Report : Europe 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)
Predictive Equipment Maintenance Segment to Dominate Europe Smart Retail Devices Market during 2019–2027
According to a new market research study on “Europe Smart Retail Devices Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application” is expected to reach US$ 7,978.61 million by 2027 from US$ 5,175.76 million in 2019. The market is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The report provides trends prevailing in the Europe smart retail devices market along with the drivers and restraints pertaining to the market growth. Animatronics and robotics usage increasing is the major factor driving the growth of the Europe smart retail devices market. However, issues associated with development and maintenance of smart retail devices being expensive hinders the growth of Europe smart retail devices market.
The Europe market for smart retail devices is segmented into technology, application, and country. Based on technology, the Europe 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 Europe smart retail devices market.
Spain, Italy, Germany, the UK, and France are some of the worst affected member states in the European region due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they had to either suspend their operations or substantially reduce their activities. Owing to business shutdowns, travel bans, and supply chain disruptions, the region faced an economic slowdown in 2020, which is most likely continue in 2021 as well. Italy, Spain, and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a significant market for smart retail devices, owing to the high purchasing power of individual customers and booming retail industry. However, due to the COVID-19 outbreak, the retail sector has seen a sharp decline in the European countries. The retail and transportation & logistics industries are expected to be under stress in 2021, and they will require time to stabilize. All these factors are expected to impact smart retail devices market growth in European countries. The markets in Italy, Spain, Germany, the UK, and France are anticipated to see negative impact in 2021.
Intel Corporation; LG Electronics; Nvidia Corporation; Panasonic Corporation; Samsung Group; and Zebra Technologies Corporation are among the leading companies in the Europe 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 2021, The Intel Corporation introduced new advancements in a digital kiosk such as touchless interaction. New software developed by the company is converting a touch-based kiosk into touchless systems.
The report segments the Europe Smart Retail Devices Market follows:
Europe Smart Retail Devices Market – By Technology
- Digital Signage
- Smart Labels
- Smart Payments
- Smart Carts
Europe Smart Retail Devices Market – By Application
- Predictive Equipment Maintenance
- Inventory Management
- Smart Fitting Room
- Foot Traffic Monitoring
Europe Smart retail devices Market – By Country
- Rest of Europe
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