Smart Retail System Market is growing rapidly, fueled by the development of the Internet
Smart Retail System include a suite of intelligent technologies designed to give customers a faster, smarter, and safer shopping experience when shopping. The global smart retail system market is expected to rise at a considerable rate during the forecast period.
The growth of the global smart retail systems market is driven by several factors. Use of smart retail solutions includes use of predictive equipment maintenance. This is very useful as it allows you to predict the condition of your equipment and schedule maintenance services accordingly.Smart retail refers to the hybridisation of traditional shopping methods with the latest “smart” technologies. The Internet of Things collects data through communication between embedded devices and computers. As a result, consumers enjoy a more personalized, faster and smarter experience.
Amazon, Alibaba, SES-imagotag, IBM Corporation, Shinsegae I&C, Google, SOLUM ESL, Pricer, Intel Corporation, and NEC Corporation are the major manufacturers in the global smart retail system market. Among them, Amazon is the largest manufacturer, with a revenue share of over 22% in the global market in 2021.
Benefiting from the rapid development of the Internet, global smart retail is also growing rapidly every year. Global smart retail system revenue will grow from $2,865.86 million in 2017 to $783.7 million in 2021, at a CAGR of 24.59% from 2017 to 2021, reaching $300 million by the end of 2028 It is expected to reach $51.098 million. It will grow at a CAGR of 22.51% from 2022 to 2028. The market size of China's smart retail systems in 2021 is estimated at US$ 147.52 million, while smart retail systems in North America and Europe are worth US$ 2,291.36 million and US$ 1,564.94 million respectively.