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  • 25 June 2019 23:01

Smart Retail Market Circling USD 59.4 billion by 2026

Smart Retail market size is anticipated to around USD 59.4 billion by 2026.

Smart Retail Market is anticipated to grow with 24.4% CAGR during the forecast time period 2018-2026.

Growth in this market is mainly driven by factors such as increasing adoption of smartphones, growing need for better customer service and shopping experience, decreasing cost of electronic components, and emerging new technologies creating new revenues for retailers. The major restraint for the market is data security and privacy concern with advanced technologies.

However, data security and privacy concerns with new advanced technologies for smart retail is a major factor restraining the growth of the market.

The global smart retail market is segmented into solution, application, and region. On the basis of solution, the global smart retail market is segmented into hardware and software. On the basis of application, the global smart retail market is segmented into visual marketing (digital signage), smart label (smart beacon and smart shelf), smart payment system (e - payment system, mobile payment application, and POS system), intelligent system (augment reality, virtual reality, smart carts, interactive kiosk, and others), and others (robotics, analytics).On the basis of region the global Smart Retail market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.

The market in North America was esteemed at USD 4.5 billion out of 2018. The area is relied upon to be the main income supporter in the market all through the estimate time frame.

Then again, Asia Pacific is anticipated to develop as the quickest developing district in the market during coming years. Expanding arrangement of brilliant retail arrangements, for example, shopping guide robots, gathering robots, smart dressing mirrors, and huge information investigation in nations, for example, China and Japan is foreseen to stir the development of the local market. For example, Alibaba Group, a web based business monster in China, presented its new retail idea by opening Hema Supermarket, which is a fine combination of on the web and disconnected shopping. In Hema stores, like the clerk less stores, Amazon Go, customers utilize their Alipay telephone application to make instalment for nourishment.

The key players catering to the global Smart Retail market are NCR Corporation, Intel Corporation, Microsoft Corporation, Samsung Electronics, Google, Inc., IBM, Amazon, Softbank Robotics Holdings, Verifone Systems and Ingenico S.A.

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