The global smart retail devices market size was US$ 25.58 billion in 2021. The global smart retail devices market is forecast to grow to US$ 81.68 billion by 2030 by growing at a compound annual growth rate (CAGR) of 15.2% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Smart devices and IoT in retail are forecast to change the outlook of the entire industry by offering an enhanced customer experience. In addition, the benefits of smart retail devices, such as efficient energy management, theft prevention, in-store navigation, will contribute to the growth of the market.
The growing prominence of the latest technologies, such as cloud, mobile, RFID, beacons, etc., will surge the growth of the market during the study period. In addition, rising urbanization and growing adoption of online delivery services will surge the growth of the market.
The global smart retail devices market is forecast to gain traction due to the growing penetration of smart devices. In addition, the convenience offered by smart retail devices will propel the market forward.
On the contrary, the high cost of maintenance may limit the growth of the market.
The growing number of technological advancements will contribute to the growth of the smart retail devices market.
COVID-19 Impact Analysis
Due to the wake of the pandemic, retail stores witnessed significant challenges in continuing their operations. In addition, the demand for some products declined drastically, which hampered various segments of the retail industry. However, the growing popularity of IoT and other devices helped the industry grow even during the pandemic. It allowed consumers to log in and place their orders online. Thus, it has been beneficial for the smart retail devices market. In addition, the halt on manufacturing and research activities drastically declined the growth of the industry.
Regional Analysis
The Asia-Pacific smart retail devices market is forecast to grow at the fastest growth rate due to the participation of emerging economies, such as India and China. The urbanization in these countries is growing steeply. In addition, growing advancements and penetration of advanced technologies will contribute to the growth of the smart retail devices market. In addition, the presence of prominent retail giants will escalate the growth of the smart retail devices market. Favorable initiatives by government bodies will offer ample growth opportunities for market growth. For instance, the ministry of China introduced a three-year plan in December which aims to surge the use of AI in various industries.
Competitors in the Market
Market Segmentation
The global smart retail devices market segmentation focuses on Technology, Application, and Region.
By Technology Outlook
By Application Outlook
By Region
