Smart retail is a combination of technological solutions used to convert conventional retail store into an interactive point of sale to meet buyer expectations, while improving business of retailers. Smart retail is an integration of various technologies designed to give secure, faster, greater, and smarter experience while shopping. Increasing usage of smartphones, adoption of new technologies, and reducing costs of electronic components are some factors fuelling growth of the global smart retail market to grow over the forecast period. However, lack of security and privacy with latest technologies can hamper the market to certain extent.
The global smart retail market has been segmented on the basis of solution into hardware and software. Software segment is expected to hold majority share in terms of revenue over the forecast period. On the basis of application, the market is segmented into visual marketing, smart label, smart payment system, intelligent system, and others. Smart label segment is further sub-segmented into smart beacon and smart shelf. Smart payment system is sub-segmented into mobile payment application, e-payment system, and POS system. Mobile payment segment is expected to register substantial growth in the market over the forecast period. Intelligent system is further segmented as augmented reality, virtual reality, smart carts, and interactive kiosks. Others segment includes robotics and analytics.
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Based upon region, the global smart retail market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to hold majority share in terms of revenue over the forecast period. The market in Asia Pacific is expected to register significant growth over the forecast period.
Some of key market players are Intel Corp., International Business Machines Corp., Samsung Electronics Service Co., Ltd, Amazon.com Inc., Google Inc., Microsoft Corp., SoftBank Group Corp., Ingenico Group., VeriFone, Inc., and NCR Corp.