The global smart retail market is anticipated to grow at a significant CAGR of 26.1% during the forecast period. The growing deployment of IoT systems is the key factor contributing to the growth of the smart retail market during the forecast period. The IoT technology allows retailers to connect any electronic device, such as appliances, cell phones, laptops, and more, via an app or software linked with various sensors that track product inventory and consumer behavior. With IoT solutions, retailers can monitor, when their products sell in real-time and how much shoppers spend on average in-store by using smart POS terminals no matter how busy the location happens to be. When combined with smart retail, IoT devices provide retailers with deep insights into their customers’ purchasing habits which aids businesses to manage inventory levels and optimize the supply chain of the retail business as a whole.
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Furthermore, IoT devices can also prevent theft or loss by tracking store assets and inventory. This technology also enables retailers to quickly locate lost or stolen items with GPS tracking — making it easy to recover their merchandise. For instance, in March 2022, HLDS launched HL-DP, IoT operating platform, for smart retail using sensor solutions, which implement a cashier-less store where users can shop, select products, and pay for them with only their facial recognition and without a wallet or smartphone payment function.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Smart Retail Market Report Segment
By Solution
- Hardware
- Software
By Retail Offering
- Fast Moving Consumer Goods
- Hardlines & Leisure goods
By Application
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent Systems
- Others (Robotics, Analytics)
Global Smart Retail Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart retail market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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