Summary
Smart Retail Market Growth & Trends
The global smart retail market size is expected to reach USD 134,347.9 million by 2028, registering a CAGR of 27.7% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. The growth is attributed to the Increasing adoption of latest technologies, such as Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), and Internet of Thing (IoT), to enhance in-store shopping experience, increasing investments in retail industry, and growing preference for cashless transactions. Moreover, retailers are increasingly adopting analytical solutions to ensure a competitive edge over their competitors by improving business operations and better understanding their customers. The growing adoption of analytics, which can potentially augment profitability across physical and online stores, is anticipated to drive the growth of the smart retail market over the forecast period. The potential use of robots for providing in-store customer service is also expected to contribute to the growth of the market.
The COVID-19 outbreak has significantly affected businesses such as conventional retail, travel, and manufacturing. However, it has opened new opportunities for healthcare, food delivery, e-commerce, smart retail, and online gaming. On the other hand, the supply chains are in jeopardy and product shortages are becoming evident due to the lockdowns imposed in various parts of the world. As consumers begin to lose trust, companies are finding new ways to cater to the changing customer expectations. Demand for smart retail is experiencing growth owing to lockdowns and social distancing rules by government bodies. Businesses that were earlier using offline retailing are now turning to digital operations. Though majority business sectors globally have experienced the negative effects of the pandemic; technologies such as smart retail can bring businesses back on track as it provides better safety and easy purchase for consumers.
The retail industry in North America and Europe is mature and highly competitive while Asia Pacific, Latin America, and the Middle East and Africa have been particularly decisive in driving the growth of the market. Economic growth and growing investments by retailers and international brands have changed the overall retail landscape. The rising customer spending, which accounts for more than two-thirds of the GDP, is especially encouraging for retailers. Additionally, the growing penetration rate of disruptive technologies, such as IoT, AI, VR, and AR, is also playing a niche role in reshaping the retail industry.
Smart Retail Market Report Highlights
• The hardware segment dominated the market in 2020 and is expected to reach USD 82,522.7 million by 2028
• The visual marketing segment dominated the market in 2020. The segment is expected to reach USD 35,958.2 million by 2028
• North America is projected to account for the majority market share and is expected to reach USD 43,636.2 million by 2028
• Some of the prominent participants in the industry are Amazon.com, Inc.; NCR Corporation; PAX Global Technology Limited; Ingenico; Fiserv, Inc.; Google LLC; Honeywell International Inc.; Huawei Technologies Co., Ltd.; LG Display Co., Ltd.; Intel Corporation; Samsung Electronics; Verifone Systems; and IBM Corporation
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Table of Contents
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market segmentation & scope
1.2. Information procurement
1.2.1. Purchased database
1.2.2. GVR’s internal database
1.2.3. Secondary sources & third-party perspectives
1.2.4. Primary research
1.3. Information analysis
1.4. Market formulation & data visualization
1.5. Data validation & publishing
Chapter 2. Executive Summary
Chapter 3. Smart Retail Market Variables, Trends & Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing adoption of latest technologies, such as VR, AR, AI, and IoT, to enhance in-store shopping experience
3.2.1.2. Growing preference for cashless transactions
3.2.2. Market Challenge Analysis
3.2.2.1. Rising concerns over cyberattacks
3.2.3. Market Opportunity Analysis
3.2.3.1. Increasing investments in retail industry
3.3. Industry Value Chain Analysis
3.4. Business Environment Analysis Tools
3.4.1. Industry Analysis - Porter’s
3.4.2. PEST Analysis
3.5. Smart Retail Market: Key Company Analysis, 2020
3.6. Impact of Covid-19 on Smart Retail Market
Chapter 4. Smart Retail Market: Solution Outlook
4.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (Revenue, USD Million)
4.2. Hardware
4.2.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
4.3. Software
4.3.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
Chapter 5. Smart Retail Market: Application Outlook
5.1. Market Size Estimates & Forecasts and Trend Analysis, 2018 - 2028 (Revenue, USD Million)
5.2. Visual Marketing
5.2.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
5.3. Smart Label
5.3.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
5.4. Smart Payment System
5.4.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
5.5. Intelligent System
5.5.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
5.6. Others (Robotics, Analytics)
5.6.1. Market estimates and forecasts by region, 2018 - 2028 (Revenue, USD Million)
Chapter 6. Smart Retail Market: Regional Outlook
6.1. Smart Retail Market, By Region, 2020 & 2028
6.2. North America
6.2.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.2.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.2.3. U.S.
6.2.3.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.2.3.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.2.4. Canada
6.2.4.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.2.4.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.3. Europe
6.3.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.3.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.3.3. U.K.
6.3.3.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.3.3.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.3.4. Germany
6.3.4.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.3.4.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.4. Asia Pacific
6.4.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.4.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.4.3. China
6.4.3.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.4.3.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.4.4. India
6.4.4.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.4.4.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD
6.4.5. Japan
6.4.5.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.4.5.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.5. Latin America
6.5.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.5.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.5.3. Brazil
6.5.3.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.5.3.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.5.4. Mexico
6.5.4.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.5.4.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
