At 27.4 % CAGR, Global Demand of Smart Retail Market Size & Share Value to Surpass $127.28 Billion by 2028| Industry Trends & Forecast Report by Polaris Market Research
The global smart retail market size is expected to reach USD 127.28 billion by 2028 according to a new study by Polaris Market Research. The report “Smart Retail Market Share, Size, Trends, Industry Analysis Report, By Solution (Hardware, Software), By Application, By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant factors that propel the market growth are the technological development in real-time data analytics coupled with the increasing adoption of automation and robotics in the retail sector fuel demand of smart retail globally. In addition, the growing penetration and product launch of AR, VR, AI, and IoT helps improve customer experiences, as business operations will further drive the retail market demand.
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The continuous development of the technologies such as smart retail store technologies, AI facial recognition technology, and smart retail communication technology in the trading sector is propelling market growth. Also, digital and online platforms are providing significant opportunities for the growth of retail as they enhance better communication between the customer and retailers. It also assists retailers in organizing their value chain and processes.
For instance, in September 2019, the Ingenico Group declared the company’s collaboration with a British multinational retailer company-M&S. the partnership aims to introduce a new payment service that occupies all M&S touch-points and customer digital channels, which is essential to manage sale goals and customer experience.
Market participants such as Amazon.com, Inc., Bossa Nova Robotics, AWM SMART SHELF, Broadcom Corporation, Estimote, Inc, Fiserv, Inc., Cisco Systems, Google LLC, Huawei Technologies Co., Ltd., Honeywell International Inc., IBM Corporation, Intel Corporation, Ingenico, LG Display Co., Ltd., PAR Technology Corporation, NCR Corporation, Verifone Systems, PAX Global Technology Limited, PTC, Pricer, Robert Bosch GmbH, SoftBank Robotics, Samsung Electronics, Standard Cognition, Corp., Zippin are some of the key players operating in the global market.
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Polaris Market Research has segmented the smart retail market report on the basis of solution, application, and region:
Smart Retail, Solution Outlook (Revenue – USD Billion, 2016 – 2028)
- Hardware
- Software
Smart Retail, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others (Robotics, analytics)
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