Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts and Others), and Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring and Others), and Geography
The smart retail devices market was valued at US$ 17,043.48 billion in 2019 and is projected to reach US$ 26,349.44 billion by 2027. The market is expected to grow at a CAGR of 6.1% during 2020–2027.
The global smart retail devices market has been segmented into five major regions North America, Europe, APAC, MEA, and SAM. In 2019, North America led the global smart retail devices market with 34.2% revenue share. North America has strong adoption of digital technologies in commercial and infrastructural spaces, particularly in the developed economies such as the US and Canada. On the other hand, Asian market is witnessing massive growth in smart retail devices due to increased adoption of digital technologies and internet services in developing economies of India and China, as there is an increase in tech savvy population in these countries. Japan is one of the major countries that have a significant market share in the smart retail devices market due to increasing adoption of digital technologies and internet. European countries, such as the UK, Italy, and France, are shifting toward digitalization and automation, which is driving the market growth.
In North America, the US is the most developed country. As North America is an early adopter of technologies, the scope of newly developed smart retail devices is high in the region. Compared to other North American countries, the adoption of smart retail technology witnessed in the US is high. This factor encourages smart retail devices providers to develop more advanced systems for retailers. The Middle East region is projected to grow at a notable rate during the forecast period owing to the fewer acceptances for digital technologies from consumers. The region has a strong dominance of the oil & gas industry; however, due to coniferous decline in sector growth, the focus is shifted toward industrialization and digitization. The region is looking at new technologies and industrialization as an alternative support for economy, which creates strong opportunity for the market growth.
The overall smart retail devices market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart retail devices market. The process also serves the purpose of obtaining an overview and forecast for the smart retail devices market with respect to all the segments. It also provides the overview and forecast for the global smart retail devices market based on all the segmentation provided with respect to five major regions North America, Europe, Asia Pacific, MEA, and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the smart retail devices market.
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