Smart Retail Devices Market worth USD 24.58 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Retail Devices Market by Technology (Digital Signage, Smart Labels, Smart Payments, Smart Cards, Electronic Shelf Labels, Others (Intelligent Vending Machines, POS)), by Application (Smart Transportation, Predictive Equipment Maintenance, Inventory Management, Smart Fitting Rooms, Foot Traffic Monitoring, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart retail devices market was valued at USD 24.58 billion in 2020 and is projected to reach USD 74.68 billion by 2027, registering a CAGR of 17.2% from 2020 to 2027. High-profile data breaches and privacy infractions have made consumers more aware of their data risk. These breaches can result in the loss of personal data belonging to customers. Identity theft is the most common type of retail fraud in the world right now. In addition, despite current efforts and the recent transition to chip-and-PIN cards and EMV compliant POS hardware, credit and debit cards data of the consumers is still not secure virtually. In 2018, the national retail federation reported that 780 million data records were compromised due to 1,632 security incidents in the U.S. With new outlets constantly being opened, information on retail data breaches, consumer data thefts, and privacy concerns are expected to hamper the market significantly.

Global Smart Retail Devices Market Segmentation

The overall smart retail devices market has been segmented into technology, application, and regions.

• By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Cards, Electronic Shelf Labels, Others (Intelligent Vending Machines, POS))
• By Application (Smart Transportation, Predictive Equipment Maintenance, Inventory Management, Smart Fitting Rooms, Foot Traffic Monitoring, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Smart transportation, by application, hold the largest market revenue share of the smart retail device market

The smart retail devices market is analyzed based on application across smart transportation, predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The smart transportation segment was the highest contributor to the market, with market share of 22.10%, growing at a CAGR of 14.0% during the forecast period.

Smart transportation is creating new opportunities for the efficient movement of goods. Efficient execution of logistics operations through eco-transportation, route optimization, and inventory reduction are opportunistic for the market. The software can help improve smart transport network design in the retail industry, thereby enabling centralized distribution networks and more flexible home delivery services. For instance, Route Match is a logistics software by a company with the same name. The software is deployed to optimize the logistics network in the retail industry. It enables automated scheduling, routing, dispatch, and billing depending on the trip request. The primary goal of using the technology is to enhance the efficiency of vehicle use and trip routes. This saves energy in the form of fuel and costs on manual billing operations.

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Europe accounts for the largest market share during the forecast period

Based on the regions, the global smart retail devices market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe accounted for the highest market share of 32.77% in the global smart retail devices market. It was anticipated to maintain its dominance throughout the forecast period, followed by North America and the Asia Pacific.

The market in Europe is analyzed across the UK, Germany, France, Italy, and the rest of Europe. Europe exhibits lucrative opportunities for the market players in the global smart retail devices market. The market is primarily driven by strengthening the European economy and rising penetration of Chinese products across Western & Eastern Europe regions. Europe is one of the significant markets for advanced semiconductors. Prominent players are acquiring small companies to strengthen their market presence and deliver next-generation technologies through their product portfolio. Major players in the retail industry are integrating advanced technologies to comply with stringent regulations. For instance, Price, headquartered in Sweden, Europe, has launched an electronic shelf label (ESL) for retailers, which are incorporating infrared (IR) technology, also provide automated price updating technology. This, in turn, is expected to provide lucrative opportunities for the electronic shelf label market in this region.

Some of the major companies that operate in the global smart retail devices market are IBM, Intel, Cisco, NXP semiconductors, Microsoft, NVIDIA Corporation, Samsung Electronics, Texas Instrument, Softbank Robotics, and PAX global technology.

Browse complete report: https://www.marketstatsville.com/smart-retail-devices-market

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