Smart Retail Devices Market to Grow at a CAGR of 6.1% to reach US$ 26,349.44 billion from 2020 to 2027

Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts and Others), and Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring and Others ), and Geography

Publication Month : Feb 2021

  • Report Code : TIPRE00019107
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 161
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The smart retail devices market was valued at US$ 17,043.48 billion in 2019 and is projected to reach US$ 26,349.44 billion by 2027. The smart retail devices market is expected to grow at a CAGR of 6.1% during 2020–2027.

Retail industry is getting evolved at a rapid rate as retail store are transforming toward digitalization. The surging demand for contactless, cashless, and online payment solutions is anticipated to influence the smart retail devices market growth. Supporting infrastructure development of communication network and IoT technology is boosting the smart retail devices market. Increasing use of smartphones, kiosks, and cloud platforms with supporting infrastructural growth have transformed the retail industry. Advent of 5G, AI, IoT, and other advanced technology has enhanced the growth of smart retail stores in developed as well as developing nations. The mounting penetration of wireless technologies across mobile printers and the emerging application of barcode and RFID scanners across several retail stores are the key driving factors for the growth of the smart retail devices market.

Increasing adoption of smart payment solution amid COVID-19 situation is getting promoted by the growing sale of smartphones and other network connected devices. The global smart retail devices market is segmented in terms of technology, application, and geography. Based on technology, the market is segmented into digital signage, smart labels, smart payments, smart carts, and others. Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Impact of COVID-19 Pandemic on Smart Retail Devices 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 device 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 is emerged 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.

Lucrative Regions in Smart Retail Devices Market

Lucrative Regions in Smart Retail Devices Market
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Smart Retail Devices Market Insights

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.

Technology-Based Market Insights

Large chain stores, supermarkets, specialty shops, and other retail stores are transforming their store facilities with new connected technologies to meet continuously changing consumer demands. These technologies include smart devices, digital sensors, and online transacting solutions, among others, to enhance the customers' buying experience. The implementation of smart labels enables retailers to enhance customer engagements and provide better shopping experience. The technology helps them update product information and pricing in real time. Further, customers can access the product information on their smartphones by merely tapping the smart labels.

Smart Retail Devices Market, by Technology – 2019 and 2027

Smart Retail Devices Market, by Technology – 2019 and 2027
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Application-Based Market Insights

Based on application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Predictive equipment maintenance is adopting the smart retail devices solution at higher rate as maintaining machine performance for continuous operation and food safety is utmost importance, for which smart connected retail device is a crucial element. Smart retail devices offer wider benefits, such as cost saving, enhanced customer experience, and improved operations for retailers.

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Smart Retail Devices Market: Strategic Insights

smart-retail-devices-market
Market Size Value inUS$ 17,043.48 Billion in 2019
Market Size Value byUS$ 26,349.44 Billion by 2027
Growth rateCAGR of 6.1% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Players operating in the smart retail devices market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the smart retail devices market. A few developments by key players of the smart retail devices market are:

In January 2021, The Intel Corporation introduced new advancements such as touchless interaction in a digital kiosk. New software developed by the company is converting a touch-based kiosk into touchless systems.

In January 2020, Samsung introduced new products such as mobile devices, behavior-sensing technologies, and display solutions for the retail industry. The new solutions are developed to enhance the in-store experience.

Smart Retail Devices Market – Technology

  • Digital Signage
  • Smart Labels
  • Smart Payments
  • Smart Carts
  • Others

Smart Retail Devices Market – by Application

  • Predictive Equipment Maintenance
  • Inventory Management
  • Smart Fitting Room
  • Foot Traffic Monitoring
  • Others

Smart Retail Devices Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East & Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM


Smart Retail Devices Market – Company Profiles

  • Intel Corporation
  • Samsung Group
  • NVIDIA CORPORATION
  • LG Electronics
  • Zebra Technologies Corporation
  • Caper Inc.
  • Panasonic Corporation
  • Diebold Nixdorf, Incorporated
  • PAX Global Technology Limited
  • SoftBank Robotics
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology , and Application , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Can you list some of the major players operating in the global folding furniture market?

The major players operating in the global folding furniture market are Ashley Furniture Industries, Bush Industries, Inc., Kestell Furniture LLC, Haworth, Inc., Inter IKEA Holding B.V., La-Z-Boy, Inc., Meco Corporation, Sauder Woodworking Company, Atlas Industries, Table-Mate USA, LLC, Plastic Development Group, Leggett & Platt, Inc., and Murphy Wall-Beds Hardware Inc., among others.

Which region held the largest share of the global folding furniture market?

In 2019, the folding furniture market was dominated by Asia- Pacific region at the global level. The largest market share of the Asia- Pacific region is primarily attributed to the region's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the residential and commercial sector, has influenced folding furniture market demand. The region encompasses an ample amount of opportunities for the growth of the market attributable to the rise in foreign direct investments along with rise in manufacturing spending towards better product offerings. The upsurge in the middle-class population along with growth in urbanization provides ample opportunities for the key market players in the folding furniture market.

Based on application type, why nickel segment accounted for the largest share in the global folding furniture market?

The growth of the residential segment is primarily attributed to developed economies in Europe and North America hold significant potential in the residential sector. The trend of family gatherings, along with dinners in residential gardens, is anticipated to stimulate the folding furniture market growth. The aging population, high disposable incomes, coupled with a willingness to spend on luxury furniture, are strongly supporting the folding furniture market growth through the residential segment. European countries such as Germany, the UK, France, Italy, Russia, and Spain are primarily contributing to the industry growth through the residential segment due to consistent demand for patio furniture. This further propels the growth of the nickel segment in the global folding furniture market.

The List of Companies - Smart Retail Devices Market

  1. Intel Corporation
  2. Samsung Group
  3. NVIDIA CORPORATION
  4. LG Electronics
  5. Zebra Technologies Corporation
  6. Caper Inc.
  7. Panasonic Corporation
  8. Diebold Nixdorf, Incorporated
  9. PAX Global Technology Limited
  10. SoftBank Robotics

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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