The global smart retail market is estimated to be $23.47 billion in 2021 and is expected to reach $51.48 billion by 2026, growing at a CAGR of 17.01 percent, according to the new Global Smart Retail Market Report from ResearchandMarkets.com.
The market is growing thanks to retailers’ increasing use of automation and robots to offer shopping convenience to their customers, the report continues. The deployment of robots in supermarkets and hypermarkets helps identify product finding process. The rising adoption of new software technologies such as big data analytics, blockchain, machine learning, etc. by retailers helps facilitate inventory management and improve store operations, which will drive the market’s growth.
Increasing shoplifting instances will always be a challenge and negatively affect the market’s growth, the report notes. However, the growing number of conversions into smart stores leads to self-delivery vehicles. The rising use of technologies such as innovative sensors to improve connectivity availability of communication solutions in connecting with end users to offer after-sale services or provide customer feedback by the retailers will create opportunities for the market.
Find the full report here.