Report : Asia Pacific Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology (Digital Signage, Smart Labels, Smart Payments, Smart Carts, and Others), and Application (Predictive Equipment Maintenance, Inventory Management, Smart Fitting Room, Foot Traffic Monitoring, and Others)
Smart Payments Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region
According to a new market research study on “APAC Smart Retail Devices Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application” is expected to reach US$ 5,467.51 million by 2027 from US$ 3,327.87 million in 2019. The market is estimated to grow at a CAGR of 6.9% from 2020 to 2027. The report provides trends prevailing in the APAC smart retail devices market along with the drivers and restraints pertaining to the market growth. Surge in demand for smart retail and transportation & logistics is the major factor driving the growth of the APAC smart retail devices market. However, issues associated with smart retail devices requiring high cost of development and maintenance hinders the growth of APAC smart retail devices market.
The APAC market for smart retail devices is segmented into technology, application, and country. Based on technology, the APAC smart retail devices market is divided into digital signage, smart labels, smart payments, smart carts, and others. Smart payments segment is projected to be the fastest growing segment over the forecast period. On basis of application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, and others. Further, in 2019, predictive equipment maintenance led the APAC smart retail devices market.
APAC a significant growth driving region for various markets, including smart retail devices. The retail sector in this region presents a massive opportunity for the growth of the smart retail devices market. The ongoing COVID-19 outbreak is anticipated to cause considerable disruptions in the growth of various industries of the APAC region. For example, China is the hub of manufacturing and the most abundant raw material supplier for multiple industries, and it is one of the worst affected countries. The temporary shutdown of plants and factories in China changes the supply chains and negatively impacts delivery schedules, and sales of multiple products and services.
Intel Corporation; LG Electronics; Nvidia Corporation; Panasonic Corporation; Samsung Group; and Zebra Technologies Corporation are among the leading companies in the APAC smart retail devices market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Panasonic Corporation formed a partnership with PopID to upgrade the retail kiosk with facial recognition ordering and biometric payments.
The report segments the APAC Smart Retail Devices Market follows:
APAC Smart Retail Devices Market – By Technology
- Digital Signage
- Smart Labels
- Smart Payments
- Smart Carts
APAC Smart Retail Devices Market – By Application
- Predictive Equipment Maintenance
- Inventory Management
- Smart Fitting Room
- Foot Traffic Monitoring
APAC Smart retail devices Market – By Country
- South Korea
- Rest of APAC
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