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%. One of the factors fueling the growth of this market is the rising adoption of big data analytics.
Smart retail involves the use of various advanced technologies that enable the transformation of conventional physical stores to interactive POS interfaces. Communicating with customers at regular intervals is a part of smart retailing procedures. It not only helps retailers to retain their customers but also creates a level of satisfaction among customers, thereby leading to an increase in the profit margins of retailers.
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In 2019, the smart payment systems segment held the largest size of the smart retail market. The growth of this market is attributed to their ease in handling. Smart payment systems such as near-field communication (NFC)-ready POS and mPOS terminals are widely deployed in stores to enable shoppers to check out easily by reducing purchase payment time and avoiding long time-consuming queues.
Based on application, the foot-traffic monitoring segment held the largest share of the smart retail market in 2019. Rapid urbanization leads to an increase in the demand for advanced smart retail solutions for foot-traffic monitoring applications. Moreover, in the retail industry, especially in brick-and-mortar stores, increased foot traffic unlocks the opportunity for increased sales, as well as the profit margins of retailers.
Based on retail offering, the fast-moving consumer goods segment held the largest share of the smart retail market in 2019. A continuous increase in the global population is expected to contribute to the growth of this segment of the market.
North America accounted for the largest share of the smart retail market and is expected to continue to do so during the forecast period. North America is home to the major producers and consumers of smart retail solutions. The US is the major contributor and held the largest share of the total smart retail market share in North America. The growth of the smart retail market in this region is attributed to the presence of leading players such as Walmart Inc. (Arkansas, US) and Amazon.com, Inc. (Washington, US) in the region and increased investments made by them to adopt new technologies.
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