SAN FRANCISCO, December 12, 2018 /PRNewswire/ --
The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In present day retail industry, conventional bricks-and-mortar stores are facing intense competition from rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to internet environment.
Main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improve customer experience and retention. The hardware segment held significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.
Growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailer can help enhance customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with product and assistance in the better manner.
Browse full research report with TOC on "Smart Retail Market Analysis Report By Application (Smart Label, Visual Marketing, Smart Payment System, Intelligent System), By Solution (Software, Hardware), And Segment Forecasts, 2018 - 2025"at: https://www.grandviewresearch.com/industry-analysis/smart-retail-market
Further Key Findings From the Report Suggest:
- The visual marketing segment emerged as the largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
- The software segment is anticipated to witness the highest CAGR of 26.1% over the forecast period
- The Asia Pacific smart retail market is expected to experience the highest CAGR during the same period. Growing adoption of smart retail solutions such as RFID, facial recognition, and big data analytics by retailers in China and Japan in order to provide ease of online shopping experience within a physical store
- Key players include Intel Corporation; IBM; Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.
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Grand View Research has segmented global smart retail market on the basis solution, application, and region:
- Smart Retail Solution Outlook (Revenue, USD Million, 2015 - 2025)
- Smart Retail Application Outlook (Revenue, USD Million, 2015 - 2025)
- Visual Marketing
- Digital signage
- Smart Label
- Smart beacon
- Smart shelf
- Smart Payment System
- e - payment system
- Mobile Payment application
- POS system
- Intelligent System
- Augment reality
- Virtual reality
- Smart carts
- Interactive kiosk
- Others (Robotics, analytics)
- Visual Marketing
- Smart Retail Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Latin America
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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