DUBLIN–(BUSINESS WIRE)–The “Global Smart Retail Market (2021-2026) by System, Application, Retail Offering, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Smart Retail Market is estimated to be USD 24.02 Bn in 2021 and is expected to reach USD 63.07 Bn by 2026, growing at a CAGR of 21.3%.
Technological innovation is changing the shopping experience of the customer, so the distributor can concentrate on particular consumer needs and boost business. To understand consumer behavior and their needs, retailers carry out surveys. They also use smart retail solutions to attract, acquire, and turn customers into sales, such as NFC (Near Field Communication). The use of such technology allows retailers to encourage and improve sales with a better brand image.
The main factors driving the growth of this market are the growing use of robotics and automation to provide consumers with shopping comfort and the increasing adoption by retailers of big data analytics, machine learning, blockchain, and AI technologies.
Similarly, the main factor expected to hamper the growth of the global smart retail industry is data protection issues related to online transactions. Moreover, a growing number of brick and mortar retailers may, to some degree, restrict market growth over the forecast period.
It is also anticipated that rising Internet of Things (IoT) participation in various business avenues would create lucrative opportunities for players operating in the global smart retail industry.
Lack of compliance of IoT solution providers and integrators, and lack of user knowledge and awareness for smart retail, are creating challenges for the adoption of the smart retail market.
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance Score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Smart Retail Market.
- The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.
- The report also contains the competitive analysis using Competitive Quadrant, the analyst’s proprietary competitive positioning tool.
Market Dynamics
Drivers
- Rising Internet Usage
- Technological Advancements
- Reducing Cost of Electronic Components
- Rising Adoption of Global Smartphones
- The Increasing Pursuit of Providing Better Service
Restraints
- Data Security Concerns in Online Transactions
- Chances of Data Loss in case of any Malfunction
- Increasing Number of Brick & Mortar Retailers
Opportunities
- Rising Entanglement of Internet of Things (IoT)
- Growing Number for Global Smart Stores Leading to Rising in Adoption of Self Delivery Vehicles
Challenges
- Lack of compliance of IoT solution providers and integrators
- Lack of user knowledge and awareness
Companies Mentioned
- IBM
- Intel Corporation
- Cisco
- NXP Semiconductors
- Microsoft
- Huawei Investment & Holding Co., Ltd.
- Nvidia Corporation
- Samsung Electronics
- Google Inc.
- Ptc Inc.
- Trigo
- LG Display
- Par Technology Corporation
- Texas Instruments Inc.
- STMicroelectronics N.V.
- Honeywell International Inc.
- Robert Bosch GmbH
- Softbank Robotics Group Corp.
- Roadcom Inc.
- Ingenico
- Verifone, Inc.
- First Data Corporation
- NCR Corporation
- Infineon Technologies
- Diebold Nixdorf
- Pricer
- Probiz Technologies
- Ses-Imagotag
- E Ink Holdings Inc.
- Bossa Nova Robotics
- Five Elements Robotics
- Standard Cognition
For more information about this report visit https://www.researchandmarkets.com/r/6p2lzs
