Report Ocean has released a research study titled “Smart Retail Devices Market .” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Smart Retail Devices Market is valued approximately at USD 17.43 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 17.2% over the forecast period 2020-2027. Smart Retail Devices are used in making e-commerce business smarter by using Internet-of-Things (IoT). Smart devices enable the producers or retail owners to manage inventory conveniently by tracking goods at the production level and deliver them at the customer’s doors. Also, it includes advanced logistics which prevents stock theft and protect the goods and related information by storing information in the cloud.
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Smart devices enhance the consumer engagement by providing connected retail services and better shopping experience. Growing investment in robotics and connectivity in retail industry, rising adoption of artificial intelligence & IoT in retail industry has led the adoption of Smart Retail Devices across the forecast period. For Instance: according to the whitehouse.gov, in 2019, U.S. President Donald J. Trump launched the American AI Initiative to promote leadership in artificial intelligence as the nation’s strategy for future economy security. As per the company source, in 2018, H&M, a fashion brand launched Interactive Voice Mirror at their retail store in Manhattan, also called a smart mirror which attracts customers to provide them with personalized matching clothes & other accessories. However, high manufacturing costs, increased maintenance costs of advanced high-end computing systems and lack of privacy laws in less developed countries, impedes the growth of the market over the forecast period of 2020-2027. Also, Opportunity with the rising demand for artificial intelligence by the customers due to the convenience & feasibility it provides, the supportive government initiatives have been provided to the manufacturers, hence the adoption & demand for Smart Retail Devices is likely to increase.
Major market player included in this report are:
International Business Machines
PAX global technology
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here’s an in-depth analysis of the Smart Retail Devices Market.
- Market Overview: The Smart Retail Devices Market involves the deployment of connected devices and IoT-enabled solutions in retail environments to enhance customer experience, streamline operations, and gather valuable data for business insights.
- Growth Drivers: The market is witnessing growth due to increasing digitization in retail, demand for personalized shopping experiences, the need for operational efficiency, and the integration of technologies like AI, IoT, and analytics.
- Market Segmentation: It is segmented based on device types such as smart shelves, beacons, RFID tags, interactive kiosks, smart POS systems, and digital signage, serving different purposes like inventory management, customer engagement, and data analytics.
- Key Players: Major players in the smart retail devices market include Intel Corporation, Cisco Systems Inc., IBM Corporation, Toshiba Global Commerce Solutions, and Panasonic Corporation. These companies offer hardware and solutions tailored for smart retail environments.
- Technological Advances: Advancements in IoT sensors, AI-driven analytics, machine learning algorithms, and edge computing have facilitated real-time data collection, predictive analytics, and enhanced customer engagement in retail spaces.
- Challenges: Challenges in this market include data privacy concerns, interoperability issues among different devices, ensuring seamless integration with existing systems, and addressing cybersecurity risks.
- Applications: Smart retail devices find applications in various areas. In-store analytics help optimize store layouts. Smart shelves and RFID tags improve inventory management. Interactive kiosks enhance customer engagement and enable self-service options.
- Regional Trends: Adoption varies by region due to differences in technological infrastructure, consumer behaviors, and market maturity. Developed regions with higher retail digitization often lead in smart retail device adoption.
- Future Outlook: The market is expected to grow as retailers increasingly invest in technology for competitive advantage. Future innovations might focus on AI-driven personalization, expanding IoT applications in retail spaces, and enhancing omnichannel experiences.
- Market Opportunities: Opportunities exist for smart retail device providers to offer customizable solutions for retailers, develop analytics tools for better customer insights, and integrate emerging technologies like augmented reality (AR) for immersive shopping experiences. Additionally, with the rise of contactless shopping trends, smart devices enabling touchless interactions and seamless transactions are expected to gain momentum.
The detailed segments and sub-segment of the market are explained below:
Predictive Equipment Maintenance
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Rest of the World
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