6.6. Middle East and Africa
6.6.1. Market estimates and forecasts by solution, 2018 - 2028 (Revenue, USD Million)
6.6.2. Market estimates and forecasts by application, 2018 - 2028 (Revenue, USD Million)
Chapter 7. Competitive Landscape
7.1. Amazon.com, Inc.
7.1.1. Company overview
7.1.2. Financial performance
7.1.3. Product benchmarking
7.1.4. Recent developments
7.2. Robert Bosch GmbH
7.2.1. Company overview
7.2.2. Financial performance
7.2.3. Product benchmarking
7.2.4. Recent developments
7.3. Broadcom
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Recent developments
7.4. Cisco Systems
7.4.1. Company overview
7.4.2. Financial performance
7.4.3. Product benchmarking
7.4.4. Recent developments
7.5. Fiserv, Inc.
7.5.1. Company overview
7.5.2. Financial performance
7.5.3. Product benchmarking
7.5.4. Recent developments
7.6. Google LLC
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Recent developments
7.7. Honeywell International Inc.
7.7.1. Company overview
7.7.2. Financial performance
7.7.3. Product benchmarking
7.7.4. Recent developments
7.8. Huawei Technologies Co., Ltd.
7.8.1. Company overview
7.8.2. Financial performance
7.8.3. Product benchmarking
7.8.4. Recent developments
7.9. PAR Technology Corp.
7.9.1. Company overview
7.9.2. Financial performance
7.9.3. Product benchmarking
7.9.4. Recent developments
7.10. IBM Corporation
7.10.1. Company overview
7.10.2. Financial performance
7.10.3. Product benchmarking
7.10.4. Recent developments
7.11. Ingenico
7.11.1. Company overview
7.11.2. Financial performance
7.11.3. Product benchmarking
7.11.4. Recent developments
7.12. Intel Corporation
7.12.1. Company overview
7.12.2. Financial performance
7.12.3. Product benchmarking
7.12.4. Recent developments
7.13. LG Display Co., Ltd.
7.13.1. Company overview
7.13.2. Financial performance
7.13.3. Product benchmarking
7.13.4. Recent developments
7.14. NCR Corporation
7.14.1. Company overview
7.14.2. Financial performance
7.14.3. Product benchmarking
7.14.4. Recent developments
7.15. PAX Global Technology Limited
7.15.1. Company overview
7.15.2. Financial performance
7.15.3. Product benchmarking
7.15.4. Recent developments
7.16. SoftBank Robotics
7.16.1. Company overview
7.16.2. Financial performance
7.16.3. Product benchmarking
7.16.4. Recent developments
7.17. VeriFone, Inc.
7.17.1. Company overview
7.17.2. Financial performance
7.17.3. Product benchmarking
7.17.4. Recent developments
List of Tables
Table 1 Key company ranking analysis, 2020
Table 2 Hardware market, by region, 2018 - 2028 (USD Million)
Table 3 Software market, by region, 2018 - 2028 (USD Million)
Table 4 Visual marketing market, by region, 2018 - 2028 (USD Million)
Table 5 Smart label market, by region, 2018 - 2028 (USD Million)
Table 6 Smart payment system market, by region, 2018 - 2028 (USD Million)
Table 7 Intelligent system market, by region, 2018 - 2028 (USD Million)
Table 8 Others market, by region, 2018 - 2028 (USD Million)
Table 9 North America smart retail market, by solution, 2018 - 2028 (USD Million)
Table 10 North America smart retail market, by application, 2018 - 2028 (USD Million)
Table 11 U.S. smart retail market, by solution, 2018 - 2028 (USD Million)
Table 12 U.S. smart retail market, by application, 2018 - 2028 (USD Million)
Table 13 Canada smart retail market, by solution, 2018 - 2028 (USD Million)
Table 14 Canada smart retail market, by application, 2018 - 2028 (USD Million)
Table 15 Europe smart retail market, by solution, 2018 - 2028 (USD Million)
Table 16 Europe smart retail market, by application, 2018 - 2028 (USD Million)
Table 17 U.K. smart retail market, by solution, 2018 - 2028 (USD Million)
Table 18 U.K. smart retail market, by application, 2018 - 2028 (USD Million)
Table 19 Germany smart retail market, by solution, 2018 - 2028 (USD Million)
Table 20 Germany smart retail market, by application, 2018 - 2028 (USD Million)
Table 21 Asia Pacific smart retail market, by solution, 2018 - 2028 (USD Million)
Table 22 Asia Pacific smart retail market, by application, 2018 - 2028 (USD Million)
Table 23 China smart retail market, by solution, 2018 - 2028 (USD Million)
Table 24 China smart retail market, by application, 2018 - 2028 (USD Million)
Table 25 India smart retail market, by solution, 2018 - 2028 (USD Million)
Table 26 India smart retail market, by application, 2018 - 2028 (USD Million)
Table 27 Japan smart retail market, by solution, 2018 - 2028 (USD Million)
Table 28 Japan smart retail market, by application, 2018 - 2028 (USD Million)
Table 29 Latin America smart retail market, by solution, 2018 - 2028 (USD Million)
Table 30 Latin America smart retail market, by application, 2018 - 2028 (USD Million)
Table 31 Brazil smart retail market, by solution, 2018 - 2028 (USD Million)
Table 32 Brazil smart retail market, by application, 2018 - 2028 (USD Million)
Table 33 Mexico smart retail market, by solution, 2018 - 2028 (USD Million)
Table 34 Mexico smart retail market, by application, 2018 - 2028 (USD Million)
Table 35 Middle East and Africa smart retail market, by solution, 2018 - 2028 (USD Million)
Table 36 Middle East and Africa smart retail market, by application, 2018 - 2028 (USD Million)
List of Figures
Fig. 1 Smart retail market segmentation
Fig. 2 Market research process
Fig. 3 Primary research process
Fig. 4 Information Analysis
Fig. 5 Data validation and publishing
Fig. 6 Smart retail market snapshot
Fig. 7 Smart retail market value chain analysis
Fig. 8 Penetration and growth prospect mapping
Fig. 9 Smart retail market: Porter’s five forces analysis
Fig. 10 Smart retail market: PEST analysis
Fig. 11 Smart retail market: By solution segment outlook & market share, 2020 & 2028
Fig. 12 Smart retail market: By application segment outlook & market share, 2020 & 2028
