Smart Retail Market Scope
Smart retail, a set of various smart technology such as connectivity, integration, big-data analytics, and IoT that are designed to give the consumer a greater, faster, safer and smarter experience when shopping. It allows the configuration of products and services tailored to individual preferences, and effective, efficient customer communications and retention. Increasing adoption of smartphones have witnessed tremendous growth in the past decade owing to the declining cost, improved standard of living, and Internet ubiquity.
According to AMA, the Global Smart Retail market is expected to see growth rate of 25.0% and may see market size of USD39.1 Billion by 2026.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Retail market throughout the predicted period.
Intel (United States), NVIDIA (United States), IBM (United States), Samsung Electronics (South Korea), Google (United States), Microsoft (United States), Amazon (United States), Par Technology Corporation (United States), SoftBank Robotics Holdings Corp. (Japan) and Ingenico Group (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Verifone Holdings, Inc. (United States), First Data Corporation (United States), NCR Corporation (United States) and EVRY ASA (Norway).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Smart Retail market , by Application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System, Robotics, Analytics and Other) and Region with country level break-up.
On the basis of geography, the market of Smart Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In March 2018, Verifone entered into a partnership with Ezetap (India), a software and payment-processing player to meet the needs of India's rapidly evolving and growing payments technology landscape. This partnership enables merchants to quickly and easily adopt both instore and online payments. and In April 2018, EVRY acquired Findwise AB, a leading Nordic provider of advanced search, advanced analytics and big data services. EVRY and Findwise will jointly expand their capabilities to support their customers in unlocking new intelligence and insight as they seek faster and more precise decision-making.
In March 2018, Verifone launched Carbon Mobile 5, a commerce solution that brings mobility, payment, and commerce into one powerful, portable device. Carbon Mobile 5 enables checkout and the ability to run Android apps, such as point-of-sale, loyalty, and inventory management.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance.
Market Trend
- The Growth in Adoption of IoT Technology in Smart Retail Sector
Market Drivers
- Increasing Adoption of Smartphones
- Growing Need for Better Customer Services and Shopping Experience
- Decreasing Cost of Electronics Components
- Emergence of New Technologies Creates New Revenues for Retailers
Opportunities
- Increasing Investment in Retail Industry
- Directly Connect With End Users
Restraints
- Data Security and Privacy Concerns With New Advanced Technologies
- High Maintenance of Advanced Computing Systems
Challenges
Key Target Audience
Original Equipment Manufacturers (OEMs), Semiconductor Component Manufacturers and Distributors, Technology Consultants and System Integrators, Equipment Distributors and Suppliers, Suppliers of Related Accessories, Suppliers of Standard Devices and Technologies to System Integrators, Government Bodies Such As Regulating Authorities and Policymakers, Venture Capitalists and Private Equity Firms, Associations, Organizations, and Alliances Related to Smart Retail and Others