Summary - A new market study, titled “Global Smart Retail Market – by Application, Technology, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)” has been featured on WiseGuyReports.
Smart Retail refer to the use of smart technologies in the retail segment to provide faster, safer, bigger, and smarter ways of marketing. This market is intended to provide increased revenues for retailers with increasing product sales. Smart retailing also helps in improving the customer service with the use of advanced technologies
The global smart retail was USD 10.94 billion in 2018 and is estimated to reach USD 43.34 billion by 2025 at a CAGR of 21.73% during the forecast period
Growth by Region
Europe plays a vital role in the growth of the market and is expected to control the global smart retail market. European nations are technology friendly and the major countries that will contribute to the market are Germany, the U.K, France, Spain and Italy. North America too adopts new technology and is the main region of the smart retail market during the forecast period. Countries like India, China are also a great market for the global smart retail market.
Drivers vs Constraints
The rise in the new technologies and an increase in the demand for better retail service will lead to the growth of the market. Robotics, a part of the smart retail market results in smooth shopping experience with easy ways to find products. This technology uses voice recognition, automatic navigation, auditing software and inventory scanning making the retailers work much easier. The restriction of smart retail is the data security of the customers and the retailer and their privacy. As technology advances the breach of security increases.
Industry Trends and Updates
In Nov 2018, Intel announced its Responsive Retail Platform with USD 100 Mn investment aimed at revolutionizing the In-Store experience
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