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(IT-NEWSWIRE.COM, September 22, 2021 ) According to the research report, the "Smart Retail Market by System (Smart Payment Systems, Intelligent Vending Machines), Application (Foot-traffic Monitoring, Inventory Management), Retail Offering (Fast-moving Consumer Goods, Hardlines & Leisure Goods), & Geography - Global Forecast to 2025", is estimated to grow from USD 21.6 billion in 2020 to USD 62.5 billion by 2025; growing at a CAGR of 23.6%. The increasing use of robots and automation to offer shopping convenience to customers and the rising adoption of big data analytics are the key factors fueling the growth of this market.
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“Market for smart payment systems accounted for largest share of smart retail market in 2019”
The market for smart payment systems accounted for the largest share of the smart retail market in 2019. The growth of this market is attributed to the rising adoption of these systems by retailers to offer their customers with smooth and easy checkout. For instance, IFuree Go self-service supermarket in Tianjin (China) enables shoppers to make payments after scanning their faces.
“Market for smart fitting rooms is expected to grow at highest CAGR during forecast period”
The market for smart fitting rooms is expected to grow at the highest CAGR during the forecast period. Smart fitting rooms are specially designed rooms wherein customers can try clothes without wearing them. This reduces the shopping time, as well as the displeasure of customers. They are widely adopted by apparel and accessories retailers to offer enhanced shopping experience to their customers.
“Fast-moving consumer goods accounted for largest share of smart retail market in 2019”
The fast-moving consumer goods held the largest share of the smart retail market in 2019. The continuously increasing population has led to the rise in demand for these goods, thereby contributing to the growth of the fast-moving consumer goods segment of the smart retail market.
“Market in APAC is expected to grow at highest CAGR during forecast period”
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the smart retail market in APAC is attributed to the presence of numerous small and mid-scale retailers in the region. Moreover, APAC is home to some of the leading players of the smart retail market, including Alibaba Group Holding Limited (Hangzhou, China), LOTTE (Seoul, South Korea), LG Display Co., Ltd. (Seoul, South Korea), and Samsung Electronics (Suwon, South Korea).
IBM (New York, US), Intel Corporation (California, US), Cisco Systems, Inc. (California, US), NXP Semiconductors N.V. (The Netherlands), and Microsoft (Washington, US) are the key players in the smart retail market. These players are increasingly undertaking strategies such as product launches & product developments, expansions, joint ventures, partnerships, collaborations, agreements, and acquisitions to increase their market share.
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