PORTLAND, Ore., Feb. 2, 2021
Surge in use of robotics and automation in the retail industry and increase in adoption of big data analytics and internet of things drive the global smart retail device market.
PORTLAND, Ore., Feb. 2, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Retail Devices Market By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Electronic Shelf Labels, and Others), and Application (Smart Transportation, Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, and Others): Global Opportunity Analysis and Industry Forecast, 2020 – 2027". As per the report, the global smart retail device industry was pegged at $17.43 billion in 2019, and is projected to reach $74.68 billion by 2027, growing at a CAGR of 17.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in use of robotics and automation in the retail industry, increase in adoption of big data analytics and internet of things, and rise in purchasing power of consumers and economic growth have boosted the growth of the global smart retail device market. However, surge in maintenance cost of high-end devices and risk toward consumer data thefts hamper the market growth. On the contrary, technological advancement with real-time data analytics and increase in number of smart stores are expected to create lucrative opportunities for the market players in the future.
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The smart payments segment to portray the highest CAGR through 2027
By technology, the smart payments segment is expected to register the highest CAGR of 20.7% from 2020 to 2027, due to surge in awareness toward digital wallets. However, the digital signage segment held the largest share in 2019, accounting for nearly one-fourth of the global smart retail device market, owing to rapid digitalization and decline in demand for traditional billboards.
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The smart transportation segment held the lion's share
By application, the smart transportation segment dominated the market in 2019, contributing to more than one-fifth of the global smart retail device market, due to surge in adoption of IoT in the smart retail industry. However, the foot traffic monitoring segment is projected to portray the highest CAGR of 22.0% during the forecast period, owing to rise in awareness regarding in-store traffic monitoring devices.
Europe, followed by North America, dominated the market
By region, the market across Europe, followed by North America, held the largest share in 2019, accounting for around one-third of the market, due to high adoption of emerging technologies in the region. However, the global smart retail device market across Asia-Pacific is estimated to register the highest CAGR of 20.2% from 2020 to 2027, owing to increase in economic standards in the region.
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Major market players
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