The global smart retail market is expected to witness a CAGR of 24.7% during the forecast period. The smart retail market is using various innovative technologies to capitalize on the potential of the industry. Smart devices and IoT in retail help retailers improve the customer experience and drive greater consumer engagement which will substantially affect the day-to-day store operations.

The advantages of using IoT in the retail industry include energy, management, anti-theft, in-store navigation, and customer engagement. Retail stores focus on using emerging technologies such as cloud, mobile devices, RFID, and beacons to provide customers with connected retail services and a better shopping experience.

The smart retail market also had a slowdown in volumes due to limited labor in retail facilities. In addition, the temporary closure also led to a decrease in the purchase of smart retail equipment in various industries in the first quarter of 2020.

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However, post lockdown, with the transformation of commercial retailers, new growth models have emerged in the market to contactless payments, interactive kiosks, smart karts, other models. Large retail giants have developed smart retail devices with software and applications such as the usage of IoT-enabled technologies, AI-based retail solutions that support retail operators.

The market for the foot-traffic monitoring segment is anticipated to grow at the high CAGR during the forecast period, owing to the rise in population, awareness among the retailers. In-store traffic monitoring is important because it can provide retailers with information about different aspects of the store, including the effectiveness of marketing efforts, and help them plan growth strategies based on the buying history of the customers.

Geographically, APAC is expected to be the fastest-growing region due to the rise in deployment of smart retail solutions like smart guide robots, reception robots. Big data analytics in countries like China and Japan will drive the smart retail market. Moreover, the Asia Pacific region is always focusing on infrastructure advancement which will surge the demand for the smart retail market globally.

Some of the key players in the smart retail market are INTEL CORPORATION, IBM, Samsung Electronics, AMAZON, Google, Inc, MICROSOFT CORPORATION, SOFTBANK ROBOTICS HOLDINGS, Ingenico S.A., Verifone Systems, NCR Corporation, Cisco Systems, Inc., NXP Semiconductors N.V., Huawei Investment & Holding Co., Ltd, NVIDIA Corporation, Samsung Electronics, PTC, Inc., Trigo, Standard Cognition, Caper Inc., Zippin, Walmart Inc., Alibaba Group Holding Limited, and Albert Heijn BV (Ahold Delhaize)

Walmart Inc. announced a collaboration with Bossa Nova Robotics, a Bay Area-based company, in January 2020 to offer shelf-scanning inventory robots to 1,000 Walmart stores throughout the United States.

Source: VynZ Research