Global Smart Retail Market, Forecast to 2025 and COVID 19 Impact

The global smart retail market is expected to grow from USD 22.1 billion in 2019 to USD 51.6 billion in 2025 growing at a CAGR of 17.9% from 2020 to 2025. The rapid increase in the adoption of IoT enabled technologies, and AI-based retail solutions by retailers to improve operational efficiencies and reduce costs are driving the smart retail market. In addition, the mandated norms of COVID 19 related social-distancing and lower-physical interaction is likely to assist the market growth of few retail segments like the FMCG.
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Global Smart Retail Market, Forecast to 2025 and COVID 19 Impact

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The global smart retail market is expected to grow from USD 22.1 billion in 2019 to USD 51.6 billion in 2025 growing at a CAGR of 17.9% from 2020 to 2025. The rapid increase in the adoption of IoT enabled technologies, and AI-based retail solutions by retailers to improve operational efficiencies and reduce costs are driving the smart retail market. In addition, the mandated norms of COVID 19 related social-distancing and lower-physical interaction is likely to assist the market growth of few retail segments like the FMCG.

Limited by the COVID 19 challenges, limited growth is expected in 2020 in the overall smart retail market. Closure of businesses, weaker retail spend, limited CAPEX and poor demand in 2020 have been the challenges of COVID 19.

Scope of the report

  • The report covers the growth drivers and challenges of the smart retail market to understand the trends globally
  • Understand the changing market dynamics due to COVID-19, impact on the smart retail industry and overall IT spending across regions
  • Understand the market structure of smart retail by identifying its various sub segments on the basis on smart retail technology and end use segments
  • Analyse the competitive landscape encompassing the key players, and identify their growth strategic initiatives and understand competitive performances
  • To study various types of smart retail technologies dominating the market and understand highly growing solutions in the coming years

The smart retail market report scope includes sales of software, hardware along with related services. It is segmented based on System Types, End Use Offering, and by Region. In terms of system types, the market is segmented into Digital Signage, Smart Payment, Smart Labels, Robotics, Shopping Enhancement (AR/VR), Intelligent Vending Machines, Smart Carts, and Others (AI based consumer behaviour analysis).

In terms of end use offering, the market is segmented into FMCG, Apparel and Other Retail. The adoption of smart retail systems is expected to grow with the growing penetration of IoT-enabled technologies among retailers across the world. The need for smart retail market has been significant in the FMCG sector which already have a large number of products and different SKUs.

Fig: Global Smart Retail Market (USD Bn)

Global-Smart-Retail-Market

By region, smart retail market is analysed across North America, Europe, Asia-Pacific, and Rest of World (RoW). North America continues to be the largest market for smart retail primarily due to growing penetration of smart retail technologies in the retail sector. Asia-Pacific, backed by the growth from emerging economies of India, China, Thailand, and Vietnam, is projected to be the fastest growing market, and will gain in share by 2025.

The report also covers topics like market characteristics, size and growth, impact of COVID-19, segmentation, market and competitive landscape, and trends. It traces the market’s historical and forecast market growth by end-use segments and regions.

The global smart retail market is fragmented, and is highly competitive. It comprises of several global and regional players, and also a number of start-ups. The report encompasses different strategies of the key players to increase their market share including the recent mergers and acquisitions, partnerships and collaborations, business expansions, and product developments. Some of the key players in the smart retail market include NCR Corporation (US), Diebold Nixdorf (US), LG Display (Korea), Samsung Electronics (South Korea), CCL Industries (US), PTC Inc. (US), Toshiba (Japan), Honeywell International (US), Fujitsu (Japan), Bossa Nova Robotics (US).

The global smart retail market is expected to grow from USD 22.1 billion in 2019 to USD 51.6 billion in 2025 growing at a CAGR of 17.9% from 2020 to 2025. The rapid increase in the adoption of IoT enabled technologies, and AI-based retail solutions by retailers to improve operational efficiencies and reduce costs are driving the smart retail market. In addition, the mandated norms of COVID 19 related social-distancing and lower-physical interaction is likely to assist the market growth of few retail segments like the FMCG.

Limited by the COVID 19 challenges, limited growth is expected in 2020 in the overall smart retail market. Closure of businesses, weaker retail spend, limited CAPEX and poor demand in 2020 have been the challenges of COVID 19.

