According to our latest market study on “Smart Retail Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others),”the market was valued at US$ 17,043.48 million in 2019 and is projected to reach US$ 26,349.44 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID printers across several industries are the key driving factors for the growth of the smart retail devices market. The escalating demand of omnichannel retailing is offering various advantages to the overall smart retail devices market. With the help of smart retail devices, customers can easily check the in-store availability and pricing of products from their mobile phones before visiting the stores. These factors are supporting the growth of the smart retail devices market significantly and anticipated to create huge opportunities for the market during the forecast period. The smart retail devices market is segmented on the basis of technology, application, and geography. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. The predictive equipment maintenance segment is projected to dominate the market during the forecast period. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. The smart labels segment accounted for the largest revenue share in 2019, whereas the smart payments segment is projected to register the fastest CAGR during the forecast period.
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Impact of COVID–19 Pandemic on APAC Barcode Software Market
The COVID-19 pandemic has hampered the economic growth of almost every country. The retail and transportation & logistics industries have witnessed a decline in their operations due to the temporary shutdown of activities. The smart retail device market players also experienced a slowdown in the volumes because the retail facilities were operating with a limited workforce. Additionally, temporary closure has also resulted in reduced procurement of smart retail devices among industries during the first quarter of 2020. The COVID-19 might have its impact in the first six months of 2021 as well. On other hand, post lockdown, the market emerges with a new growth model as retail business shifted toward contactless payments, kiosk for interaction, smart kart adoption, and other models. Large retail giants have evolved with smart retail devices with supporting software and apps for retail operators. For instance, Lowe’s company introduced a new app for their smart mobile devices, which helps store associates to monitor foot traffic and limit entrance. Integrated with smartphones, this new app helps retailers maintain social distancing in-stores, thereby meeting the regulatory guidelines, such as those imposed by the Centers for Disease Control and Prevention (CDC) in the US. The COVID-19 might have its impact in the first six months of 2021 as well.
Rising Penetration of Smart Payment Devices
Change in retail payment system is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving the service quality. Customers always adopt services that offer greater benefits at low cost; similarly, smart retail devices offer enhanced benefits for retailers. Smart retail devices have improvised the retail store operation and shopping experience for consumers. Also, strong communication infrastructure development offers seamless connectivity for smart IoT devices which helped market to increase its footprint in global market. Various supporting factors, such as faster Internet service, low-cost systems, and rise in 5G, are accelerating the smart retail devices market growth.
The List of Companies – Smart Retail Devices Market
- Intel Corporation
- Samsung Group
- NVIDIA CORPORATION
- LG Electronics
- Zebra Technologies Corporation
- Caper Inc.
- Panasonic Corporation
- Diebold Nixdorf, Incorporated
- PAX Global Technology Limited
- SoftBank Robotics
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The Smart Retail Devices Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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