Smart Retail Market Insights 2020-2025 Featuring Profiles of Key Players Including IBM, Intel, Cisco Systems, NXP Semiconductors, and Microsoft Among Others
DUBLIN, May 22, 2020 /PRNewswire/ -- The "Smart Retail Market by System (Smart Payment Systems, Intelligent Vending Machines), Application (Foot-traffic Monitoring, Inventory Management), Retail Offering (Fast-moving Consumer Goods, Hardlines & Leisure Goods), & Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart retail market is estimated to grow from USD 21.6 billion in 2020 to USD 62.5 billion by 2025; growing at a CAGR of 23.6%. The increasing adoption of robotics and automation in the retail sector is one of the key factors fueling the growth of this market.
Among systems, the market for robotics is expected to grow at the highest CAGR during the forecast period. Robots simplify the process of finding suitable products for customers. Thus, the growth of this segment can be attributed to the increase in the deployment of robots in supermarkets, hypermarkets, and other retail stores to make the shopping experience easy for consumers.
Market for smart fitting rooms, by application, is expected to grow at highest CAGR during forecast period
Smart fitting rooms are specially designed rooms wherein customers can try clothes without wearing them. This reduces the shopping time, as well as the displeasure of customers. Moreover, smart mirrors in these rooms also recommend different colors and patterns to customers and enhance their experience. Owing to this, the market for smart fitting rooms is expected to grow at the highest CAGR during the forecast period.
The smart retail market for fast-moving consumer goods is expected to grow at the highest CAGR during the forecast perod. The growth of this segment can be attributed to the rising demand for fast-moving consumer goods from the continuously increasing global population.
Europe held second-largest share of smart retail market in 2019
Europe was the second-largest market for smart retail solutions in 2019. The growth of the local retail market and the increased number of consumers purchasing products from supermarkets and hypermarkets are factors driving the growth of the market in the region.
Major Players Profiled
Full List of Companies Mentioned
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