Smart Fitting Room Segment is Expected to be Fastest Growing During the Forecast Period for MEA Region

According to a new market research study on “MEA Smart Retail Devices Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application” is expected to reach US$ 1,391.25 million by 2027 from US$ 869.65 million in 2019. The market is estimated to grow at a CAGR of 6.5% from 2020 to 2027. The report provides trends prevailing in the MEA smart retail devices market along with the drivers and restraints pertaining to the market growth. Smart payments portals using blockchain technology is the major factor driving the growth of the MEA smart retail devices market. However, issues associated with development and maintenance of smart retail devices being expensive hinders the growth of MEA smart retail devices market.   

The MEA market for smart retail devices is segmented into technology, application, and country. Based on technology, the MEA 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 MEA smart retail devices market.

Among the MEA countries, Iran has recorded the highest number of COVID-19 confirmed cases. Other major countries facing the economic impact of COVID-19 include Turkey, Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. The region comprises many growing economies such as which are prospective markets for smart retail devices providers, owing to the huge presence of diverse customer base for the retail and transportation & logistics industry. The COVID-19 pandemic has significantly affected the global economies. Still, the impact on the Middle East region is somewhat more, as there was already a pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, factory and business shutdowns and travel bans further aggravated the economic problems of the countries in the MEA region. Hence, the estimated decline in the MEA's economic condition and the impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the smart retail devices market in 2020 and 2021.  

Intel Corporation; LG Electronics; Nvidia Corporation; Panasonic Corporation; Samsung Group; and Zebra Technologies Corporation are among the leading companies in the MEA 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, The Nvidia company introduced new two new EGX Edge AI platforms for commercial off-the-shelf servers.

The report segments the MEA Smart Retail Devices Market follows:

MEA Smart Retail Devices Market – By Technology

• Digital Signage
• Smart Labels
• Smart Payments
• Smart Carts
• Others

MEA Smart Retail Devices Market – By Application

• Predictive Equipment Maintenance
• Inventory Management
• Smart Fitting Room
• Foot Traffic Monitoring
• Others

MEA Smart retail devices Market – By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA