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According to the new research report, titled “Smart Retail Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, Others); Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, Others)” published by The Insight Partners, the market is expected to reach US$ 26,349.44 million by 2027, registering a CAGR of 6.1% from 2020 to 2027.
Smart Retail Devices Market in APAC to Grow at Highest CAGR during 2020–2027
The region is the largest continent in the world and is recognized for its technological innovations. Rapid advancement in technologies along with policy support, and economic digitization are among the major factors that support the transition of economies in APAC from the growing stage to the developed stage. These factors are correspondingly supporting the growth of SMEs. For instance, in India, strategic government initiatives—such as Digital India, Make in India, and Startup India—are providing favorable business condition to the SMEs in the country. Further, the Chinese government has always been helpful in creating its tech start-up ecosystem by implementing technology-friendly national strategies and policies and significantly investing in tech businesses. The Singapore government has also established government agencies such as Info-communications Media Development Authority, the Economic Development Board, and the Standards, Productivity, and Innovation Board to support its tech start-ups. The region is witnessing remarkable growth in the number of tech start-ups.
APAC has robust IT infrastructure and strong positions in areas of new IoT product development. Moreover, the rise in adoption of smartphone and internet in APAC, along with Bring-Your-Own-Device (BYOD) trend is acting as a significant opportunity for players operating in the smart retail devices market. The market in APAC is anticipated to grow at the fastest pace during the forecast period due to the increasing demand for smart retail devices. The strong innovations introduced by Japan and China-based companies, such as shop guidance robots, digital signages, and kiosks, are augmenting the market growth. Moreover, the presence of market-leading companies, such as LG Electronics, Samsung, and Intel Corporations, is strengthening the market growth.
China, India, Japan, South Korea, Australia, Hong Kong, and Taiwan are among the countries that have incurred a considerable loss due to the COVID-19 pandemic. APAC is characterized by a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a significant growth driving region for various markets, including smart retail devices. The retail sector in this region present a massive opportunity for the growth of the global smart retail devices market. The ongoing COVID-19 is anticipated to cause considerable disruptions in the growth of various industries of the APAC region. Although, China is the global hub of manufacturing and the most abundant raw material supplier for multiple industries, it is one of the worst affected COVID-19 countries. The lockdown of different plants and factories in China changes the global supply chains and negatively impacts delivery schedules, and sales of multiple products and services.
Key Findings of Study:
The constant increase in the conversion ratio enhances the average transaction value and maximizes the number of items per transaction. In spite of the rapid growth of brick-and-mortar stores, retail and e-commerce industry continue to be the focal touch point for customers, remain at the forefront of shaping product, and brand perceptions. With the adoption of smart technologies, such as AI, IoT, Big Data solutions in the overall retail, transportation and logistics industries, the efficiency of distribution and production networks can be improved. The technology allows tracking the entire process of the transportation of supplies. With real-time insights, customers can track their purchase orders on their devices and thus can check the delivery status. The integration of smart retail devices helps in tracking and evaluating the performance of delivery agents.
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