According to a new research report titled "Smart Retail Market Analysis - Global Industry, Size, Share, Growth, Trends, and Forecast, 2018-2026" by Acumen Research and Consulting. The global Smart Retail market size is anticipated to expand USD 59.4 billion by 2026, this market is anticipated to grow with 24.4% CAGR during the forecast time period. Increase inclination towards better technology is anticipated to drive the need for smart retail market.
Rising combination of technologies such as virtual reality, augmented reality, artificial intelligence, and IoT to advance store processes, facilitate precise inventory management, and improve consumers shopping experience is one of the main trends rising market growth. These progressive retail technologies allow brick-and-mortar retailers to contest against e-commerce retailers, to recapture lost market share, attract more customers into the store, and advance customer retention.
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Significant retailers, for example, Alibaba, Walmart, and Amazon are progressively grasping keen retail innovation to enhance business activities and serve their clients better. Physical retailers are gathering client information and investigating client conduct to customize their shopping knowledge. Retailers are using mPOS, reference points, and NFC advances to welcome clients by their name and to give them proper data.
Internet of Things (IoT) is majorly adopted in each and every procedure of retailing, for example, smart kiosks, advertising and marketing, vending machines, customer payments and inventory management. However at a very budding stage, IoT in retail sector is predictable to develop at faster pace owing to the growing competition and demand for delivering improved and better customer experience. Sinking cost of IoT components for instance sensors and RFID have also augmented its acceptance in the retail sector. The decreasing cost of RFID and sensors have also considerably amplified its adoption by the retailers. Growing need for better-quality, flexibility, multiple distribution channels, better service, and improved experience are anticipated to deliver impulse to market growth over coming years. The development can be also credited to integration of digital and in-store operations in particularly in retail stores.
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Also, the evolution of Artificial Intelligence (AI) and Machine Learning technologies are altering the retail scenario as they deliver enhanced insights to enhance retail performance professionally. Retailers can precisely predict the customer pattern and behavior, forecast demand, and personalize and customize the customer experience. Such as retailers are forecasting demand to deliver the product endorsements based on data received from clients. Such change is predictable to happen over the next decade by installing and deploying machine learning in integration with IoT technologies.
Proliferation and emergence of connected devices and gadgets is contributing to a significant chance to manufacturers to develop better and enhanced solutions for retailers. Decrease in total cost of ownership and enhanced return on investments provider by IoT-based hardware devices are anticipated to surge their acceptance during the forecast. The low cost associated with these gadgets, along with rapid transactions, aid in meeting targeted sales and enlightening the labor efficiency, which in turn is anticipated to boost the smart retail market growth.
The global smart retail market is segmented into solution, application, and region.On the basis of solution, the global smart retail market is segmented into hardware and software. On the basis of application, the global smart retail market is segmented into visual marketing (digital signage), smart label(smart beacon and smart shelf), smart payment system (e - payment system, mobile payment application, and POS system), intelligent system (augment reality, virtual reality, smart carts, interactive kiosk, and others), and others (robotics, analytics).On the basis of region the global Smart Retail market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the Smart Retail market areNCR Corporation, Intel Corporation, Microsoft Corporation, Samsung Electronics, Google, Inc., IBM, Amazon, Softbank Robotics Holdings, Verifone Systems and Ingenico S.A. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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