With a CAGR of 6.1%, the global smart retail device market is expected to reach US$26,349.44 million by 2027, according to The Insight Partners

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Smart Retail Devices Market

According to research by The Insight Partner, the world Smart Retail Devices Market was valued at US$17,043.48 million in 2019 and is projected to reach US$26,3349.44 million by 2027, growing at a CAGR of 6.1% during the period 2019-2027. Growing demand for intelligent transportation and growing use of animatronics and robotics are the factors contributing to the expansion of the market.

The growing use of robotics and animatronics is another market growth factor. Robotics is the process of building, designing, and operating robots while animatronics is the procedure of operating and manufacturing realistic robots that are used for multiple purposes in movies and entertainment. Robots provide several services such as collecting data to understand customer behavior, improving in-store services, improving logistics and delivery of goods and many more. Additionally, robotics is being widely adopted by retail chains, which is another aspect of the growing market growth.

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The retail segment is rapidly adopting intelligent transportation due to the growing demand for an efficient system for tracking assets in transit. Intelligent transport monitors driver activity, manages route, fuel consumption analysis and vehicle monitoring. The growing emergence of smart transportation solutions in the logistics and transportation sectors has further fueled the market with the integration of real-time sensors to collect data, send alerts to optimize delivery routes, monitor performance and streamline logistics operations. Smart Transportation in Retail allows users to track trucks and improve routes using GPS navigation. The adoption of smart devices in retail is enhancing the market growth globally. The Singapore government has launched the Smart Mobility 2020 initiative which aims to develop intelligent transport systems for the retail sector.

On the contrary, the high cost of developing and maintaining small retail appliances is hampering the growth of the global small retail appliances market.

Based on technology, the market is categorized into digital signage, smart labels, smart payments, smart carts, and others. The smart label segment dominated the smart retail device market with a share of 29.0% and a value of US$4,940.28 million in 2019. The market share is expected to increase to 28 .5% and will be valued at USD 7,504.23 Million by 2027. The market is estimated to grow at a CAGR of 5.8% between 2019-2027.

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Based on application, the global retail small appliances market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. In 2019, predictive equipment maintenance led market growth with a market share of 42.1%; it is estimated to gain 40.6% market share by 2027. It raised US$7,174.48 million in 2019 and is expected to reach US$10,690.99 million by 2027, with a CAGR of 5.6% in 2019-2027.

Our regional analysis indicates that North America dominated the domain by capturing a share of 34.25% with a value of US$5,838.00 million in 2019. It is further expected to dominate the market from 2019 to 2027 by representing 33.56% of the market, i.e., in US dollars. 8,842.87 million by 2027. Meanwhile, Asia-Pacific showed a rapid growth of 6.9% CAGR. The market value of the region was US$3327.87 million in 2019 and is expected to reach US$5467.51 million by 2027.

Smart Retail Devices Market Analysis: Competitive Landscape and Key Developments

Leading players of the Global Small Retail Devices market report are Intel Corporation; Samsung Group; NVIDIA company; LG Electronics; Zebra Technologies Corporation; Capers Inc; Panasonic Corporation; Diebold Nixdorf, Incorporated; PAX Global Technology Limited; and SoftBank Robotics, among others.

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In January 2021, Intel Corporation released new Intel RealSense Touch Control (TCS) software that helps convert a touchscreen kiosk into touchless systems.

In January 2020, Samsung Group showcased innovation at NRF 2020. The company launched products such as behavior sensing technologies, mobile devices, and display solutions for the retail industry.

In May 2020, NVIDIA Corporation developed a new EGX Edge AI platform for off-the-shelf commercial servers.

About Us:

The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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Contact person: Sameer Joshi

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