DUBLIN--(BUSINESS WIRE)--The "Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology, and Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the global smart retail devices market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID printers across several industries are the key driving factors for the growth of the smart retail devices market. The escalating demand of omnichannel retailing is offering various advantages to the overall smart retail devices market. With the help of smart retail devices, customers can easily check in the in-store availability and pricing of products from their mobile phones before visiting the stores. These factors are supporting the growth of smart retail devices market significantly and anticipated to create huge opportunities for the market during the forecast period.
The smart retail devices market is segmented on the basis of technology, application, and geography. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The predictive equipment maintenance segment is projected to dominate the market during the forecast period. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment accounted for the largest revenue share in 2019, whereas the smart payments segment is projected to register the fastest CAGR during the forecast period.
Impact of COVID-19 Pandemic on APAC Barcode Software Market
The COVID-19 pandemic has hampered the economic growth of almost every country. The retail and transportation & logistics industries have witnessed a decline in their operations due to the temporary shutdown of activities. The smart retail device market players also experienced a slowdown in the volumes because the retail facilities were operating with a limited workforce. Additionally, temporary closure has also resulted in reduced procurement of smart retail device among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well.
On the other hand, post lockdown, the market is emerged with a new growth model as retail business shifted toward contactless payments, kiosk for interaction, smart kart adoption, and other models. Large retail giants have evolved with smart retail devices with supporting software and apps for retail operators. For instance, Lowe's company introduced a new app for their smart mobile devices, which helps store associates to monitor foot traffic and limit entrance. Integrated with smartphones, this new app helps retailers maintain social distancing in-stores, thereby meeting the regulatory guidelines, such as those imposed by the Centers for Disease Control and Prevention (CDC) in the US. The COVID-19 might have its impact in the first six months of 2021 as well.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global smart retail devices market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global smart retail devices market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Growing Demand for Smart Transportation
- Increasing Use of Animatronics and Robotics
Restraints
- High Cost of Development and Maintenance of Smart Retail Devices
Opportunities
- Mounting Demand for Smart Retail and Transportation & Logistics
Future Trends
- Blockchain Technology Leveraging Smart Payments
Companies Mentioned
- Intel Corporation
- Samsung Group
- NVIDIA CORPORATION
- LG Electronics
- Zebra Technologies Corporation
- Caper Inc.
- Panasonic Corporation
- Diebold Nixdorf, Incorporated
- PAX Global Technology Limited
- SoftBank Robotics
For more information about this report visit https://www.researchandmarkets.com/r/mkc9f3