Scope of the report

  • The report covers the growth drivers and challenges of the smart retail market to understand the trends globally
  • Understand the changing market dynamics due to COVID-19, impact on the smart retail industry and overall IT spending across regions
  • Understand the market structure of smart retail by identifying its various sub segments on the basis on smart retail technology and end use segments
  • Analyse the competitive landscape encompassing the key players, and identify their growth strategic initiatives and understand competitive performances
  • To study various types of smart retail technologies dominating the market and understand highly growing solutions in the coming years

The smart retail market report scope includes sales of software, hardware along with related services. It is segmented based on System Types, End Use Offering, and by Region. In terms of system types, the market is segmented into Digital Signage, Smart Payment, Smart Labels, Robotics, Shopping Enhancement (AR/VR), Intelligent Vending Machines, Smart Carts, and Others (AI based consumer behaviour analysis).

In terms of end use offering, the market is segmented into FMCG, Apparel and Other Retail. The adoption of smart retail systems is expected to grow with the growing penetration of IoT-enabled technologies among retailers across the world. The need for smart retail market has been significant in the FMCG sector which already have a large number of products and different SKUs.

Fig: Global Smart Retail Market (USD Bn)

Global-Smart-Retail-Market

By region, smart retail market is analysed across North America, Europe, Asia-Pacific, and Rest of World (RoW). North America continues to be the largest market for smart retail primarily due to growing penetration of smart retail technologies in the retail sector. Asia-Pacific, backed by the growth from emerging economies of India, China, Thailand, and Vietnam, is projected to be the fastest growing market, and will gain in share by 2025.

The report also covers topics like market characteristics, size and growth, impact of COVID-19, segmentation, market and competitive landscape, and trends. It traces the market’s historical and forecast market growth by end-use segments and regions.

The global smart retail market is fragmented, and is highly competitive. It comprises of several global and regional players, and also a number of start-ups. The report encompasses different strategies of the key players to increase their market share including the recent mergers and acquisitions, partnerships and collaborations, business expansions, and product developments. Some of the key players in the smart retail market include NCR Corporation (US), Diebold Nixdorf (US), LG Display (Korea), Samsung Electronics (South Korea), CCL Industries (US), PTC Inc. (US), Toshiba (Japan), Honeywell International (US), Fujitsu (Japan), Bossa Nova Robotics (US).

  1. Introduction
    • Objectives of the Study & Summary
    • Definitions and Market Scope
    • Research Methodology
  2. Executive Summary
  3. Industry Overview
    • Global Smart Retail Market Uses Cases/Application
      • Foot Traffic Monitoring Used Cases/Applications
      • Smart Fitting Rooms Used Cases/Applications
      • Loyalty Management and Payments Used Cases/Application
    • Impact of COVID-19 on the Retail Sector
    • Global IT Spending
    • Market Dynamics
      • Drivers to Smart Retail Market
      • Market Restraints
    • Market and competitive landscape
      • Smart Retail value chain
      • Smart Retail Market key players
      • Market developments
        • Product and Services Development
        • Business Expansion and Partnership
        • Mergers and Acquisitions
  1. Cybersecurity market assessment (USD Billion), 2019-2025
    • Assessment by System Types
      • Robotics
      • Smart Payment
      • Digital Signage
      • Smart Labels
      • Intelligent Vending Machines
      • Smart Carts
      • Shopping Enhancement (AR/VR)
      • Others (AI based consumer behavior analysis)
    • Assessment by End-Use Offering
      • FMCG Sector
      • Apparel Sector
      • Other Sectors
    • Assessment by Geography
      • North America
      • Europe
      • Asia-Pacific
      • ROW
  1. Supplier profiles
    • Honeywell Inc.
      • Overview
      • Product and service offerings
      • Key Developments
    • NCR Corporation
    • IBM
    • Diebold Nixdorf
    • LG Display Co. Ltd.
    • Samsung Electronics Co. Ltd.
    • CCL Industries Inc.
    • Fujitsu Ltd.
    • Fuji Electric Co. Ltd.
    • PTC Inc.
    • Bossa Nova Robotics Inc.
    • Toshiba Tec Corporation
  2.  Appendix

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