The smart retail market size has the potential to grow by USD 25.31 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by solution (hardware and software) and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alphabet Inc., Cisco Systems Inc., Huawei Investment & Holding Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., NVIDIA Corp., NXP Semiconductors NV, Oracle Corp., and SAP SE.
Market Overview
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Market Competitive Analysis
The market is fragmented. The competition among vendors is moderate, as their focus is on maintaining their positions in the market. Therefore, to succeed in this market, vendors must focus on real-time data collection and the sharing of best practices to maintain security and industry compliance. Alphabet Inc., Cisco Systems Inc., and Huawei Investment & Holding Co. Ltd. are some of the major market participants.
Market drivers such as the rising need for efficiency in retail operations will offer immense growth opportunities. However, factors such as system integration and interoperability issues will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart retail market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart retail market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Alphabet Inc.
- Cisco Systems Inc.
- Huawei Investment & Holding Co. Ltd.
- Intel Corp.
- International Business Machines Corp.
- Microsoft Corp.
- NVIDIA Corp.
- NXP Semiconductors NV
- Oracle Corp.
- SAP SE
Smart Retail Market: Segmentation by Geography
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APAC will offer several growth opportunities to market vendors during the forecast period. Factors such as the increasing investments and the presence of technology companies such as Microsoft, Google, and IBM will significantly drive smart retail market growth in this region over the forecast period.
32% of the market’s growth will originate from APAC during the forecast period. US, China, Germany, Japan, and France are the key markets for smart retail market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Smart Retail Market: Segmentation by Solution
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Based on solution, the hardware segment dominated the global smart retail market in 2019. The revenue of this segment is likely to increase due to a rise in the sales of hardware security and server storage components, which will drive the growth of the smart retail market during 2020-2024. The year-over-year growth rate of hardware security components is expected to accelerate owing to the rapid adoption of hardware components that provide integrated security, including firewall and intrusion detection and prevention (IDP), for ensuring the security of network infrastructure.
Smart Retail Market: Key Drivers and Trends
Efficiency in operations is essential for retailers to increase profitability as it is one of the few business areas that enterprises can control. Also, maintaining sufficient inventory in stock is critical to ensure a positive customer experience. The above-mentioned factors and many others have increased the importance of smart retailing solutions, thereby driving their demand and adoption among retailers to increase the efficiency of operations. For example, smart retailing solutions such as powerselfs are high in demand as they are battery-free digital interface solutions, enabling two-way communication, inventory management control, out-of-stock monitoring and alert, digital signage, and lighting and temperature monitoring of the product. Also, the implementation of next-generation technologies, such as the IoT and big data, helps retailers in increasing their efficiency by facilitating real-time problem-solving at reduced costs. Therefore, the rising need for retailers to enhance operational efficiency is expected to augment the growth of the global smart retail market during the forecast period. The market is expected to record a CAGR of almost 15% during 2020-2024.
Smart Retail Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive smart retail market growth during the next five years
- Precise estimation of the smart retail market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart retail industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart retail market vendors
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