The global smart retail market is anticipated to grow at a considerable CAGR of 26.1 % during the forecast period. The growing deployment of AI and mobile POS is positively supporting the market during the forecast period. Retailers use AI technology to automate certain processes within their business, such as customer service or product management. Furthermore, retailers are using AI to analyze customer behavior and preferences in real time by crunching large amounts of data collected through intelligent POS terminals and sensors, then interpreting the results, which are often presented as actionable insights for retailers to act upon. For instance, in October 2020, Meituan launched its first AI smart store, realizing a new retail experience. The shop integrates an unmanned warehouse and unmanned distribution with AI technology and robots and cooperates with takeout delivery personnel to supplement distribution capacity.
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Furthermore, to reduce queues and improve the in-store shopping experience, retailers are adopting intelligent mobile POS systems. Mobile POS solutions enable retailers to process sales transactions anywhere in the store, allowing customers to check out quickly. With grab-and-go systems, customers can purchase items without interacting with a cashier. This solution enables retailers to increase customer purchases and decrease time spent in-store while improving transaction accuracy. For instance, in March 2021, Paytm launched a service that turns an Android cellphone into a point-of-service (POS) terminal.
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Market Coverage
Segment Covered-
- By Solution
- By Retail Offering
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including Amazon.com Inc., Cisco Systems Inc., IBM Corp., Google LLC, Microsoft Corp., NVidia Corp., PAR Technology Corp., PTC Inc., NCR Corp., Nxp Semiconductors N.V., Robert Bosch Gmbh, Samsung Electronics Co., Ltd., Softbank Robotics Corp., Standard Cognition Corp., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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)
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