
- NXP Semiconductors N.V. (Eindhoven, Netherlands)
- Microsoft (Washington, US)
- Huawei Investment & Holding Co., Ltd. (Shenzhen, China)
- NVIDIA Corporation (California, US)
- Samsung Electronics (Suwon, South Korea)
- Google Inc. (California, US)
- PTC, Inc. (Massachusetts, US)
Full List of Companies Mentioned
- Albert Heijn BV (Ahold Delhaize)
- Alibaba Group Holding Limited
- Amazon.Com, inc.
- Awm Smart Shelf
- Bossa Nova Robotics
- Broadcom inc.
- Caper inc.
- Cisco Systems inc.
- Cozy infosystems
- Diebold Nixdorf, incorporated
- E ink Holdings inc.
- Estimote, inc.
- First Data Corporation
- Five Elements Robotics
- Focal Systems inc.
- Google inc.
- Honeywell international inc.
- Huawei Investment & Holding Co., Ltd.
- Infineon Technologies AG
- Intel Corporation
- LG Display Co., Ltd.
- NCR Corporation
- Nvidia Corporation
- Nxp Semiconductors N.V.
- Par Technology Corporation
- Probiz Technologies Prvt Ltd.
- Ptc inc.
- Right to Win
- Robert Bosch Gmbh
- Samsung Electronics
- Softbank Robotics Group Corp.
- Standard Cognition
- Stmicroelectronics N.V.
- Texas instruments inc.
- Verifone, inc.
- Walmart inc.
For more information about this report visit https://www.researchandmarkets.com/r/84hzmw