The Asia Pacific smart retail market size is estimated to reach USD 24.27 billion by 2027, expanding at a CAGR of 26.4% over the forecast period, according to a study conducted by Grand View Research, Inc. The growing need for better shopping experience and customer service and the increasing adoption of smartphones are anticipated to be the key factors driving the market. Additionally, increasing adoption of the latest technologies, such as Virtual Reality (VR), Augmented Reality (AR), Internet of Things (IoT), and Artificial Intelligence (AI) to enhance in-store shopping experience also supports the Asia Pacific smart retail market growth.
Currently, in the retail industry, conventional brick-and-mortar stores are facing extreme competition from swiftly expanding the e-commerce sector. Thus, traditional retailers need to integrate smart retail technologies in stores to maintain their customer base and to enhance the shopping experience. Retailers are aggressively adopting solutions based on the latest technologies, such as AR, IoT, VR, NFC, and RFID, as part of the efforts to cater to the changing consumer needs and offer highly efficient customer service.
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Besides, investment in the retail industry has been growing significantly over the past few years in line with continued advancements in the latest technologies. Moreover, retail chains are investing expressively in emerging economies, such as China and India, to expand their presence in Asia Pacific. For instance, in November 2018, Walmart Investments Cooperative U.A invested USD 37.7 million in Wal-Mart India Pvt. Ltd. to expand presence in the Indian market. Thus, increasing investment in the retail industry is anticipated to create substantial growth opportunities for the smart retail service providers.
Asia Pacific is projected to emerge as the fastest-growing region across the globe, owing to an increase in the deployment of smart retail solutions across supermarkets and brick-and-mortar stores. In the top 250 retail companies, more than 60 companies have a presence in the region. The market in India is estimated to expand at the highest CAGR over the forecast period. The global retailers contemplating an international venture are particularly considering India as a lucrative market owing to the country’s strong demographic profile and economic growth. The tier-2 and tier-3 cities in India and the untapped rural sector are particularly providing ample growth opportunities for the retail industry.
Further key findings from the study suggest:
• The hardware segment held a dominant market share of 69.6% in 2019, owing to the growing demand for Bluetooth beacon, RFID, AR and VR devices, and POS terminals to provide a seamless in-store shopping experience to customers
• The others (robotics and analytics) segment is estimated to register the highest CAGR of 27.6% from 2020 to 2027 owing to the increasing adoption of analytical solutions by retailers to improve business operations and to understands consumer needs
• The market in India is estimated to expand at the highest CAGR of 28.6% over the forecast period, owing to the increasing technological advancement, coupled with the growing offline and online retail industry in the country
• The key Asia Pacific smart retail market competitors include Honeywell International, Inc.; Cisco Systems, Inc.; IBM; and Ingenico Group
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Grand View Research has segmented the Asia Pacific smart retail market based on solution, application, and region:
Asia Pacific Smart Retail Solution Outlook (Revenue, USD Million, 2016 - 2027)
• Hardware
• Software
Asia Pacific Smart Retail Application Outlook (Revenue, USD Million, 2016 - 2027)
• Visual Marketing
• Smart Label
• Smart Payment System
• Intelligent System
• Others (Analytics & Robotics)
Asia Pacific Smart Retail Country Outlook (Revenue, USD Million, 2016 – 2027)
• China
• Japan
• India
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.